KUALA LUMPUR: Builder WCT Holdings Bhd said a unit of its property development arm has disposed 602.5 acres of land in Serendah, Selangor for RM214.3mil cash.

The estimated total gain from the disposal was RM45.5mil, the company said in a filing with Bursa Malaysia today.

“The proposed disposal provides an opportunity for the Group to unlock and realise the value of the lands as well as to fund working capital (including business expansion) and/or repayment of bank borrowings of the Group,” WCT Holdings said.

The company said WCT Land Bhd’s wholly owned Jubilant Courtyard Sdn Bhd on Monday has entered into a sale and purchase agreement to dispose the 12 parcels of freehold land to privately owned MDCon (Simpang Empat) Sdn Bhd.

WCT Land is wholly owned subsidiary of WCT Holdings.