Kuala Lumpur | Malaysia | It has been reported out in local newspapers yesterday that the trustees of Loke Wan Yat estate have sold a plot of land near Petronas Twin Towers(see picture below) as well as properties collectively known as the Asian Heritage Row.
A friend of mine sent me a whatsapp about it. Reason of him sent me the news is that (1) foreign buyer is coming into our country to purchase "triple-A rating property" and this time the price tag been transacted at RM3,325 per sq ft and (2) our piece of land for sale at Jalan Raja Chulan should be competitive in pricing. I took sometimes to digest it and trying to see for this basis of transaction what fundamental is instrument to this "high selling price." Total transacted value was reported at approximately RM495.34mil which covers 1.38ha freehold plot in Jalan Ampang, sandwiched between Wisma Central and a Chinese temple(see picture below) highlighted in green shading. It covers Nasi Kandar Pelita, Restaurant Chef Choi and four bungalows.
It was also reported 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”.
As for 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.
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.
Valuer Das Gupta of Stocker Roberts & Gupta Sdn Bhd 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. To me this is "willing buyer willing seller" as no fundamental of transaction under JPPH that supported it. What makes the selling price feasible is also due to 1.38ha freehold plot. If the plot is much smaller I believe it won't command that high value.
Now let me bring back my earlier statement that we're selling a plot of land at Jalan Raja Chulan for only RM1,100 per sq ft. Take note that both lands of Loke Wan Yat Realty Sdn Bhd and ours are in "golden triangle." It's three times more in value. Ours is 15,054 sq ft. Any enquiry about it please call Vulcan Lau @ mobile: +6 016 451 1321.
Also been mentioned is the 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.
The sale of the Asian Heritage Row, sited in Jalan Doraisamy, meanwhile, 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.
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. These transactions will be take into consideration when valuer making their valuation for vicinity properties.
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.
This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .
VulcanInternational could be contacted at +6 016 451 1321 .
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