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Growing demand: The local property market is seeing a rising interest in data centres as an alternative class of asset. AP WHILE the pandemic may have dampened an already softening property market, this does not mean that developers aren’t taking measures or incorporating strategies to address the current crisis. A property sector analyst points out that dealing with the global pandemic has not been easy, but adds that opportunities can be reaped regardless of how bad a situation is. “Whether times are good or bad, companies owe it to their stakeholders to stay competitive and be ahead of the competition, ” he tells StarBizWeek. ....
THE property development arm of textile wholesaler and retailer Jakel Group is planning to build a 74-storey-tall building within the Golden Triangle near the Petronas Twin Towers in Jalan Pinang. Sources peg the gross development value (GDV) of the development adjacent to the Kuala Lumpur Convention Centre and next to the Grand Hyatt Kuala Lumpur at an estimated RM2 billion. When completed, it may be as tall as Four Seasons Place. A document sighted by The Edge shows that the developer, Mabrur Land Sdn Bhd, submitted building plans for Lot 195, Jalan Pinang, to Dewan Bandaraya Kuala Lumpur (DBKL) for approval on Jan 12. Plans for the freehold parcel, measuring 57,447 sq ft, include three floors of retail and four floors of exhibition space. Other components include a hotel, office and serviced apartment. ....
THE former Sinalco and Kickapoo Joy Juice bottling factory site in Petaling Jaya’s Section 13 is believed to have set a new record for industrial land transactions in the area following its sale to a Penang-based property developer. Singapore-based National Aerated Water Co (KL) Sdn Bhd has disposed of the site to GSD Land (M) Sdn Bhd for RM46 million, according to sources. The deal works out to RM514 psf a new high for industrial land transactions (now zoned for mixed commercial) in the area. Real estate agents say the deal was agreed upon prior to the Covid-19 outbreak. The bottling plant, which ceased operations over a decade ago, sits on 2.06 acres or 89,560 sq ft of leasehold land. Called Lot 54, it was put up for sale in late 2019 with 41 years remaining on the lease, now reduced to 39 years come April. ....
PROMINENT businessman Tan Sri Desmond Lim Siew Choon is preparing to demolish and redevelop the 49-year-old Plaza Batai retail shoplots in Damansara Heights, Kuala Lumpur, which he recently acquired from Selangor Properties Bhd for an estimated RM100 million. The Edge has learnt that Lim, who bought the upmarket Plaza Batai in affluent Damansara Heights, not far from where his Pavilion Damansara Heights project is taking shape, wants to build serviced apartments on the site. Documents sighted by The Edge shows that a company called Motif Budi Sdn Bhd submitted a planning application on Dec 23, 2020, to Dewan Bandaraya Kuala Lumpur (DBKL) for approval. According to the plan, Motif Budi is seeking to amalgamate three parcels of freehold land (Lot PT 47052, Lot 53834 and Lot 53835), measuring 96,900 sq ft, to build two 19-storey blocks Tower A and Tower B with 152 units of serviced apartments each. The development will also include one floor of facilities for the resident ....