[The Star] SEGi to lease HCK Capital upcoming Edumetro @ Subang Jaya project

KUALA LUMPUR: SEG International Bhd has entered into a long-term deal to lease a building and part of a podium at a new development in Subang Jaya from HCK Capital Group Bhd.

Under the deal, SEGi will pay HCK Capital a total of RM58.63mil over 12 years commencing from the start of the lease.

The target property is designated for commercial use and is presently under construction and development, which is expected to be completed by June 2022.

Tan Sri Clement Hii Chii Kok is the common director and major shareholder of HCK and SEGI.

“The rental rates over a 12-year period are negotiated and agreed based on prevailing market lease / rental rate with a progressive increase of 10% in 3-year term over the entire Lease Tenure, which will commence upon the vacant possession being procured and the Additional Specifications being completed in mid-2022 only,” it said.