[SINGAPORE] Property developer GuocoLand is selling the Thistle Johor Bahru hotel and the associated land for RM150 million (S$46 million).

The hotel and the land in Bandar Johor Bahru, held by GuocoLand's subsidiary JB Parade, is being sold to Restoran Kisap, a wholly owned subsidiary of YTL Hotels & Properties.

"The transaction provides an opportunity to realise the capital value of the property and the assets," said GuocoLand in a bourse filing on Monday (Sep 1).

The combined property has a net book value of RM93 million, with the land area at about 24,040 square metres. GuocoLand is thus expected to enjoy a net gain of about RM35 million upon completion of the sale.

The Business Times understands that JLL Hotels & Hospitality Group brokered the deal.

Thistle Johor Bahru is located within a 10-minute drive of the land border to Singapore, the world's busiest land border crossing. It has 381 rooms featuring a mix of 347 rooms with city and sea views and 34 suites. It also has six food and beverage outlets, a two-level resort-style swimming pool, a spa, a fitness centre, tennis courts, as well as meeting and banqueting facilities.

Another GuocoLand hotel in Malaysia, Thistle Port Dickson Resort, is also on the market, reported The Edge.

On Aug 29, the group announced that its second-half net profit fell 48 per cent as China losses offset Singapore growth. This was despite a 20.3 per cent jump in revenue.

Shares of GuocoLand were 1.1 per cent or S$0.02 down at S$1.86 at market close on Friday.