KUALA LUMPUR (Dec 22): Nexgram Holdings Bhd has inked two offtake cum sale and purchase agreements with MyAngkasa Bina Sdn Bhd on the disposal of two mixed developments for RM1.44 billion cash.

In an announcement with Bursa Malaysia today, Nexgram said its wholly owned subsidiaries, Nexgram Land and Nextnation Datacity, has today entered into the first agreement with MyAngkasa in which the former would sell “Angkasa Icon City” for RM1.15 billion. 

Angkasa Icon City will be undertaken by Nextnation on a freehold land measuring 5.906 acres in Cyberjaya. 

Additionally, Nextnation Datacity has entered into the second offtake cum sale and purchase agreement with MyAngkasa and Top Valley Properties Sdn Bhd on another development for RM297.39 million.

The development project would also be undertaken by Nextnation and will be built on a piece of land neighbouring Putrajaya. 

Both agreements were entered into following the two Memorandums of Understanding (MoUs) entered between Nextnation and MyAngkasa in September. The MoUs with MyAngkasa was for the proposed joint development of the Cyberjaya and Putrajaya projects. 

MyAngkasa Bina is a subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd.

Both transaction prices were arrived at on a willing-buyer-wiling-seller basis after taking into consideration the market value of properties in the same vicinity. 

Formerly known as Nextnation Communication Bhd, Nextnation said the payments due between the all the parties will be dealt with separately and the parties agree that the arrangement for such payments shall not in any way affect the validity and enforceability of the agreements.

The Cyberjaya project will be developed by Nexnation in three phases, with the first phase being office and commercial lots, second phase being shop office/virtual office (SOVO). The final phase will comprise of service suites. 

Notably, the purchase consideration should be payable at the time of the respective phase of both projects or any part of it is ready for delivery of vacant possession and in proportion to the vacant possession of the phase delivered to the purchaser.

Nextnation noted that both projects should be completed by the developer and vacant possession delivered to the purchaser within 60 months from the date of the approvals period or extended approvals period.

“If the developer fails to deliver vacant possession of the project within the aforesaid time, the purchaser shall irrevocably grant to the developer an extension of a further twelve months period from the expiry of the aforesaid period.”