AN associate company of S Megga International Holdings, a manufacturer of cordless telephones, is to sell properties in Chatham Road for $433 million. The seller, Success Manor Investment, is equally owned by S Megga and a wholly-owned subsidiary of Fook Man Development, which in turn owns 24.4 per cent of S Megga. In an announcement yesterday, S Megga said Success Manor would dispose of the basement, ground floor and first floor of Nos 37, 39, 41 and 43 Chatham Road South, Kowloon. Great Mark Investment, described as ''an independent third party'' of the company, is buying the property. A total non-refundable deposit of $86.6 million has been paid upon signing of the agreement; a further $86.6 million will be paid on or before January 7. The balance of $259.8 million will be settled within 14 days of obtaining the occupation permit. The sale is expected to generate a pre-tax profit of $90 million, after expenses, for Success Manor. Of the profit generated from the sale, $45 million will be booked in the consolidated accounts of S Megga for the year to June 30, 1995, provided the development of the property is completed as scheduled.
