42 storeys - Menara Commerce

[Greg]

From todays Star online edition. Hopefully another highrise!!!

CAHB to pay RM375mil for new HQ land

By SIDEK KAMISO
COMMERCE Asset-Holding Bhd (CAHB) has proposed to buy a piece of land in the centre of Kuala Lumpur for RM375mil to build its new corporate headquarters, which will replace its current building along Jalan Tun Perak.

In a statement to the (Malaysian Stock Exchange Bhd( MSEB) yesterday, CAHB said it had entered into a sale and purchase agreement with IJM Properties Sdn Bhd, a wholly-owned subsidiary of IJM Corp Bhd, on Jan 20 for the purpose of acquiring the land.

The site on which CAHB's new corporate headquarters would be sited comprises four parcels of vacant land with a total of 10,149 sq m.

''The planned iconic and prestigious building, once completed, will fit in well with the corporate image of the CAHB group as one of the leading financial groups in Malaysia,'' the statement said.

The building would have a total built-up area of 114,744 sq m and an approximate area to let of 58,528 sq m together with 1,120 parking lots.

The development land is located along Jalan Raja Laut, Jalan Esfahan and Lorong Gombak and is in the vicinity of Sogo shopping centre, Bangunan UOB and Bandaraya LRT Station.

The statement said CAHB would pay cash for the proposed purchase, with the funds to be generated internally and/or borrowings.

[ZaHiRnYa???]

Originally posted by Greg

The development land is located along Jalan Raja Laut, Jalan Esfahan and Lorong Gombak and is in the vicinity of Sogo shopping centre, Bangunan UOB and Bandaraya LRT Station.

Hmm...is there still a vacant land around that area? . Jalan Raja Laut, Jalan Esfahan and Lorong Gombak. Are they referring to the parking lot behind Bangunan KWSP then ?

[baqthier]

Originally posted by ZaHiRnYa???

Hmm...is there still a vacant land around that area? . Jalan Raja Laut, Jalan Esfahan and Lorong Gombak. Are they referring to the parking lot behind Bangunan KWSP then ?

I believe so too! Great news for KL! BTW, is CAHB Syed Mokhtar's?

[ZaHiRnYa???]

Well, I personally don't think that the site is the best site for CAHB to build its new headquarters.

[baqthier]

Well that site was suppose to house Pernas Tower 70+ storeys

[ZaHiRnYa???]

Originally posted by baqthier

Well that site was suppose to house Pernas Tower 70+ storeys

Precisely

So. if CAHB bought over that land, means there will be no Pernas Tower anymore mah

[D_Y2k.2^]

Walau!cannot la!My Pernas!!!!!!!
With that amount of $$$I think its gonna be a tower around floors or maybe more.What do you guys think?

[baqthier]

Originally posted by ZaHiRnYa???

Precisely

So. if CAHB bought over that land, means there will be no Pernas Tower anymore mah

Isn't CAHB under Pernas? Not sure that much..educate me

[baqthier]

http://business-times.asia1.com.sg/s...106008,00.html

KUALA LUMPUR

Published January 22, 2004
Commerce to pay RM375m for HQ building

COMMERCE Asset-Holding Bhd, Malaysia's second largest lender by assets, said it agreed to pay RM375 million (S$168.2 million) for land and a 39-storey building development that will be its new corporate headquarters.

The acquisition will allow Commerce to 'house its operations in a strategic location' in Kuala Lumpur, it said in a statement on Tuesday.

Commerce is buying the development from IJM Corp as part of an agreement that will be completed within 52 months, it said. The building will have a built-up area of 114,744 square metres and a net lettable area of 58,528 square metres together with 1,120 car parking slots.

The bank is among lenders that are benefiting from an expanding economy that has helped bolster demand for new credit and reduced the risk of defaults.

In November, Commerce said fiscal third-quarter profit rose 9 per cent to RM154.3 million as it set aside less money for bad loans and lent more. - Bloomberg

[ZaHiRnYa???]

Originally posted by baqthier

COMMERCE Asset-Holding Bhd, Malaysia's second largest lender by assets, said it agreed to pay RM375 million (S$168.2 million) for land and a 39-storey building development that will be its new corporate headquarters.

Wah...thought that it will be another tall building. 39 storey only. Takpe lah camtu . Hope the design for the building will be somewhat different from what the area offers now.

[Greg]

I'm sure there must be a rendering existing already.
After all they claim it will be exactly 39 floors.

Well guys,

Let's look at the land parcels themselves - the subsidiary of Pernas/Tradewinds (where Syed Mokhtar is a major shareholder, and IJM is his preferred vehicle for property or construction stuff), Sovereign Place Sdn Bhd, holds four parcels of land next to Pernas Sogo:
Lot 1507 - 2,618 sq m - net book value RM 11.7 million
Lot 1508 - 2,107 sq m - net book value RM 9.4 million
Lot 1512 - 14,614 sq m - net bk value RM 65.1 million
P.T. 56 (road) - 1,354 sq m - net bk val RM 6.0 million
TOTAL is 20,693 sq m with net bk val of RM 92.2 million

At a plot ratio of 14, the whole thing can accomodate a building of 290,000 sq m or over 3.2 M sq ft size, excl. carparks! That is enough for twin slim 100-storey towers with a common retail podium, by the way...

Now, the CAHB site occupies only half of this site area, so I suspect that they either only bought half of the big Lot 1512, or maybe bought some other ?? lots to make up to the 10,000+ sq m site area.

Since the original site has more than enough space for two towers, shared podium and a carpark (look at the old Pernas Sogo model photos - there are three large buildings there: two towers and a carpark "box"), I suspect that there will be the second, taller and slimmer, tower, joining the CAHB on the other half of the site - of course, Menara IJM itself (Archilless, pls tell us if DBKL approved the 60+ storey version?).

Unless, of course, after the double-tracking cancellation, Syed decided to abandon their own tower - but I doubt that.

Also, the huge amount of money CAHB is paying must be including the construction cost of the tower, too? I guess IJM will be the Main Contractor haha ...

[Greg]

Here the KLSE announcement. KLSE announcement

[D_Y2k.2^]

aia!I was gonna type:

With that amount of $$$ I think its gonna be a tower around 40 floors or maybe more.What do you guys think? Left 40 out.And Yes!IM almost right

39 floors is alrite liao la.Most probably it passes 150m!

[baqthier]

Greg> Thanks for the document

Nova> Thanks for the info. I doubt Pernas tower will be built soon. Plaza Rakyat probably even won't get it's office tower since recent news only mention hotels and podium plus in the new rendering the ball won't be there!

sorry Nova.. the department that deal with development approval is located in another building la.. (DBKL HQ @ Jln Raja Laut).. my office is at Vision City.. very far.. i cannot give u guys any informantion about this..

i think this is Menara IJM.. Menara IJM is still in design stage.. no submission ever made to DBKL yet. I saw few design actually (at my friend's office).. and their nos of floors are varies..

according to my friend, it's more than 39-storey actually.. but all floors with no '4' are not counted.. something to do with Chinese belief..

[szehoong]

Originally posted by Nova Singapore

Well guys,

Let's look at the land parcels themselves - the subsidiary of Pernas/Tradewinds (where Syed Mokhtar is a major shareholder, and IJM is his preferred vehicle for property or construction stuff), Sovereign Place Sdn Bhd, holds four parcels of land next to Pernas Sogo:
Lot 1507 - 2,618 sq m - net book value RM 11.7 million
Lot 1508 - 2,107 sq m - net book value RM 9.4 million
Lot 1512 - 14,614 sq m - net bk value RM 65.1 million
P.T. 56 (road) - 1,354 sq m - net bk val RM 6.0 million
TOTAL is 20,693 sq m with net bk val of RM 92.2 million

At a plot ratio of 14, the whole thing can accomodate a building of 290,000 sq m or over 3.2 M sq ft size, excl. carparks! That is enough for twin slim 100-storey towers with a common retail podium, by the way...

Now, the CAHB site occupies only half of this site area, so I suspect that they either only bought half of the big Lot 1512, or maybe bought some other ?? lots to make up to the 10,000+ sq m site area.

Since the original site has more than enough space for two towers, shared podium and a carpark (look at the old Pernas Sogo model photos - there are three large buildings there: two towers and a carpark "box"), I suspect that there will be the second, taller and slimmer, tower, joining the CAHB on the other half of the site - of course, Menara IJM itself (Archilless, pls tell us if DBKL approved the 60+ storey version?).

Unless, of course, after the double-tracking cancellation, Syed decided to abandon their own tower - but I doubt that.

Also, the huge amount of money CAHB is paying must be including the construction cost of the tower, too? I guess IJM will be the Main Contractor haha ...

yea....complicated stuffs they had there.......with all the land purchases and exchanges.......and to top it all......its amongst all of Syed Mokhtar's companies!

Anyway I am still hoping that they would revive the Pernas Tower envisioned earlier!

[edupet]

this is the latest images of the CAHB Tower

View from Jalan Raja Laut


rear elev

source : http://www.atsa.com.my/enews_jan04.html

My guess on the height, if the rendering is correct to scale, is 202 metres, just below Times Square - too bad Pernas is gone from its original location.

[Greg]

Thanks for these pics Edupet and welcome to the forum