Kuala Lumpur will be seeing more world class developments as foreign investors are cashing in on the upcoming infrastructure boom in Malaysia.
There is already a long list of potential new entrants including our Robert Kuok and Tony Fernandes who are venturing into KL real estate. There are possibilities that world names such as Capitaland, Cheung Kong Group and a Middle Eastern consortium are coming into the play.
PETALING JAYA: The trustees of the Loke Wan Yat estate have sold a plot of land near the Petronas Twin Towers as well as properties collectively known as the Asian Heritage Row.
Loke Wan Yat Realty Sdn Bhd confirmed the sale of both but declined to give further details other than that “they were done around the same time”.
A source said that a 1.38ha freehold plot in Jalan Ampang, sandwiched between Wisma Central and a Chinese temple, was sold recently for approximately RM495.34mil or RM3,325 per sq ft.
While StarBiz has not been able to confirm the buyer of the plot, it is believed that
they could be the parties involved in the development of Taipei 101, which until 2010 was considered the tallest building in the world.
The Taipei 101 project was undertaken by a consortium comprising Kumagai Gumi, Taiwan Kumagai, RSEA and Ta-Yo-Wei.
An aerial view of Lot 99, Section 58 of Kuala Lumpur. Loke Wan Yat Realty Sdn Bhd sold it at RM3,325 per sq ft in June 2013. There are six bungalows located on the 3.42 acres with Nasi Kandar Restaurant Pelita and Restaurant Chef Choi fronting Jalan Ampang.
According to industry observers, the transacted price of RM3,325 per sq ft would make the sale one of the highest in the capital to date.
Nasi Kandar Pelita, Restaurant Chef Choi and four bungalows are sited in the Jalan Ampang plot.
Property valuers consider the rectangle-shaped plot with Jalan Ampang frontage as “having triple-A rating”. Stocker Roberts & Gupta Sdn Bhd valuer Das Gupta pointed out that the property may well be the only plot available within close proximity to the Petronas Twin Towers, hence the “on the high side” transaction.
He said
the over 40-year-old Wisma Central could also be redeveloped but the challenge would be to convince the owners of the apartment and retail units there to sell.
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The sale of the Asian Heritage Row, sited in Jalan Doraisamy, comprises around a dozen properties with each measuring more than 1,000 sq ft.
A real estate consultant estimated the transacted price of each property at between RM1,000 and RM2,000 per sq ft. Henry Butcher chief operating officer Tang Chee Meng said a similar property in the neighbourhood sold for RM2.2mil recently.
Checks by StarBiz revealed the Asian Heritage Row properties were sold to William Ng, an entrepreneur and chief lessee of the properties.
He turned the once derelict row of pre-war buildings there into one of Kuala Lumpur’s most visited nightspots by establishing a collection of food and beverage outlets as well as clubs.
Ng, a philosophy graduate from the National University of Singapore, worked for Arthur Andersen for three years before pursuing an MBA at the University of Chicago. He returned to Malaysia in 1997 after 20 years abroad.
Industry observers noted that the sale of both properties, especially the Jalan Ampang plot, has created a stir in the real estate fraternity as the property market has been “pretty quiet” of late.
Beside this sale, the other high-profile deal in recent times have been the putting up for sale on a tender basis of the German ambassador’s 0.73ha residence at 16, Jalan Kia Peng, at an indicative price of about RM2,500 per sq ft or RM200mil.
By THEAN LEE CHENG | The StarBiz | Updated: Thursday August 15, 2013