BY Pavither Sidhu
One of the last few parcels of prime land in the city centre has finally been put up for sale by tender. The 7.4-acre tract of freehold commercial land, located next to Menara KL, comprises 16 contiguous lots estimated to be within the price range of RM2,000psf and RM3,000psf.
The site is situated between Jalan Menara and Jalan Raja Chulan and it borders the Bukit Nanas Forest Reserve. The parcel is said to have a plot ratio of 1:7, which allows the land to be developed up to seven times its land area.
Deloitte Corporate Solutions Sdn Bhd has been appointed as liquidators, while Henry Butcher Real Estate Sdn Bhd will assist in its disposal.
According to Henry Butcher chief operating officer Tang Chee Meng, the sale will be carried out via a tender exercise and the closing date for submissions is May 23.
“It is unusual to come across a piece of land of this size in the city centre and within the golden triangle. There are not many of these any more. Furthermore, it is freehold land,” said Tang.
He added that this is probably one of the last few pieces of prime commercial land of this size available in the heart of the city. Currently, land for sale in the city centre rarely exceeds one or two acres.
Tang said the site is suitable for a mixed commercial development and that he is on the lookout for both local and international buyers.
“It represents an opportunity for developers to create an outstanding and iconic integrated development, especially since it is so closely connected to a major KL tourist attraction.”
The land has been on the market radar for some time, given its prime position and proximity to the inner-city green lung of Bukit Nanas Forest Reserve. However, it has been the focal point of a 27-year legal battle between businessman Cheah Theam Swee and creditors – a conflict that has outlasted both the 1997 Asian Financial Crisis and the 2008 Global Financial Crisis.
Cheah’s major asset was Malaysia-based United Securities Sdn Bhd, which owns the 7.4 acres through subsidiary City Centre Sdn Bhd, which is now in liquidation.