Capital World's (SGX:1D5) subsidiary, Capital City Property, entered into a non-binding agreement with Growth Development and Management for the sale of development rights and beneficial ownership of five properties for 25 million ringgit, according to a filing with the Singapore Exchange on Friday.
The deal includes a retail podium, hotel suites and serviced apartments, construction of which are yet to be completed. Following initial due diligence, the two companies will enter into a sale and purchase agreement.
Shares of the property developer surged 100% in Monday morning trade.
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