KUALA LUMPUR: Menara PJD, a freehold, 28-storey office building located along Jalan Tun Razak in Kuala Lumpur, is back on the market.

Developed by PJ Development Holdings Bhd (PJD) more than a decade ago, the building occupies 47,339 square feet of land and offers a net lettable area of around 445,111 square feet.

According to a recent listing on a property portal, Menara PJD is fully tenanted and is being offered for sale at RM289 million, equating to just under RM650 per square foot.

This is not the first time Menara PJD has been up for sale.

In 2014, PJD's wholly-owned subsidiary, PJD Land Sdn Bhd, entered into a sale and purchase agreement with Able Starship Sdn Bhd, a property company, to sell the building for RM220 million.

PJD stated in a filing with Bursa Malaysia that the proposed disposal was timely, allowing the company to unlock the property's value amid favorable market conditions.

According to the filing, the audited net book value of the property as of June 30, 2013, was RM116.2 million.

The sale price of RM220 million was agreed upon on a willing-buyer willing-seller basis, considering factors such as the management's best estimate of the indicative market value of Menara PJD, the estimated market value of nearby office buildings, and the rental yields generated by the property.

PJD's original investment in the building was RM129.2 million in 2006, while the audited net book value as of June 30, 2013, was RM116.2 million.

The disposal was expected to yield a net gain of about RM101 million, representing earnings of about 22 sen per share.

In 2015, PJD became a subsidiary of OSK Holdings Berhad, joining the OSK Group. OSK Holdings offered to acquire OSK Property Holdings Bhd and PJD for a combined RM584.65 million.

OSK made a mandatory takeover offer to acquire the remaining 68.3 percent stake in PJD from public shareholders in 2014.