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Discussion Starter · #1 ·
MPC in talks over plans for Wisma MPL
By Vasantha Ganesan Published: 2009/07/10

Sources say the Qatar Investment Authority is the party negotiating with Malaysia Pacific Corp for the building in the Golden Triangle of Kuala Lumpur

Malaysia Pacific Corp Bhd (MPC)(6548) may partner a foreign investor to redevelop Wisma MPL, a property located in the Golden Triangle of Kuala Lumpur.

The 35-year-old building sits on Jalan Raja Chulan between AmBank and Hotel Istana.

Sources told Business Times that the party negotiating with MPC is the Qatar Investment Authority.

"We are advancing discussion with a party on details of a joint venture.

"The party is an overseas investor fund with proven track-record of commercial development projects and management expertise in Malaysia and overseas," MPC chief executive officer Datuk Bill C.P. Ch'ng told Business Times in an e-mailed response.

Business Times was unable to contact the Qatar Investment Authority.

Late last year, Ch'ng voiced MPC's intention to sell the entire building, or part of it.

He said that he would consider an equal joint venture or a 70:30 partnership, with MPC holding the minority stake.

According to the company's 2008 annual report, Wisma MPL is a freehold property with 19 floors of offices and 266,283 sq ft net lettable area.

Its four-level retail podium has a net lettable area of 74,542 sq ft.

The building was revalued at RM240 million last year, but MPC is asking for RM300 million.

In July last year, MPC submitted a proposal for a 50-storey tower building in front of the shopping podium and next to the existing office block.

The building was once Wisma MPI, then Wisma HLA, before it was renamed Wisma MPL.
 

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Discussion Starter · #2 ·
MPC negotiating KL office tower deal
Published: 2009/07/13

MALAYSIA Pacific Corp announced that it is in ongoing negotiation with a foreign development fund, comprising local and Middle Eastern parties, on 51/49 per cent joint venture to develop a proposed 50-storey office tower in Jalan Raja Chulan, Kuala Lumpur.

In a filing to Bursa Malaysia, the company said the joint venture is expected to bring immediate and long-term benefits to the group if the deal is concluded. - Bernama
 

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Discussion Starter · #3 ·
Malaysia Pacific in talks on office tower venture
Published: 2009/07/14

MALAYSIA Pacific Corp Bhd (MPC) has denied that it is in talks with the Qatar Investment Authority for the redevelopment of Wisma MPL in Kuala Lumpur.

In a statement to Bursa Malaysia yesterday, it said that it is in negotiation with a foreign development fund comprising local and Middle Eastern parties on a 51-49 per cent joint venture, to build a proposed new 50-storey office tower on its existing plot of land at Jalan Raja Chulan, Kuala Lumpur.

MPC expects the joint venture to bring immediate and long-term benefits if the deal is concluded.
 

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from flickr

Looks like your series of 3 posts are already dead minutes after posting, all coming from the same source but magically split in arrival time. Wonder how they 'disappeared' so quickly?
 

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news in December 2012

Malaysia Pacific banks on Wisma MPL for profits
By Roziana Hamsawi Published: 2012/12/29
http://www.btimes.com.my/Current_News/BTIMES/articles/mapac/Article/#ixzz2GSAbapdB

KUALA LUMPUR: Malaysia Pacific Corp Bhd expects higher rental collection and occupancy rate of its main revenue earner, Wisma MPL here, to help the company make some profits next year.

Malaysia Pacific Corp president Datuk Bill Ch'ng said Wisma MPL's rental income has improved slightly and there are great potentials for further increase.

He said once Wisma MPL has been redeveloped or renovated, rental rates may be raised and higher occupancy can be expected.

"The company will be in a better position to make a positive decision on the future plan of the asset next year," he told reporters after MalPac's annual general meeting here yesterday.

For the year ended June 30 2012, the company recorded a net loss of RM15.54 million on the back of RM14.58 million in revenue.

Chairman Datuk Syed Hussein Abdul Kadir, in the annual report's statement, said that for the year just ended, group revenue was still greatly dependent on its rental income of Wisma MPL.
 

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Friday, 29 July 2016 | MYT 12:32 AM
MPCorp signs MoU to sell rest of Wisma MPL for RM250mil
BY M. HAFIDZ MAHPAR


KUALA LUMPUR: Malaysia Pacific Corp Bhd (MPCorp) has entered into a memorandum of understanding (MoU) to sell part of Wisma MPL in Kuala Lumpur (excluding units previously sold) to Terra Pontus Pte Ltd for RM250mil in cash.

The property developer which has a Practice Note 17 status told Bursa Malaysia on Thursday that the parties had agreed to negotiate in good faith the terms of a definitive sale and purchase agreement for the proposed disposal within two months or such other dates as the parties might agree in writing, failing which, the MoU would cease to have any further effect.

Terra Pontus is an investment holding company incorporated in Singapore which is principally involved in property investment and private equity.

Wisma MPL at Jalan Raja Chulan is a 23-storey office complex, comprising a 19-storey office tower over a four-storey retail podium block, together with a two-level basement car park,
http://www.thestar.com.my/business/...s-mou-to-sell-rest-of-wisma-mpl-for-rm250mil/
 
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