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Thursday, November 26, 2009

Dijaya bags Bok House land for RM123m

The price translates into about RM2,200 per sq ft, indicating that the property market in the Kuala Lumpur City Centre area is still firm.

Dijaya Corp Bhd, a property developer, is buying the land in Jalan Ampang on which the historical Bok House used to sit for RM123 million cash.

The price translates into about RM2,200 per sq ft (psf), which is slightly below the RM2,588 psf that Sunrise Bhd paid last year for the land where Wisma Angkasa Raya is located.

The price also means that the property market in the Kuala Lumpur City Centre (KLCC) area is still firm.

"I think it's a good indication for the market. It's a positive sign," Zerin Properties founder and chief executive Previndran Singhe said.
Dijaya, famous for its Tropicana branded properties, is likely to build expensive units on the prime land, a stone's throw from the Petronas Twin Towers.

"It will also create an opportunity for the group to venture into the high-end property market given that available development land within the KLCC area is scarce," it said in a statement to Bursa Malaysia yesterday.

Dijaya has paid the 10 per cent deposit to the seller, Mercury Property Management Sdn Bhd. However, there are two private caveats, a legal instrument that stops any development on the land. The first caveat was lodged by Ideal Sierra Development Sdn Bhd.

Dijaya will pay the balance two months after the Ideal caveat is cancelled or by February 24 next year. It will use internal funds and loans to settle the purchase.

The 55,929 sq ft land, which sits between Angkasa Raya and Wisma BSN in Jalan Ampang, is where tycoon Chua Cheng Bok built his mansion in 1929.

Historians and conservationists had opposed the demolition of Bok House in 2006, considering it a national heritage and tourist attraction.

Chua, who initially ran a business repairing bicycles and carriages, was the founder of car distributor Cycle and Carriage, which distributes Mercedes-Benz cars in the country.

By Business Times (by Shahriman Johari)

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