KUALA LUMPUR (April 27): Genting Malaysia Bhd (GenM) expects to realise an estimated gain on disposal of US$967 million (RM4.289 billion) from the disposal of four parcels of land in Miami measuring 15.47 acres (Miami Herald land) for US$1.225 billion. In a Bursa Malaysia filing on Thursday (April 27), GenM said its unit Resorts World Miami LLC had entered into a conditional sale and purchase agreement (SPA) with Smart Miami City LLC. The gaming group said the disposal of the Miami Herald land to the purchaser on an “as is where is” basis and with possession subject to the terms and conditions of the SPA. On the rationale for the sale, GenM said the Miami property market has grown significantly since its acquisition of the Miami Herald land in 2011, with the Miami Home Price Index nearly tripling to 398.56 as at Dec 1, 2022. Read also:Genting Malaysia 2.25% higher at noon break after announcement of RM5.4b sale of Miami propertyGains from Genting Malaysia’s Miami land disposal a large windfall, says Nomura

Source: The Edge Markets April 27, 2023 07:44 UTC