RUMOURS

We keep an ear out for upcoming developments from our verified sources.

These rumours are only indications of intent from developers and therefore subject to change.

REDEVELOPMENT OF NAS PAVILION

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In 2014, MPHB Capital Bhd, controlled by Tan Sri Surin Upatkoon, aka K K Lau, was said to be resuscitating a long-abandoned project on the same road as Berjaya Times Square, at the junction of Jala...

In 2014, MPHB Capital Bhd, controlled by Tan Sri Surin Upatkoon, aka K K Lau, was said to be resuscitating a long-abandoned project on the same road as Berjaya Times Square, at the junction of Jalan Imbi and Jalan Sultan Ismail in Kuala Lumpur.There had been several failed attempts to revive the unfinished building on 1.4 acres of freehold land. Initially, in the 1990s, It was supposed to be CN Gallery by Metro Jelita Sdn Bhd including two office towers and a hotel block on retail podium. However, the project was abandoned during the 1997/98 Asian financial crisis. In 2004, Urban Shift Sdn Bhd took over the project and renamed it Nas Pavilion comprising three blocks of serviced apartments atop a retail podium. However, that too stalled, and the developer went into liquidation. In 2009, yet another developer had applied to revive the project with two blocks of serviced apartments, a 23-storey office block, two 22-storey blocks of condotel and a five-storey shopping podium with four basement floors. This did not get off the ground either.The new plans are said to involve another 2.8 acres in the immediate vicinity owned by MPHB, with an overhead link stretching across the nine-lane road to Club De Vegas. However, there is a pending court case with the acquisition of the land the club is on, so the project has been further delayed. MPHB Cap was on the lookout for a joint-venture partner for the redevelopment, which is expected to have retail and office components.

PLAZA RAKYAT

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The long-abandoned Plaza Rakyat development in Pudu, Kuala Lumpur, is set to be revived soon. The original scheme comprised of a 79-storey office tower, a 46-storey service apartments, a 24-storey ...

The long-abandoned Plaza Rakyat development in Pudu, Kuala Lumpur, is set to be revived soon. The original scheme comprised of a 79-storey office tower, a 46-storey service apartments, a 24-storey hotel and a 7-storey retail mall and a bus terminal.The RM1.4bil project was 30% completed when developer Plaza Rakyat Sdn Bhd ran into financial difficulties during the 1997/1998 Asian financial crisis, forcing it to abandon the project.For the past 20 years, the partially completed building has been an eyesore, with its 7-storey basement filled with water (and fish), making it the largest "swimming pool" in the city.Kuala Lumpur City Hall (DBKL) took vacant possession of the abandoned project site in 2014, after repaying a RM150mil loan taken by the developer from a consortium of banks. In 2015, it sold the project for RM740 million to Profit Consortium Sdn Bhd.The new owner will revive the project together with investment partner, Debao Property Development Ltd from China. Profit Consortium is a privately held company owned by Maxcorp Development Sdn Bhd, SW Land Sdn Bhd and Tan Sri Abdul Samad Alias. Maxcorp is the private vehicle of Major (Rtd) Anuar Adam while SW Land is the developer of Sungai Wang Plaza.The 211 buyers of Plaza Rakyat stand to get a total of RM40 million in compensation for their purchase. This works out to an average of RM181,000 per lot. For regular updates on the property market, follow PropertyPricetag.com on Facebook.

HOLIDAY INN EXPRESS KUALA LUMPUR

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InterContinental Hotels Group (IHG) will open its first ever Holiday Inn Express hotel in Malaysia in 2016. IHG signed management agreements with the Winbond Group in April 2015 for two Holiday Inn...

InterContinental Hotels Group (IHG) will open its first ever Holiday Inn Express hotel in Malaysia in 2016. IHG signed management agreements with the Winbond Group in April 2015 for two Holiday Inn Express hotels in Kuala Lumpur.The first will be the 383-room Holiday Inn Express Kuala Lumpur City Centre will be housed in the redeveloped Menara ING, which will also inclcude offices, restaurants and cafes. (The second hotel, the Holiday Inn Express & Suites Kuala Lumpur Ampang, off Jalan Tun Razak, is scheduled to open in 2018, with 240 rooms and 60 suites.)Built in the 1980s, Menara ING had served as headquarters for the ING Insurance group, which was subsequently bought over by AIA Bhd in 2013. Hong Leong group's Tower REIT acquired 83% of the office space (with a net lettable area of 160,413 sf) in 2007 from ING on a sale and leaseback arrangement.In March 2015, Tower REIT sold its share of office space, comprising 19 office parcels and 190 car park bays on two basement parking levels, to Goldstone Kuala Lumpur Sdn Bhd for RM132.34 million. The remaining office space are located at Menara ING's three-and-a-half-storey annexed block, which will be retained.Goldstone is linked to Datuk Dr Tang Yong Chew, who is also redeveloping Wisma Longrich at Jalan Yap Kwan Seng into Kuala Lumpur's first Ibis Hotel, via Winbond Properties Sdn Bhd.Plans for another two Holiday Inn Express in Malaysia are in the pipeline, with 16 others across Southeast Asia over the next five years. Targeting the upper-economy traveler, Holiday Inn Express hotels offer free Wi-Fi ,complimentary "Express Start Breakfast", self-service business centres and gym, among its regular features. For regular updates on the property market, follow PropertyPricetag.com on Facebook.

BANDAR MALAYSIA

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Located 7km from the city centre, Bandar Malaysia is part of the governments grand plan to transform 486 acres in Sungai Besi from a military air force base to a high-end integrated development mar...

Located 7km from the city centre, Bandar Malaysia is part of the governments grand plan to transform 486 acres in Sungai Besi from a military air force base to a high-end integrated development marketed as the transport hub of the future.Its where all routes and roads lead to, including the new DUKE 3 highway, the MRT Line 2, KTM, ERL, buses, and even the upcoming super-fast train to Singapore.At the brink of the New Year, asset owner 1Malaysia Development Bhd (1MDB) announced the sale of 60% of its stake in Bandar Malaysia.The buyer is a Malaysia-China consortium the Putrajaya and Johor-linked Iskandar Waterfront Holdings (IWH) (of Iskandar Malaysia fame) and global construction company China Railway Engineering.At a price tag of RM7.41 billion, it is easily the largest property sale in the country.Or RM5.3 billion, depending on whether you calculate costs and liabilities. (The deal includes a share of the RM2.4 billion sukuk/bond and relocation costs for the air force base.)The land had a book value of RM4.2 billion, and this deal values the land at RM12.35 billion. It'll bring in a tidy sum for 1MDB meant to pay down the investment funds massive debts.The first 10% should be in soon, and the sale is expected to be completed by end-June 2016. Actual development would probably take off in 2018 after the air force base is relocated, and will spread over 15 to 25 years. So do expect to read more about Bandar Malaysia in the news. For regular updates on the property market, follow PropertyPricetag.com on Facebook.

LBS BINA @ BUKIT JALIL

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LBS Bina Group Bhd has submitted plans for the development of several high-rise residential buildings on two plots of land (about 8.5 acres) in Bukit Jalil. It is located next to Taman LTAT, a new ...

LBS Bina Group Bhd has submitted plans for the development of several high-rise residential buildings on two plots of land (about 8.5 acres) in Bukit Jalil. It is located next to Taman LTAT, a new medium low-cost apartment in Bukit Jalil, which is close to Bandar Kinrara.The first plot will have two condominium towers with 50 and 47 storeys, respectively, including a facilities and car park podium. Tower A will have 612 units, while Tower B will have 730 units, with a combined GDV of RM888 million.The second plot will have two blocks of affordable housing under the "Perumahan Penjawat Awam 1Malaysia" (PPA1M) with a GDV of RM348 million. Both blocks will have 38 storeys and 680 units, with a car park podium. That's a total of 1,360 apartment units.These are two of the 15 projects LBS Bina is planning to launch this year. Other projects in the pipeline include Bandar Saujana Putra (BSP) 21, BSP Village shop offices, Skyvilla and Nautilus 2 in DIsland Residence, Puchong, and the Telok Gong Industrial Park in Klang.Despite the current economic situation, managing director Tan Sri Lim Hock San has reported that the group is optimistic that it would be able to rake in RM1.2 billion in sales for 2016. To date, LBS has 1,076 hectares of undeveloped land and an estimated future GDV of RM21.5bil. For regular updates on the property market, follow PropertyPricetag.com on Facebook.