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Saturday, June 5, 2010

Johor Land acquires Wisma Time for RM78m

PROPERTY developer Johor Land Bhd has bought Wisma Time on Jalan Tun Razak in Kuala Lumpur for an estimated RM78 million, sources say.

The building is owned by STLR Sdn Bhd, a wholly-owned unit of Khazanah Nasional Bhd.

The 12-storey freehold building with a mezzanine floor and two basement car parks has a nett lettable area of 171,611 sq ft.

It is understood that Johor Land, a Johor Corp company, has bought the property for investment.
"The price is inclusive of a renovation amount ... the building is being renovated now," a source told Business Times.

In April, it was reported that the building, which is located on the same row as Menara AA and Wisma Technip, has an indicative price of RM80 million.

At that time, the occupancy at the building was quoted as 68 per cent. "It is now almost 90 per cent occupied," the source said.

Officials from Knight Frank, the advertising and handling agent when contacted to confirm the sale, declined to comment.

However it is believed that the deal, which was signed last month, was jointly closed by Knight Frank and CH William Talhar & Wong.

The building, originally belonged to Time Engineering Bhd. It was sold to STLR for RM62.05 million in 2002. Johor Land was delisted in July 2009.

Based on the last financial statement submitted to Bursa Malaysia, in the year ended December 31 2008, Johor Land made a net profit of RM5.66 million on revenue of RM51.03 million.

By Business Times

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