Malaysia's WCT Holdings sells under-construction hotel

Malaysia-based construction and property development group WCT Holdings is selling a boutique hotel in Selangor to its managing director Taing Kim Hwa via his private vehicle, Beyond Century, for $3.75 million.

According to Deal Street Asia, WCT said Gemilang Waras, a wholly owned subsidiary of WCT Land (which, in turn, is a wholly owned unit of WCT), signed a sale and purchase agreement with Beyond Century for the proposed sale in a filing with Bursa Malaysia.

Taing is a major shareholder of WCT, as well as a director of Gemilang Waras. The boutique hotel is still under construction, and WCT expects to complete the sale by the fourth quarter of 2018.