ecoWise sells two properties in Kota Kinabalu to bolster liquidity

The transaction is on an en bloc basis.

ecoWise Holdings Limited, through its subsidiary Sunrich Integrated Sdn. Bhd., has announced the sale of two properties in Kota Kinabalu, Malaysia, for $1.42m (RM4.7m) and $1.72m (RM5.8m) each.

The properties, currently unused, are being sold to unrelated buyers to facilitate business expansion. The buyers include a local businessman operating in the same area and a construction materials wholesaler who also owns property nearby. 

The combined land area spans approximately 36,313 square feet, with a built-up area of 30,784 sq. ft., under a 99-year leasehold set to expire on 31 December 2074

The transaction is on an en bloc basis, with each agreement contingent on the completion of the other. Should either buyer fail to meet the purchase agreement conditions, both deals will be nullified, preserving the properties’ marketability and valuation.

The disposal aims to bolster ecoWise’s liquidity, facilitate debt repayment, and support general operational funding. The company expects to realise an estimated gain of $639,000 (RM2.12m) from the sale.