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Thursday, February 4, 2010

Ampwalk owners said to be in talks to sell property

Ampwalk, a retail-cum-office building in Jalan Ampang, Kuala Lumpur, has been put up for sale for an estimated RM85 million, sources say.

Ampwalk, located next to The Nomad Sucasa All Suites Hotel, is owned by Permata Alasan Sdn Bhd, a 50-50 joint venture between IGB Corp Bhd and Wearne Brothers (Pte).

"The board of directors recently agreed to put the property up for sale and are in talks with interested parties," a source told Business Times.

The retail component, which Permata wholly owns, measures 65,000 sq ft, while the office component measures 70,000 sq ft. Some office space have been sold to individual owners.

"The retail portion is valued at RM650 per sq ft, while the office component is going for RM550 per sq ft," another source said.
IGB officials could not be reached for comment.

Ampwalk has been in operation since 1997 and was developed by a joint venture between IGB and Wearne. The entire building is said to be worth some RM120 million.

Industry sources said that the decision by IGB to sell is to recoup its investment and use it for future developments.

IGB operates the MidValley Mega Mall through a 75 per cent stake in Krisassets Holdings Bhd. It also owns the more recent The Gardens mall and also owns and manages several office buildings in Kuala Lumpur.

In 2008, IGB sold its 30 per cent stake in Gleneagles Hospital (Kuala Lumpur) Sdn Bhd, as part of its plan to divest non-strategic investments. It has also made known that it is keen to dispose of half of its interest in the 910-room Renaissance Hotel Kuala Lumpur.

By Business Times

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