HS Optimus’ 504 wholly-owned subsidiary Ambertree has entered into a sale and purchase agreement to acquire a 60-year sublease in six double-storey shophouse units in Brunei for a total consideration of B$1.92 million ($1.92 million).
The six-unit property is situated in Kampung Kilanas, Mukim Kilanas, on a parcel of land being developed by Lee Han Siew, the sole proprietor of Optimus Holdings.
Pengiran Muda Abdul Qawi, the landowner, is the non-executive chairman, non-independent director and substantial shareholder of HS Optimus.
HS Optimus says the acquisition is a strategic investment which will generate revenue through rental income stream from our property investment business segment with positive projected rental return. Each shophouse unit in the property is approximately 110 sqm in size.
Lee, trading under the name of Optimus Holdings, has entered into a non-binding expression of interest with Bruneian company MediCorp to lease the property for a period of five years at a rental of B$18,000 per month.
The company adds that the acquisition will generate positive returns in Bruneian dollars which are not subject to foreign exchange fluctuations as seen in its Australian and Indonesian properties, while complementing its regional global property development and investment portfolio.
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On July 31, Lee Han Heng, the principal architect of the development, certified the development of the property to be at 50% completion.
Completion of the acquisition is expected to take place at the end of the fourth quarter of 2024.
Shares in HS Optimus closed flat at 0.3 cents on Nov 27.
