PETALING JAYA: Sapura Resources Bhd is banking on its latest Lot 91 KLCC project to be the key driver of the group’s earnings now that it has sold off its education business for RM246.99mil.
THE office market in Kuala Lumpur and beyond KL (Selangor) remained mostly static and unglued in the first quarter of the year, in the light of the slowing local economy, and the situation looks set to continue for the rest of the year.
KUALA LUMPUR (June 15): Malaysia Smelting Corporation Bhd (MSC) is buying three parcels of land at Pulau Indah Industrial Park, Westport — along with plant and machinery on the properties — for RM50 million.
PETALING JAYA (June 13): LGB Properties (M) Sdn Bhd, a subsidiary of LGB Group, is planning a mixed-use development on a parcel in Virginia Park, Section 13 here that is currently occupied by British American Tobacco (M) Bhd’s (BAT) factory, said LGB Group director Lim Chin Sean.
KUALA LUMPUR: British American Tobacco (M) Bhd(BAT) has signed a conditional agreement to sell its two parcels of land in Petaling Jaya with buildings to LGB Properties (M) Sdn Bhd for RM218mil, which is expected to give it a net gain of RM148.78mil.
SINGAPORE: BlackRock Inc has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion ($2.5 billion), in what the U.S. firm said was the largest-ever single-tower real estate deal in the Asia-Pacific region.
SINGAPORE-listed property firm UOL Group Ltd, which owns and operates the Parkroyal and Pan Pacific brands, will see its hospitality portfolio in Malaysia grow in the next two to three years as it adds two new hotels and expands an existing hotel asset in Kuala Lumpur.
PETALING JAYA (May 28): Contractor-cum-property developer Binastra Land Sdn Bhd aims to launch its flagship and largest project – the RM1.3 billion Trion Kuala Lumpur – in Chan Sow Lin, an industrial area in Kuala Lumpur, at the end of the year.
ESTABLISHED property company and hotelier, IGB Corp Bhd, is believed to be in talks to dispose of its 20-year-old, 910-room Renaissance Kuala Lumpur hotel to a little-known Singapore company for just below RM800 million. Should the deal materialise, it would create history as the country’s most expensive hotel transaction.
A RECENT move by Lembaga Tabung Haji to lease its office space in Menara TH Platinum at Platinum Park, Kuala Lumpur, at way below market rental rates caught everyone by surprise and shocked real estate agents and office building owners. At RM5 psf, the rate is less than half that — about RM11 psf — fetched by Petronas Tower 3 and Integra Tower @ The Intermark, which are located nearby.