AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) has entered into a sale and purchase agreement with Plenitude Bhd’s wholly owned unit Plenitude Gateway Sdn Bhd for the proposed disposal of Holiday Villa Beach Resort and Spa Langkawi for RM145 million.

The proposed sale of the four-star beach resort hotel building with 238 rooms would represent an opportunity to dispose of the property to repay existing borrowings and optimise the trust’s gearing level, said AmanahRaya REIT in a filing with Bursa Malaysia today.