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Tuesday, September 9, 2008

The Pearl @ KLCC sold for RM550m

A KUWAIT Finance House (Malaysia) Bhd-led consortium has bought The Pearl @ KLCC at Jalan Stonor, Kuala Lumpur, for around RM550 million.

The Pearl @ KLCC is a 41-storey luxurious high-end condominium block, offering 175 units ranging from 3,000 sq ft to two 20,000 sq ft penthouses with stunning architectural design.

Each floor is to house six units with private lifts.

The consortium of four or five companies, known as Flora Bliss Development Sdn Bhd, acquired it from project developer Cera-mic Home Tiles (CHT) Sdn Bhd, a firm believed to be closely linked to main board developer Malton Bhd.

The purchase of the property is funded by KFH, the second major asset acquisition in the prime KLCC area financed by the banker.

Last December, KFH financed the purchase of the 40-storey Glomac Tower nearby Petronas Twin Towers by local Bumiputera firm Prestige Scale Sdn Bhd for RM1,160 per sq ft (psf), or RM577 million.

A source told Business Times Flora Bliss was offered a discount for The Pearl @ KLCC, which sold at less than RM1,000 psf.

Market prices for condominiums in the neighbourhood are doing at more than RM1,200 psf, while that of properties closer to the Petronas Twin Towers has soared above RM2,000 psf.
The Pearl @ KLCC will be constructed on 0.72ha of freehold land by China-listed Beijing Urban Constructive Group Ltd, hired by CHT.

Main structural works will commence in November and the building is expected to be ready by the end of 2010. The construction cost is estimated at RM280 million.

CHT has appointed Pintaras Geotechnics Sdn Bhd, a unit of Pintaras Jaya Bhd, for sub-structure foundation works due for completion next month.

It also appointed Malton's wholly-owned unit, Domain Resources Sdn Bhd, as project development manager.

"Flora Bliss may undertake a second sale of the building later or sell units to individual buyers when price escalates," a source said.

By New Straits Times (by Sharen Kaur)

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