Tabung Haji is to sell land in TRX

Tabung Haji is to sell land in TRX within two weeks from mid of May.

Lembaga Tabung Haji, which is planning to sell the 0.66 hectare piece of land in the Tun Razak Exchange (TRX), has received three offers from interested buyers.

One potential buyer has offered RM188.5 million, the price Tabung Haji paid to purchase the land from 1Malaysia Development Bhd (1MDB), but with an additional profit of RM5 million.

By looking at the Gross Development Value of RM828 milion, and deducting the Gross Development Cost of RM650.5 milion, Tabung Haji is able to make a gain of RM177.5 million.

Abdul Azeez also said the value of the land at RM2,774 per sq foot was lower than several other transactions done nearby at more than RM3,000 per sq ft including Malaysian Resources Corporation Bhd’s purchase of land belonging to the German Embassy.

Todate, Pilgrims fund Lembaga Tabung Haji has yet to finalise the sale of its parcel of land at the Tun Razak Exchange (TRX) project, which it bought from 1Malaysia Development Bhd (1MDB) in April, Putrajaya said today. Minister in the Prime Minister's Department Datuk Seri Jamil Khir Baharom said Tabung Haji was still evaluating potential buyers, even though its chairman Datuk Seri Abdul Azeez Abdul Rahim had in early May said that the sale will be completed in "a week or two". Tabung Haji is still evaluating all the offers in its effort to make the best decision so that the whole process remains Shariah compliant.

The minister did not provide a specific timeline as to when the sale will be completed. "We must be very thorough and careful in this sale, it involves the interests of the Muslims, so it's important that we look after their interests

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.