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.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

HVS Brokerage & Advisory, Milmark Hotel/Motel Investments and Marcus & Millichap arranged sales in Texas, Wisconsin and Florida.

The Reuben Brothers have acquired La Residence hotel in Kalafatis Bay, Mykonos, Greece, for an undisclosed fee.

PPHE told us that it was seeing a “strong pickup” in London after some caution in the fourth-quarter, as the UK capital continued trade strongly.