MENARA RAJA LAUT (FORMERLY KNOWN AS MENARA EON BANK) FOR SALE AT RM220MIL

Hong Leong Financial Group Bhd (HLFG) has proposed to acquire Hong Leong Bank Bhd (HLB)'s Menara Raja Laut and the parcel of land it sits on for a cash consideration of RM220 million.

HLFG’s entered into a sale and purchase agreement with HLB for the proposed acquisition.

The proposed acquisition is expected to be completed by the first half of this year, barring any unforeseen circumstances, it said.

MENARA RAJA LAUT (FORMERLY KNOWN AS MENARA EON BANK) FOR SALE AT RM220MIL

Currently, 41% of the office building is occupied by tenants, of which 36% comprised HLB and its subsidiaries. Part of the land is leased to Tenaga Nasional Bhd.

Upon completion of the proposed acquisition, HLB is expected to lease its occupied office space from HLA with a rental payment of about RM5.14 million per annum. The proposed acquisition is in line with HLA’s “strategic asset allocation” as it may provide long-term yield and/or capital appreciation potential. The group may consider proposals to refurbish and redevelop the building including collaborations with a property developer to do so.

Some basic details on Menara Raja Laut (formerly known as Menara Eon Bank)

Location :

Located at Jalan Raja Laut , matured commercial area with good accessibility via Jalan Kuching, Jalan Sultan Ismail and Jalan Tun Razak

Public transports within 1 km radius – STAR and PUTRA LRT Lines, KTM & Monorail StationsWide Catchment Area

Project land area : 1.4 acres

Net lettable area : 400,000sf

Car park bays : 625 bays

Tenure : Freehold

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.