GuocoLand (SGX:F17) through its subsidiary, JB Parade, agreed to dispose of a leasehold land and assets on a property located in Bandar Johor Bahru, Malaysia, for 150 million ringgit, according to a Monday filing with the Singapore Exchange.

The land, which measures around 24,040 square meters and comprises a hotel building, was sold to a subsidiary of YTL Hotels & Properties.

The agreement also includes the disposal of the plant, equipment, fixtures and fittings.

The company expects a net gain of around 35 million ringgit from the disposal.

Shares of the property developer were up nearly 2% in Monday trading.