43. SIGNIFICANT EVENTS (CONT’D.) The following is a summary of material disposals of properties by the Group’s subsidiaries during the financial year ended 31 December 2024, in addition to the material disposals of properties disclosed in Note 27: (cont’d.) (c) On 3 February 2023, TGPVSB entered into a sale and purchase agreement with KSL Medini, for the disposal of freehold land measuring approximately 43,908 square metres in Gelang Patah, Johor for a total consideration of RM21,268,000. Accordingly, gain on disposal of RM6,473,000 was recognised in the profit or loss upon the fulfillment of conditions precedents in the financial year ended 31 December 2024. (d) On 16 October 2023, Tropicana Metropark Sdn Bhd (“TMSB”), a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with Mitraland Cheras Sdn Bhd, for the disposal of 2 parcels freehold land measuring approximately 19,146 square metres in Selangor for a total consideration of RM73,159,000. In the previous financial year, the provision of foreseeable losses for the disposal of RM23,248,036 was recognised in the profit or loss. The said disposal will be completed in financial year ending 31 December 2025. (e) On 18 March 2024, Tropicana Firstwide Sdn Bhd (“TFSB”), a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with PH World Property Sdn Bhd (“PH World”), for the disposal of freehold land measuring approximately 121,151 square metres in Gelang Patah, Johor for a total consideration of RM63,103,000. Accordingly, the provision of foreseeable losses for the disposal of RM40,759,000 was recognised in the profit or loss. The said disposal will be completed in financial year ending 31 December 2025. (f) On 18 March 2024, Tropicana Lingkaran Utama Sdn Bhd, a wholly-owned subsidiary of the Group and Tropicana Southern Gallery Sdn Bhd, an indirect wholly-owned subsidiary of the Group, collectively, entered into a sale and purchase agreement with PH World, for the disposal of 5 parcels of freehold land measuring approximately 161,971 square metres in Gelang Patah, Johor for a total consideration of RM76,275,000. Accordingly, the provision of foreseeable losses for the disposal of RM6,544,000 was recognised in the profit or loss. The said disposal will be completed in financial year ending 31 December 2025. (g) On 18 March 2024, Tropicana Sanctuary Development Sdn Bhd (“TSDSB”), a 70% owned subsidiary of the Group, entered into a joint venture agreement with PH World, for the disposal of a parcel of freehold land measuring approximately 935,500 square metres in Johor Bahru. TSDSB is entitled to the following considerations: (i) a sum equivalent to 15% of the actual Gross Development Value (“GDV”) (including the initial sum of RM71,547,000); or (ii) the minimum GDV entitlement of RM478,000,000. whichever is higher (“Landowner's Entitlement”). The said disposal will be completed within six years from the unconditional date where all of the conditions precedent are satisfied. (h) On 21 March 2024, TMSB entered into a sale and purchase agreement with Bellworth Sanctuary Sdn Bhd, for the disposal of a parcel of freehold land measuring approximately 22,440 square metres in Selangor for a total consideration of RM80,917,000. The said disposal will be completed in financial year ending 31 December 2025. (i) On 29 April 2024, TFSB and Tropicana Rhythm Crest Sdn Bhd, both wholly-owned subsidiaries of the Group, along with TDMSB, collectively, entered into a sale and purchase agreement with KSL Medini, for the disposal of a total of 22 parcels of freehold land measuring approximately 741,919 square metres in Gelang Patah, Johor for a total consideration of RM211,579,000. The said disposal will be completed in financial year ending 31 December 2026. FINANCIAL STATEMENTS & OTHER INFORMATION 349
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