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One of the largest parcel of land in Ampang Embassy Row area.


French embassy land in KL for sale
by thean lee cheng | The StarBiz | Wednesday August 6, 2014 MYT 8:46:12 AM
http://www.thestar.com.my/Business/Business-News/2014/08/06/Embassy-land-sale/



KUALA LUMPUR: Increasingly, the trend seems to be for foreign missions to dispose of their land. The French Embassy is the latest to do so, the third in the last two years.

But prices are lower in the Jalan Ampang-U Thant area here – known as Embassy Row – compared with those closer to the Petronas Twin Towers.

Speculation has been rife in the last couple of months about the French mission giving up its Jalan Ampang site. This transaction is expected to create interest for a few reasons.

“The size is considerable. At 3.23ha, it will be one of the largest – if not the largest – parcels to be transacted among foreign mission land thus far,” a source said.

While about half of the British High Commission land was zoned for commercial and the remainder for residential, the French site comprises a residential and an institutional portion.

French Embassy first secretary Damien Syed confirmed that the land was “in the process” of entering the market.

He told StarBiz that it would take some time to sell as the incoming French ambassador, expected to arrive in October, has been tasked to take charge of it. Current French ambassador Martine Dorance completes her Kuala Lumpur posting next month.

Although land deals have been described as “slow” the last two to three years by a property valuer based in Jalan Ampang, the several deals that have successfully gone through “were significant”, both in terms of pricing and their future use.

In late 2012, SP Setia Bhd paid RM294.97mil, or RM2,200 per sq ft, for the 1.22ha British High Commission land in Jalan Ampang, opposite the current French Embassy. It plans to build commercial and residential properties on the site.

In July 2013, the German ambassador’s residence in Jalan Kia Peng was put on sale with an indicative price of about RM2,500 per sq ft, valuing the site at about RM200mil. The German government has yet to give a directive for an open tender for this 0.74ha site, a source said. Since then, a couple of other land deals have taken place closer to the Petronas Twin Towers, which continues to be used as a focal point in land transactions in the Kuala Lumpur City Centre (KLCC) area.

Khong & Jaafar group of companies managing director Elvin Fernandez says: “Using the Jalan Tun Razak-Jalan Ampang intersection as a guide, land value is higher closer to the Petronas Twin Towers because of the zoning factor. Land value is dependent on the plot ratio and land use.

“Land closer to the KLCC area has a plot ratio of 10. This may be increased on application. After Jalan Tun Razak, the plot ratio dips to four for commercial land.”

Earlier this year, it had been reported that Magna Prima Bhd had secured a plot ratio of 1:12 for the 1.1ha former Lai Meng school opposite the Malaysia Tourist Centre. This means the company can build up to 12 times the size of the land. It had bought the parcel in 2010 for RM148.2mil and plans to build a 60-storey twin towers on it. The vendor was Lai Meng Girls’ School Association.

One of the highest land transactions was completed last year when Oxley Holdings (M) Sdn Bhd, a unit of Singapore-based developer Oxley Holdings Ltd, purchased 1.3ha in Jalan Ampang. It is separated from the Petronas Twin Towers by Wisma Central.

Oxley paid RM3,300 per sq ft, with an absolute price of RM446.7mil. It plans to build a mall, two luxury hotels, serviced residences, offices and a theme park on it, with a gross development value of between RM2.5bil and RM3.5bil.

Earlier this year, KSK Group Bhd paid RM3,299 per sq ft for a 1.6ha parcel in Jalan Conlay, with an absolute price of RM568mil. The vendor was Suasana Simfoni Sdn Bhd, a subsidiary of Singapore-listed UOL Group Ltd.
 

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French embassy land in Jln Ampang up for sale

By Zatil Husna & Lam Jian Wyn / The Edge Financial Daily | December 2, 2014 : 1:52 PM MYT

KUALA LUMPUR: The eight-acre (3.2ha) piece of land that belongs to the French embassy in Jalan Ampang here will be sold via an exclusive tender by CB Richard Ellis (CBRE) Malaysia next week, its associate director Nabeel Hussain told The Edge Financial Daily yesterday.

The freehold institutional land, which houses the ambassador’s residence, two bungalows, and the embassy office, is directly opposite the British High Commission. It is also next to the Intermark building, in which the Doubletree by Hilton hotel, together with some offices and retail lots, are located.

The tender exercise will be carried out next week and will be concluded by Chinese New Year in February, said Nabeel.
http://www.theedgemarkets.com/my/article/french-embassy-land-jln-ampang-sale
 

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Tenders to open next week

By Zatil Husna & Lam Jian Wyn of The Edge Financial Daily
Tuesday, 02 December 2014 13:35 Bookmark and Share
KUALA LUMPUR: The eight-acre (3.2ha) piece of land that belongs to the French embassy in Jalan Ampang here will be sold via an exclusive tender by CB Richard Ellis (CBRE) Malaysia next week, its associate director Nabeel Hussain told The Edge Financial Daily yesterday.

The freehold institutional land, which houses the ambassador’s residence, two bungalows, and the embassy office, is directly opposite the British High Commission. It is also next to the Intermark building, in which the Doubletree by Hilton hotel, together with some offices and retail lots, are located.

The tender exercise will be carried out next week and will be concluded by Chinese New Year in February, said Nabeel.

“We are setting a relatively long period for the tender exercise because it is a big and expensive piece of land,” he said.

No reserve price has been set for the land yet, said Nabel. However, it is learnt that the French government is expecting bids of around RM600 million, which equates to about RM1,800 per sq ft (psf), given the winning bid for the British High Commission’s land two years ago.
http://www.theedgeproperty.com/news-a-views/13133.html
 

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French embassy sells land to Putrajaya Ventures



Monday, 18 May 2015

By: CHERYL POO




PETALING JAYA: 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.

Sources told StarBiz that the parcels may have been sold at RM2,400 per sq ft, instead of the RM3,188 per sq ft, as reported earlier.

“Putrajaya Ventures paid a competitive price for it,” French Embassy first secretary Damien Syed told StarBiz in an email.

However, he said price was not the only factor for the decision to sell the land to Putrajaya Ventures. Syed declined to comment on the transaction.

The sale debunked earlier reports that property developer Malaysian Resources Corp Bhd (MRCB) was likely to land the deal, given the company’s competitive bid. 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.
http://www.thestar.com.my/Business/...y-sells-land-to-Putrajaya-Ventures/?style=biz
 

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http://www.thestar.com.my/business/...ajaya-holdings-to-develop-two-projects-in-kl/

Putrajaya Holdings to develop two projects in KL


KUALA LUMPUR: Putrajaya Holdings Sdn Bhd, the master developer of Putrajaya, plans to expand its territory into the Kuala Lumpur with the development of two new projects in Jalan Ampang with a total gross development value (GDV) of RM5.2bil.

Chief executive officer Datuk Azlan Abdul Karim said the company had recently acquired two pieces of land in Jalan Ampang – 3.2ha on which the French Embassy was previously located, and a 0.52 ha plot next to the Chinese embassy.

The company aimed to develop 429 units of high-rise serviced apartments on the 0.52ha plot, while the 3.2ha would be developed into a mixed project, comprising commercial retail, hotel and residential, he said.

“We have submitted our proposal for approval (from Kuala Lumpur City Hall).

“Once we get our building plan, we can launch the project.

“The residential project will have around RM500mil to RM600mil GDV while the mixed development project's GDV will be eight times bigger,” he told Bernama here yesterday.

Azlan said Putrajaya Holdings had also acquired 640 ha of freehold land in Sepang, which would be developed into an eco-type resort along the beach.

“The project is going to be an Eco Destination Township, the continuity of our trademark, Putrajaya Holdings as a Premier Green Developer.

“The first phase of the development will be a 27-hole Eco Link Golf Course supported by a number of three-to five-star hotels,” he said, adding that the other developments included commercial, residential, retail and wellness centre.

The development of this project is targeted to take off in the third quarter of 2018.

On outlook, Azlan said the company's business remained strong as its hotel operations continued to perform well, with the Everly Hotel Putrajaya enjoying a 70%-80% occupancy rate while Pullman Putrajaya Lakeside Hotel recorded a commendable 80% rate.

The Alamanda Mall, he said, is currently undergoing a refurbishment exercise such as expanding certain areas to enlarge the mall to accommodate a bigger crowd. — Bernama
 

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Interesting that PJH are doing developments in KL.

Aren't they owned by KLCCH? By right KLCCH should be doing KL developments. Or maybe they are segregating between Office and Residential properties?
 
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