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Friday, August 6, 2010

CDL weighs options on prime KL land

PETALING JAYA: City Develop-ments Ltd of Singapore (CDL) is considering the available options, including whether to sell the 32,000 sq ft land in Jalan Bukit Bintang in Kuala Lumpur that is owned by a wholly-owned unit of its 54% subsidiary, Millennium & Copthorne Hotels plc.

In a statement yesterday, CDL said the group had from time to time received indications of interest from third parties keen on the land. CDL will make further announcements as appropriate if and when any agreement has been entered into for the sale of the subject site,” it said.

CDL’s Malaysian unit, City Developments Sdn Bhd, had earlier planned to build a 42-storey high-end serviced apartment project, Millennium Residence, comprising 135 one-, two- and three-bedroom units on the site.

It was initially planned for launch in the first half of 2008 but the project has been delayed several times due to the soft market for high-end condominiums around the KLCC area. The parcel is located between the Grand Millennium Hotel and the Pavilion Kuala Lumpur shopping centre.

CDL, which is owned by Singapore tycoon Kwek Leng Beng, owns the Grand Millennium Hotel.

A local daily had on Wednesday reported that the selling price for the land was being negotiated for more than RM3,000 per sq ft (psf).

An analyst in a local brokerage said “if materialised, this will re-write the previous record set by Sunrise for Wisma Angkasa Raya (RM2,588psf) and recent transactions of RM2,000-RM2,200psf for landbank around the KLCC area.”

Commenting on the possible sale of the land, a real estate consultant said land around KLCC was getting scarce and although the market was still quite soft, companies with deep pockets were still on the lookout for strategic land.

“The successful bidder may have to hold the land for a while until the market gets better if it intends to build a residential project there,” he told StarBiz.

By The Star

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