KUALA LUMPUR (Feb 16): TRC Synergy Bhd is selling an office suite in the suburbs of Melbourne, Australia, to its managing director Tan Sri Sufri Mohd Zin for A$1.06 million (RM3.14 million).

In a Bursa Malaysia filing, the property developer and construction player said the office suite, which comes with car spaces, is under construction and expected to be completed in January 2018.

The office suite has a built-up area of 147.6 sq m, and is located in Burnley, Victoria. Considered a related party transaction, TRC Synergy said the sale of the property is nonetheless in its ordinary cause of business.

"After taking into consideration all aspects of the sales, the Board (except for Sufri) is of the opinion that the sale is in the best interest of TRC group," the company said.

It said a 10% deposit payment will be paid by Sufri upon signing of the contract, and the balance 90% within 14 working days after he gives notice to the purchaser of either the registration of the subdivision plan or the issue of the occupancy permit.

TRC Synergy shares have risen by 43.95% over the past year, and closed at 35 sen today.