A Kuok family company has sold a piece of prime land in the Kuala Lumpur City Centre for some RM150 million, making it the family's second land sale in the past six months.
Sources told Business Times that a piece of land measuring 0.65ha on Jalan Perak next to Wisma Hong Leong was sold for RM2,200 per sq ft.
It is understood that the land is currently being managed as a carpark.
The land is said to belong to Wisma Perak Sdn Bhd. A search with the Companies Commission revealed that Wisma Perak is equally owned by FFM Bhd and Kuok Brothers Sdn Bhd. FFM Bhd is wholly owned by agri-business giant PPB Group Bhd.
One source said the land has been sold to a local individual. The land also has a development order for a twin tower structure comprising offices and serviced apartments.
In December 2009, the Kuok family sold a piece of land measuring 43,559 sq ft and a vacant two-storey bungalow for RM87.12 million near the Petronas Twin Towers to Ireka Corp Bhd
The land has two frontages, Jalan Kia Peng and Changkat Kia Peng, and was sold for about RM2,000 per sq ft.
The owners of the land are said to be related to Malaysia's richest man, Tan Sri Robert Kuok.
This land will be developed into a single tower of high-end residences with a net sellable area of 212,650 sq ft. The project is expected to have a gross development value of RM272 million and provide a gross margin of some RM58 million.
By Business Times