In a filing to Bursa Malaysia this morning, GenM said its wholly-owned subsidiary Resorts World Miami LLC, had entered into a conditional sale and purchase agreement with Smart Miami City LLC for the sale of the land.

The four parcels of land, on which the Miami Herald newspaper office was originally located, collectively have an area of 16 acres (6.5ha).

In its filing to the exchange, GenM said the land was close to the commercial, residential and shopping areas of Miami, Florida.

It is located directly across the street from the Adrienne Arsht Center for the Performing Arts of Miami-Dade County, one of the largest performing arts centres in the US.

An extensive land transport system connects the area to the Miami International Airport, South Florida’s financial centre Brickell, the South Beach as well as emerging hotspots such as Edgewater, Wynwood Art District and Design District, a luxury shopping destination in South Florida.

GenM told Bursa the cash proceeds from the disposal of the land would be utilised for general corporate and investment purposes, including the funding of future investments.

“The proposed disposal gives GenM the opportunity to capitalise on the growth of the market and unlock significant value in a non-core asset at an attractive price, enhancing the cash position of the company,” it said in the filing.

GenM had paid US$259 million for the land in 2011. Since then, the Miami property market has grown significantly, as indicated by the Miami home price index which has tripled to 398.56 as of Dec 1, 2022.

At the time of writing, GenM shares were trading at RM2.71, up 4 sen or 1.5% from yesterday’s close. This gives it a market capitalisation of RM16.09 billion.