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Monday, April 13, 2009

OSK plans RM150m office tower in KL

OSK Property Holdings Bhd plans to build an office tower in the heart of Kuala Lumpur to capture rising demand for office space in the city centre.

The 40-storey building, which will cost RM150 million, will sit on 0.6ha of prime land, located between Plaza OSK and Ampang Park mall at Jalan Ampang.

Currently, the Royal China Taitong Restaurant is occupying the area, said executive director and chief operating officer Gerard Tan Boon Chuan.

Construction will start after it gets the approvals and when the restaurant's lease expires in 2012.

The tower is expected to be finished by early 2015 and it will be connected to Plaza OSK, which houses Bank of China and RHB Bank, with a sky bridge.

"We expect it to be a full-fledged financial centre," he told Business Times in an interview in Kuala Lumpur recently.

The 23-storey Plaza OSK, built in the early 1980s, and the land, are owned by OSK Holdings Bhd, a financial group with operations in investment banking, wealth management, venture capital and retail services.

Separately, OSK Property is also planning office towers in Kampung Baru.

As it has only 0.15ha in the area, it will partner other land owners for the project, Tan said.

"We are mulling over the best concept and design to build. We were in serious talks with land owners," Tan said.

This year, the company is aiming for RM200 million in property sales from its five existing projects in the Klang Valley, Kedah and Negri Sembilan.

For the year to December 31 2008, it launched RM180 million worth of properties and recorded sales of RM153 million.

To achieve the target, OSK Property will use different strategies for each product and location.

It has also launched a month-long Home Free Plus campaign where buyers pay 5 per cent down payment for a property, with zero per cent interest during construction.

By Business Times (by Sharen Kaur)

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