News & Articles Imbi land for tender
Imbi land for tender
8 Jul 2016
PETALING JAYA: The softer property market, by way of sales and rentals since last year, has not deterred land deals, as a plot of freehold commercial land less than an acre has come up for sale in the central business district.
The plot, located at the Jalan Imbi/Jalan Pudu corner and right next to Berjaya Times Square, has come up for sale via a tender closing on Aug 1 at 4 pm. Known as Lot 2000, the plot measures 41,990 sq ft.
According to Jordan Lee & Jaafar Sdn Bhd executive director Yap Kian Ann, the land has been approved for serviced suites or serviced apartments.
“It is freehold commercial and comes with an approval in principle for serviced suites or serviced apartments, which is just one step away from a development order. In that particular area, there aren’t that many parcels of land for sale. There are more in the Kuala Lumpur City Centre.
“But in this Imbi-Bukit Bintang area, the land available for sale is more limited comparatively,” Yap said.
Yap said the indicative price was between RM3,300 per sq ft (psf) and RM3,500 psf, or RM230 to RM245 per plot ratio.
Because the land comes with a high plot ratio of 14.3, the indicative figure based on a per plot ratio will be more accurate as the buyer will be able to build higher.
He said there was a time when land was sold on a psf basis, but because the plot ratio in the city keeps getting higher, the industry has adopted this method as a basis for price calculation. He said if one were to compare two parcels of land, one with a low plot ratio and the other with a high plot ratio, the psf method will not give a true and fair indicative value of the land. For this reason, Singapore, said Yap, goes on a per plot ratio basis.
Opposite Lot 2000 across Jalan Pudu is the leasehold 19.4-acre Bukit Bintang City Centre (BBCC) development. It is within walking distance of Bintang Walk, Sungei Wang Plaza, Pavilion KL and Lot 10.
It is 100 metres from the monorail station and about 500m from the mass rapid transit (MRT) station when that is completed, Yap said. Other recent interest in that area include Lot 1289 diagonally behind Berjaya Times Square, the site of the Jalan Imbi Chinese primary school.
Last September, Debao Property Develop-ment Ltd told shareholders that it had completed the acquisition of Elite Starhill Sdn Bhd, which was in the midst of buying Lot 1289, the site of SRJK (C) Jalan Imbi, for RM388mil or RM4,310 psf. The Chinese property company is based in Foshan China and listed in Singapore. An EGM was held in April this year. The status of that land deal is unclear.
The Lot 2000 sale by tender or expression of interest comes at a time when there is quite a bit of redevelopment in that vicinity, said Yap.
Across from Jalan Pudu is the RM8.7bil BBCC leasehold mixed development on the former Pudu prison site by Eco World Development Group Bhd.
Less than one km away is the Merdeka PNB118 development by Permodalan Nasional Bhd. To be completed in 2020, the 118-storey building will be among the top-10 in the world. About one km away is the Tun Razak Exchange project by master developer TRX City Sdn Bhd.
In the Imbi area, another Chinese developer – Agile Property Holdings Ltd – is planning to co-develop several amalgamated lots with Tropicana Corp Bhd. Work is on hold for the time being because the MRT2 line will run under some parts of the parcel.
The plot, located at the Jalan Imbi/Jalan Pudu corner and right next to Berjaya Times Square, has come up for sale via a tender closing on Aug 1 at 4 pm. Known as Lot 2000, the plot measures 41,990 sq ft.
According to Jordan Lee & Jaafar Sdn Bhd executive director Yap Kian Ann, the land has been approved for serviced suites or serviced apartments.
“It is freehold commercial and comes with an approval in principle for serviced suites or serviced apartments, which is just one step away from a development order. In that particular area, there aren’t that many parcels of land for sale. There are more in the Kuala Lumpur City Centre.
“But in this Imbi-Bukit Bintang area, the land available for sale is more limited comparatively,” Yap said.
Yap said the indicative price was between RM3,300 per sq ft (psf) and RM3,500 psf, or RM230 to RM245 per plot ratio.
Because the land comes with a high plot ratio of 14.3, the indicative figure based on a per plot ratio will be more accurate as the buyer will be able to build higher.
He said there was a time when land was sold on a psf basis, but because the plot ratio in the city keeps getting higher, the industry has adopted this method as a basis for price calculation. He said if one were to compare two parcels of land, one with a low plot ratio and the other with a high plot ratio, the psf method will not give a true and fair indicative value of the land. For this reason, Singapore, said Yap, goes on a per plot ratio basis.
Opposite Lot 2000 across Jalan Pudu is the leasehold 19.4-acre Bukit Bintang City Centre (BBCC) development. It is within walking distance of Bintang Walk, Sungei Wang Plaza, Pavilion KL and Lot 10.
It is 100 metres from the monorail station and about 500m from the mass rapid transit (MRT) station when that is completed, Yap said. Other recent interest in that area include Lot 1289 diagonally behind Berjaya Times Square, the site of the Jalan Imbi Chinese primary school.
Last September, Debao Property Develop-ment Ltd told shareholders that it had completed the acquisition of Elite Starhill Sdn Bhd, which was in the midst of buying Lot 1289, the site of SRJK (C) Jalan Imbi, for RM388mil or RM4,310 psf. The Chinese property company is based in Foshan China and listed in Singapore. An EGM was held in April this year. The status of that land deal is unclear.
The Lot 2000 sale by tender or expression of interest comes at a time when there is quite a bit of redevelopment in that vicinity, said Yap.
Across from Jalan Pudu is the RM8.7bil BBCC leasehold mixed development on the former Pudu prison site by Eco World Development Group Bhd.
Less than one km away is the Merdeka PNB118 development by Permodalan Nasional Bhd. To be completed in 2020, the 118-storey building will be among the top-10 in the world. About one km away is the Tun Razak Exchange project by master developer TRX City Sdn Bhd.
In the Imbi area, another Chinese developer – Agile Property Holdings Ltd – is planning to co-develop several amalgamated lots with Tropicana Corp Bhd. Work is on hold for the time being because the MRT2 line will run under some parts of the parcel.
Source: Thestar.com.my