The French Embassy has sold it land at Jalan Ampang to Putrajaya Ventures Sdn. Bhd.

The French embassy has sold its coveted 7.98-acre real estate comprising two parcels to Putrajaya Ventures Sdn Bhd, a subsidiary of Putrajaya Holdings Sdn Bhd at RM2,400 per sq ft, instead of the RM3,188 per sq ft, as reported earlier.

The French Emnbassy has sold it land at Jalan Ampang at RM2400psf

The parcels, located at the prestigious Jalan Ampang, Kuala Lumpur address near the Petronas Twin Towers, may be the largest foreign mission-owned land in the country.

The French mission’s real estate in Jalan Ampang comprises a parcel with a residential title and another with an institutional title.

KLCC Holdings Bhd has a 64.4% stake in Putrajaya Holdings, while Khazanah Nasional Bhd has a 15.59% stake and CIMB Group Nominees (Tempatan) Sdn Bhd has a 20% stake.

MRCB had acquired the German embassy’s 1.87-acre plot located along Jalan Kia Peng, a leafy neighbourhood of bungalows off Jalan Ampang.

Besides the French and German missions’ sales, the former British High Commission parcel was sold to SP Setia Bhd in late 2012 at RM2,200 per sq ft.

The parcel, located opposite the French mission, comprised two parcels totaling three acres and with residential and commercial titles. The parcels were sold with a 47% premium over its reserved price of RM1,500 per sq ft.


According to to a CH Williams Talhar & Wong report, the German embassy’s real estate was about 6% above market value due to the continual demand for “prime land” in Kuala Lumpur.

Sunway acquired new land at Sungai Way Free Trade Zone, PJ

Sunway has acquired ~16.996 acres (740,342 sq ft) of prime land in Kelana Jaya via an open tender at a favourable rate of ~RM386.31/sq ft for a total of RM286mil cash. It targets to launch a five-year RM1.8bil mixed development there by 2H2016. It is proposing to build 7 residential blocks with a commercial podium, with a total built-up of ~3mil sq ft and an ASP of RM800/sq ft. The land has a 4x plot ratio. Sunway expects to complete the acquisitions within six months.

Sunway acquired new land at Sungai Way Free Trade Zone, PJ

Strategically situated next to Western Digital in the Sungai Way Free Trade Zone in Petaling Jaya, the land is easily accessible from major highways and local roads, among others, through an underpass on Lebuhraya Damansara-Puchong, Federal Highway via Jalan Majlis and local roads to Subang Airport and New Klang Valley Expressway.

It is also 600 metres from the Setia Jaya KTM and Sunway Setia Jaya Bus Rapid Transit-Sunway Line stations, providing residents access to public transportation networks to Kuala Lumpur city centre, Sunway Resort City, Subang Jaya, Shah Alam and Klang.

The land is within the vicinity of the Kelab Golf Negara Subang which features two 18-hole golf courses and is adjacent to a 15-acre water retention pond.

The proposed development has a potential margin of 15%-20% margin. Notwithstanding the larger portion being leasehold (99 years), the acquisition price compares favourably to that paid by Gamuda Bhd about three years ago of RM95mil or ~RM450/sq ft for a 4.86-acre parcel of freehold land in the vicinity.

In a“17 acres of land will allow us the flexibility and space to develop a contemporary mixed development with an unobstructed view of the golf courses and a concept focused on serene living amidst lush greenery and a beautiful lake,” said Sarena Cheah, Sunway Berhad’s Managing Director of Property Development Division for Malaysia and Singapore.

“It will be a highly sought-after development given its prime location and wide accessibility. It is also flanked by mature and affluent neighbourhoods of Petaling Jaya, Sunway Resort City, Subang Jaya and Shah Alam.”

Sunway noted that its unbilled property sales of RM2.5 billion and remaining landbank of 3,380 acres with a potential GDV of RM50 billion will keep the property division busy within the next 15 years.

FGV acquires four firms, land for RM655mil

Felda Global Ventures Holdings Bhd (FGV) is acquiring four plantation-based companies and a parcel of oil palm land in Sabah measuring 836.1ha from Golden Land Bhd for RM655mil in cash.

For FGV, the proposed acquisitions are expected to improve its brownfield land and age profile of its oil palms.

Meanwhile, Golden Land sees the proposed disposals as offering an opportunity for the group to unlock and realise the value of its investments in the companies and land being sold.

But the disposal may see Golden Land to be classified as an “affected listed issuer” and/or a “cash company” pursuant to Practice Note 16 and Practice Note 17 (PN17) of the Listing Requirements. This implies that the company will have to submit a regularisation plan since the board intends to maintain its listing status.

Golden Land and FGV revealed that FGV’s subsidiary Pontian United Plantations Bhd and/or its nominee had signed a conditional sale and purchase agreement to acquire Golden Land’s four subsidiaries and land in Beluran.

The land is currently charged to Hong Leong Bank Bhd (HLBB) as part of the security for loan given to Golden Land. Its market value, as assessed by CH Williams Talhar & Wong (Sabah) Sdn Bhd, is RM71.72mil.

To facilitate the discharge of charge on land, Golden Land will obtain a redemption statement from HLBB for the security’s partial release in respect to the loan extended to the company by HLBB.

Golden Land will also secure the redemption statement by the relevant financiers in respect to the borrowings of the four subsidiaries as well as for the purpose of releasing all securities provided by the companies as third party securities for any of Golden Land group’s borrowings.

Notably, the sale and purchase of the shares and land is expected to be completed in three months from the unconditional date or any other date that FGV and Golden Land may decide later.

Golden Land estimates that the group may gain RM15.23 million from the proposed disposals. However, the company is yet to determine the amount of the net proceeds as well as on how the money will be used.

The sale and purchase of the land and the shares will be completed within three months from the unconditional date or any other date that Golden Land and FGV decide later.

Golden Land estimated that the group would gain RM15.23mil from the proposed disposals. However, it has yet to determine the amount of the net proceeds and how exactly the money would be used.

Golden Land, which will still own about 8,497ha of plantation lands after the proposed exercise, said the disposals may trigger criteria under PN17.