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Old August 15th, 2013, 03:50 AM   #1
patchay
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OXLEY TOWERS (Lot 99 & Lot 159 KLCC) | Kuala Lumpur (Jalan Ampang, KLCC) | 79 fl, 49 fl, 28 fl | Pro

Loke Wan Yat sells properties
By THEAN LEE CHENG | The StarBiz | Updated: Thursday August 15, 2013 MYT 8:59:08 AM
http://www.thestar.com.my/Business/B...roperties.aspx

PETALING JAYA: The trustees of the Loke Wan Yat estate have sold a plot of land near the Petronas Twin Towers as well as properties collectively known as the Asian Heritage Row.

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”.

A source said that a 1.38ha freehold plot in Jalan Ampang, sandwiched between Wisma Central and a Chinese temple, was sold recently for approximately RM495.34mil or RM3,325 per sq ft.

While StarBiz has not been able to confirm 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.




An aerial view of Lot 99, Section 58 of Kuala Lumpur. Loke Wan Yat Realty Sdn Bhd sold it at RM3,325 per sq ft in June 2013. There are six bungalows located on the 3.42 acres with Nasi Kandar Restaurant Pelita and Restaurant Chef Choi fronting Jalan Ampang.

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.

Nasi Kandar Pelita, Restaurant Chef Choi and four bungalows are sited in the Jalan Ampang plot.

Property valuers consider the rectangle-shaped plot with Jalan Ampang frontage as “having triple-A rating”. Stocker Roberts & Gupta Sdn Bhd valuer Das Gupta 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.

He said the over 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, 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.

Checks by StarBiz revealed 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.

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.
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Last edited by patchay; August 15th, 2013 at 03:56 AM.
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Old August 15th, 2013, 04:03 AM   #2
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that area valued 3K per sq ft those houses owners in the photo are so lucky

btw this land deserves a supertall or atleast a 250 meters high skyscraper
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Old August 15th, 2013, 05:52 AM   #3
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This is the estate of Loke Wan Yat, one of the sons of Kapitan Loke Yew, one of the founders of KL and a pioneer tin miner with Kapitan Yap Ah Loy.

Loke Yew family members were the founders of KL's first bank - The Kwong Yik Bank, which is today part of RHB Bank.

Wan Yat's brother Loke Wan Tho subsequently became one of the founding fathers of Malayan Banking and appointed Tan Sri Khoo Teck Puat as chairman.

In 1946, Loke Wan Tho is one of the founder father of Malayan Airways Limited which is today Malaysia Airlines.

Wan Tho is also the founder of Cathay Organisation and Great Eastern in Singapore but died in a plane crash in 1964.

Loke Yew's great granddaughter Nancy Kwan was a Hong Kong diva actress during the 1960s.
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Old August 15th, 2013, 06:31 AM   #4
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Cool !..
Hopefully they can dig away that Wisma Central too.
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Old August 15th, 2013, 10:02 AM   #5
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With nearly half a billion RM spent on the land alone, I suspect a super high-density mixed-development is in the pipeline.
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Old August 15th, 2013, 10:06 AM   #6
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Put a better verson of Taipei 101 there with a niche mall at the bottom. 101 floors is good idea for KL.

KL will never be the same again.
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Old August 15th, 2013, 10:32 AM   #7
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Quote:
Originally Posted by davidwsk View Post
Cool !..
Hopefully they can dig away that Wisma Central too.
yeah with 2 tallies sandwich between them...sure this will put pressure to them to refurbish to another skyscraper in near future...hehe
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Old August 15th, 2013, 12:09 PM   #8
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August 2013

Same photo but a good view of Lot 99









http://www.propcafe.net/
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Old August 15th, 2013, 12:14 PM   #9
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wow, I remember those days when RM1000 per sf was the objective. now we are talking RM3300 already lah.
However, I do hope not the same as with the Bok house is happening and these houses are really not worth protecting.
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Old August 15th, 2013, 02:06 PM   #10
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Yea jackpot for the agent who sold it....

Around RM 10 mil go in to the pocket...

Just Reference:
http://www.iproperty.com.my/property...l-land-forsale
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Old August 15th, 2013, 02:15 PM   #11
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The land backside should link to Suria KLCC 2 nicely.... c'mon expand the shopping area.!!!
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Old August 15th, 2013, 09:13 PM   #12
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Quote:
Originally Posted by patchay View Post
This is the estate of Loke Wan Yat, one of the sons of Kapitan Loke Yew, one of the founders of KL and a pioneer tin miner with Kapitan Yap Ah Loy.
Loke Yew isn't a Kapitan Cina.
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Old August 16th, 2013, 03:58 AM   #13
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Btw last time some one posted renderings with a temple? Maybe is that one?


Four Seasons - 65 (on podium)
Qatari KLCC - 76, 72 (on podium)
Wisma Central - supertall
Taipei 101 of KL - supertall

Our Mod might have some info on Wisma Central and the challenges to get this first strata building in country? to redevelop.
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Old August 16th, 2013, 05:02 AM   #14
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Taipei 101 of kl?
Yes for the height ! No for the design
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Old August 16th, 2013, 06:48 AM   #15
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Quote:
Originally Posted by patchay View Post
Btw last time some one posted renderings with a temple? Maybe is that one?


Four Seasons - 65 (on podium)
Qatari KLCC - 76, 72 (on podium)
Wisma Central - supertall
Taipei 101 of KL - supertall

Our Mod might have some info on Wisma Central and the challenges to get this first strata building in country? to redevelop.
Nothing as of far for Wisma Central. I think they are here to stay as the building is slowly renovating itself by repainting and all minor works. I believe there's still a backlog of problematic owners there.

Anyway just to clarify a bit on the historical side, Loke Yew isn't a contemporary of Kapitan Yap Ah Loy and he is not a pioneer of tin mining in KL. However is good with Kapitan Yap Kwan Seng which is the 3rd Kapitan Cina in KL. He however did pioneer the method of open-cast mining back in Perak. Anyway he is quite a distance relative of my ancestors.
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Old August 16th, 2013, 07:16 AM   #16
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Quote:
Originally Posted by patchay View Post
Btw last time some one posted renderings with a temple? Maybe is that one?


Four Seasons - 65 (on podium)
Qatari KLCC - 76, 72 (on podium)
Wisma Central - supertall
Taipei 101 of KL - supertall

Our Mod might have some info on Wisma Central and the challenges to get this first strata building in country? to redevelop.
The rendering with a temple by CY Chan Architect is for old proposal of Empire City 2 . The temple is the Lung Mu Temple in Damansara Perdana.

Lot 99 was just transacted so I guess they wont have a render or proposal that fast ....but hopefully another 70 floors supertall
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Old August 17th, 2013, 05:19 PM   #17
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Quote:
Originally Posted by davidwsk View Post
Cool !..
Hopefully they can dig away that Wisma Central too.

Wisma Central may be on the path of MRT2 (sg buloh-serdang-putrajaya).

Hence it likely be compulsorily taken over.

Probable inner city north-south alignment of MRT2:
GHKL-Kg.Baru-Jln.Ampang-Wisma Central-KLCC Park-Jln.Stonor-MTDC-Yayasan S'wak-KL Arbitration-Craft Complex-TRX
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Last edited by Raub308; August 17th, 2013 at 05:40 PM.
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Old August 17th, 2013, 05:52 PM   #18
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Quote:
Originally Posted by nazrey View Post
Tenders for RM25b MRT project early next year?

“Although Line 2 is shorter than Line 1, it may cost more because of land acquisition.
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Old August 17th, 2013, 07:07 PM   #19
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Good to know ...

So another round of acquisition or compensation? or none?

Last edited by davidwsk; August 17th, 2013 at 07:16 PM.
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Old August 18th, 2013, 02:09 AM   #20
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Quote:
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Good to know ...

So another round of acquisition or compensation? or none?
I suppose it shall be acquisition with compensation as provided for in the Land Acquisition Act 1960

http://www.agc.gov.my/Akta/Vol.%2010/Act%20486.pdf
(pages 51-54, determination of compensation)
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