NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 27. ASSETS CLASSIFIED AS HELD FOR SALE (CONT’D.) The details of the assets classified as held for sale are as follows: (cont’d.) (b) Transfer from investment properties (cont’d.) (iv) On 25 July 2023, TPSB, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with GPLPSB, for the disposal of a parcel of leasehold land approximately 1,809 square metres together with a 4-storey building with gross floor area approximately 1,592 square metres in Sabah for a total consideration of RM7,500,000. The said disposal has been completed in the financial year ended 31 December 2024 upon fulfillment of conditions precedent. (v) On 6 June 2024, Urban Discovery Sdn Bhd ("UDSB"), an indirect wholly-owned subsidiary of the Group, entered into separate sale and purchase agreements with an external party for the disposal of a freehold land with 3-storey shop lots in Bentong, Pahang measuring approximately 163 square metres respectively for a total consideration of RM3,000,000. The said disposal will be completed in financial year ending 31 December 2025. (vi) On 27 June 2024, Tropicana Tawau Development Sdn Bhd, a wholly-owned subsidiary of the Group, entered into separate sale and purchase agreements with GPLPSB for the disposal of 5 parcels of leasehold land and 2-storey commercial building measuring approximately 3,237 square metres in total for a total consideration of RM6,750,000. The said disposal will be completed in financial year ending 31 December 2025. (vii) On 11 July 2024, UDSB, an indirect wholly-owned subsidiary of the Group, entered into separate sale and purchase agreements with an external party for the disposal of a freehold land with 3-storey shop lots in Bentong, Pahang measuring approximately 163 square metres respectively for a total consideration of RM3,400,000. The said disposal will be completed in financial year ending 31 December 2025. (viii) On 11 July 2024, UDSB, an indirect wholly-owned subsidiary of the Group, entered into separate sale and purchase agreements with an external party for the disposal of a freehold land with 3-storey shop lots in Bentong, Pahang measuring approximately 163 square metres respectively for a total consideration of RM3,350,000. The said disposal will be completed in financial year ending 31 December 2025. (ix) On 25 September 2024, Tropicana Development (Sabah) Sdn Bhd, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with Lux Auto World Sdn Bhd, for the disposal of a parcel of leasehold land measuring approximately 11,776 square metres together with a 3-storey commercial building thereon known as D’Junction for a total consideration of RM23,000,000. The said disposal will be completed in financial year ending 31 December 2025. (c) Reclassification from investment in an associate On 29 December 2020, Supreme Converge Sdn Bhd, a wholly-owned subsidiary of the Group, entered into a Share Sale Agreement with Agile Real Estate Development (M) Sdn Bhd to dispose of its entire 30% equity interest in Agile Tropicana Development Sdn Bhd for total consideration amount of RM203,844,600 that consist of cash consideration of RM300,000, a debt waiver from purchaser totaling RM36,450,000 and residential units valued at RM167,094,600. The said disposal has been completed in the financial year ended 31 December 2024 upon fulfillment of conditions precedent. ANNUAL REPORT 2024 310
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