AC HOTEL PENANG BUKIT JAMBUL

(formerly Vistana Penang Bukit Jambul)


Address/Location : No. 213, Jalan Bukit Gambir, Bukit Jambul, 11950 Pulau Pinang.
Property description : 17-storey Hotel Wing with 238 hotel rooms and 26-storey Suite Wing with 189 hotel suites with an annexed 3-storey podium.
Property type : Hotel
Age : Approximately 21 years
Title details : HSD 9632, Lot No. P.T. 1678, Mukim 13, District of Timor Laut, State of Pulau Pinang.
Encumbrances/Limitation in title/ interest : The property is free from encumbrances and there is restriction attached to the title.
Status of holdings : 99-year leasehold expiring on 27 October 2094.
The unexpired lease period is approximately 74 years.
Existing use : Commercial building
Parking spaces : 367 bays
Lessee : Business & Budget Hotels (Penang) Sdn. Bhd.
Lease term : The property is leased for a term expiring on 14 November 2026.
Date of acquisition : 15 November 2011
Cost of acquisition(including incidentals) : RM101,778,000
Fair value adjustments for the financial year : RM1,000,000
Market value : RM121,000,000
Date of last valuation : 31 May 2020
Independent valuer : Azmi & Co. Sdn. Bhd.
Net book value : RM121,000,000