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KUALA LUMPUR | Angkasa Raya | 268m | 65 fl | App

41K views 57 replies 17 participants last post by  davidwsk 
#1 · (Edited)
Sunrise to set KLCC land price record
By Presenna Nambiar Published: 2008/05/28

The developer plans to pay RM179 million, or RM2,588 per sq ft, for the Kuala Lumpur City Centre land, higher than what YTL Corp paid for 0.4ha in Jalan Stonor

SUNRISE Bhd has proposed to buy a piece of prime land in the heart of Kuala Lumpur, a deal that will set a new record for land prices in the Kuala Lumpur City Centre (KLCC) area.

The freehold 69,171 sq ft land houses the 29-year old Wisma Angkasa Raya, and is a stone's throw from the Petronas Twin Towers.

Sunrise plans to buy the land for about RM179 million, or RM2,588 per sq ft (psf), higher than what YTL Corp Bhd paid for 0.4ha in Jalan Stonor earlier this year.

"The price is undoubtedly a new record for Kuala Lumpur," Aseambankers analyst Ong Chee Ting wrote in a report yesterday, adding that it is a fair price.

The deal reflects the bullishness of Malaysian developers as the capital grapples with a shortage of office space.

The land "has potential to be redeveloped into an upmarket commercial development", Sunrise said in a statement to Bursa Malaysia on Monday.

The main risk to the project is that Kuala Lumpur may have too much office space by 2010.

Nevertheless, that risk is offset by the fact that the site is a good location, Ong noted in his report.

Under the deal, Sunrise is buying all of Tanah Tuah Development Sdn Bhd for RM27 million cash from Reliance Pillar Sdn Bhd and Lembaran Segimaju Sdn Bhd.

Tanah Tuah has an interest in the land as it signed a deal on January 14 this year to buy the property for RM152 million.

However, that deal is not completed yet. Sunrise did not identify the original landowner.

In addition, Sunrise will settle a RM30.4 million loan given to Tanah Tuah by Reliance Pillar and Lembaran Segimaju.

Ong calculates that if Sunrise's new property can be sold at RM1,300 psf, there is still a hefty 30 per cent margin to be made.

"This translates into potential gross development value and development profit of RM900 million and RM208 million respectively," he said.

Reliance Pillar and Lembaran Segimaju bought into Tanah Tuah this month for about RM40 million.

 
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#27 ·
The sky’s the limit in Kuala Lumpur
Written by: A Place in the Sun Thursday, November 17, 2011
http://www.aplaceinthesun.com/news/...1368/The-sky-s-the-limit-in-Kuala-Lumpur.aspx



Kuala Lumpur’s skyline is set to get a new resident - a 65 storey, 268-metre-high mixed use block, which will house hotel rooms, offices and apartments.

The scheme shows the increasing level of investment in Malaysia as a whole, with property in Malaysia proving increasingly popular with overseas investors.

Designed by Ole Scheeren, the architect behind the CCTV headquarters in Beijing, the Angkasa Raya tower is due to be finished by 2016. Rather than being made of a single block, the striking tower will be constructed of three interconnected slabs which twist into spirals. It is hoped that the design will alter the perception of what a skyscraper can be.

The tower’s unique design is deliberately being set apart from other skyscrapers in the hope that it will stand out in the crowded city skyline: “With the Twin Towers [Petronas] in the vicinity, we need a design that can relate to something as strong and as powerful as that,” explained Scheeren, adding that the building would add to the dramatic skyline of the city.

Called ‘The Service Residences’, the scheme will feature a “family of high-end condominiums located in the upper tower block from floor 37 to 64 … and grouped around a naturally ventilated atrium,” according to the developers.

There will be 280 residential units including studios, one to three bedroom apartments and duplexes as well as penthouses. The design also features landscaped gardens.
 
#49 ·
It's still in the pipeline..
UEM Sunrise expected to ride out soft demand in Johor
Posted on 29 October 2014 - 05:36am
sunbiz@thesundaily.com

PETALING JAYA: UEM Sunrise Bhd, one of the biggest property developers in the country, is expected to ride out the current soft demand in Johor property market considering the advantage it has holding its land at low cost, said PublicInvest Research.

..

PublicInvest Research said UEM Sunrise netted RM439 million in new sales for the first half of 2014, with 69% coming from non-Nusajaya area.

"We understand that UEM Sunrise aims to rake in RM800 million from its RM1.3 billion project in Melbourne, Australia (The Aurora) and the rest from existing townships such as East Ledang, Nusa Idaman, Nusa Bayu.

The Aurora, which was launched last week is said to have garnered 200 bookings out of 341 units released.

As indicated earlier, it said UEM Sunrise has in the pipeline projects outside Nusajaya such as Serene Heights in Bangi, Sinaran Hills in Kajang, Solaris 3 and Angkasa Raya (Aurora Tower) in Kuala Lumpur City Centre (KLCC). It said these projects alone have gross development value of RM10 billion.

As for Nusajaya projects, it believes that UEM Sunrise's land which is strategically located near the various hubs, should see demand picking up in the long term.

It said UEM Sunrise could also participate in more joint ventures such as the one with Gamuda Bhd (1,200 acres, Horizon Hills) and Kuala Lumpur Kepong (500 acres) to unlock land value.
http://www.thesundaily.my/news/1211092
 
#50 ·
Aurora Tower at KLCC project to take off next year, UEM Sunrise

Posted on 22 May 2015 - 05:37am Eva Yeong sunbiz@thesundaily.com Print PETALING JAYA: UEM Sunrise Bhd, which is targeting RM2 billion sales this year, expects to launch the stalled Aurora Tower at KLCC project next year, said its managing director and CEO Anwar Syahrin Abdul Ajib.

"We're nearly there. We're talking with Rakyat Holdings Sdn Bhd at this point in time to find an amicable solution and discussions have been very positive because both parties are interested to see this thing up. Hopefully we can conclude before end of the year and move forward," he told reporters at its AGM yesterday. He said the project will be launched in mid or end of 2016 and plans for the project remain the same.

"We spent so much money on the design and it's a world-class design with a world-class architect so we'll keep it as what it is," he added. The old Bangunan Angkasaraya site came into UEM Sunrise's portfolio through its acquisition of Sunrise Bhd. In April 2013, the company said that Rakyat Holdings was taking it to court for allegedly breaching an agreement dated Jan 14, 2008 between Rakyat Holdings and UEM Sunrise's subsidiary Aurora Tower At KLCC Sdn Bhd (previously Tanah Tuah Development Sdn Bhd) for the sale of Angkasaraya.

Rakyat Holdings, a subsidiary of Bank Kerjasama Rakyat Malaysia Bhd, was the original owner of Bangunan Angkasaraya. Sunrise had bought Aurora Tower At KLCC, then deemed to be the owner of Bangunan Angkasaraya, in May 2008 for RM57.4 million in total (inclusive of a RM30.4 million loan) from two companies, Reliance Pillar Sdn Bhd and Lembaran Segimaju Sdn Bhd.
http://www.thesundaily.my/news/1427281
 
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