Al-Salam REIT completes RM10m sale of Bandar Sunway shopoffices

Al-Salam Real Estate Investment Trust has completed the RM10 million cash sale of two four-storey shopoffice buildings in Bandar Sunway, Selangor, to Lagi Tegas Sdn Bhd. The disposal was finalised on Oct 28, 2026, with net proceeds earmarked for working capital.

PETALING JAYA (Oct 29): Al-Salam Real Estate Investment Trust (Al-Salam REIT) has completed the sale of two four-storey shopoffice buildings in Bandar Sunway, Selangor, to Lagi Tegas Sdn Bhd for RM10 million cash.

In a Bursa Malaysia filing on Wednesday (Oct 28), the REIT said the disposal was completed on Oct 28 in accordance with the terms and conditions of the sale and purchase agreement. The properties comprise an intermediate unit and a corner unit at Nos 60 and 62, Jalan PJS 11/28A.

According to the original announcement dated March 6, 2025, the buildings have a combined gross floor area of 15,544 sq ft and a net lettable area of 13,528 sq ft. The properties are held under PT 17192 and PT 17193 in Mukim Damansara, and Lots 46464 and 46465 in Bandar Sunway, all in the district of Petaling, Selangor.

AmanahRaya Trustees Bhd, acting as trustee for Al-Salam REIT, entered into the sale agreements on March 5, 2025. The earlier filing described Lagi Tegas as principally involved in property investment.

In its March 2025 announcement, the REIT said it expected a disposal gain of RM500,000, based on the properties’ market value of RM9.5 million as at Dec 31, 2024. The properties were acquired on Sept 29, 2015 for RM7.8 million.

The REIT had said the sale would allow it to realise its investment, with net proceeds earmarked for working capital after deducting transaction fees and expenses.