Pic: www.gurneyhotel.netTWO properties belonging to the Employees Provident Fund (EPF) on Penang island are up for sale.
They are Northam All Suite Hotel in Jalan Sultan Ahmad Shah and Gurney Resort Hotel and Residences in Gurney Drive.
"So far, there are no takers for the properties, which are sited at strategic locations," a source said.
It is learnt that the asking price for The Northam, which comprises 142 suites, is RM50 million, while Gurney Resort (with 259 suites) is said to be priced at RM100 million.
Interested buyers include parties from China, Singapore, Japan, Indonesia and also local investors.
Both properties are managed by Swiss-Garden International Hotels, Resorts and Inns.
The 37-storey Gurney Resort sits on a 0.9ha freehold plot at the island's famous seafront promenade, while The Northam All Suite Hotel sits on 0.744ha of freehold land along "Millionaire's Row".
Other assets owned by EPF in Penang include Menara KWSP in Jalan Sultan Ahmad Shah and Bangunan KWSP Pulau Pinang in Jalan Anson.
It also owns residential units on the island and several commercial properties in Seberang Prai.
In its 2012 annual report, EPF stated that the net book value of the buildings it owns in Penang totals RM313.88 million.
source:::http://devel.malaysiandigest.com
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