KUALA LUMPUR (March 2): Grand-Flo Bhd is planning to buy two properties in Genting Highlands — the land and project development rights of an ongoing mixed development known as Grand Ion Majestic (GIM), and the adjacent serviced apartments and commercial lots of a completed project known as Grand Ion delemen (GID) — for RM422.89 million.
It is buying the properties from Galeri Tropika Sdn Bhd (GTSB), which is majority owned by NCT Building & Civil Engineering Sdn Bhd (NCT BCE), a wholly-owned unit of NCT Venture Corp Sdn Bhd, in which Grand Flo's executive chairman and group managing director Datuk Seri Yap Ngan Choy holds 80% and his brother Datuk Yap Fook Choy holds 20%.