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Saturday, June 18, 2011

S'pore firm buys Wisma Goldhill for US$57.4m

Singapore-based Eagle Indo has purchased the 36-storey building from Jeddah-based Saudi Economic Development.

Kuala Lumpur: Singapore-based Eagle Indo Pte Ltd has bought Wisma Goldhill office building on Jalan Raja Chulan for an estimated US$57.4 million (RM174.5 million).

The 36-storey building was sold by Jeddah-based Saudi Economic Development Co (Sedco), 11 years after it had acquired it. Sedco had then paid RM115 million for the building.

It is understood that the acquisition was done through a locally incorporated company known as Klang Valley Projects Sdn Bhd.

The new owners are expected to refurbish the building to obtain better yields. The building is now 67 per cent occupied

Wisma Goldhill, which sits within the Golden Triangle, is located next to Menara Boustead and opposite Menara ING.

According to sources, the deal for the sale was completed on Wednesday. Attempts to contact real estate adviser DTZ in Malaysia failed.

DTZ, in a report from Singapore dated April 2011, said that it had "brokered" the sale between the parties.

Wisma Goldhill, completed in 1993, was developed by Singapore-based Goldhill Group. The building, with a total built-up area of 444,000 sq ft and net lettable area of 270,000 sq ft, has some 270 car park bays.

Major tenants at Wisma Goldhill include Bank of America Malaysia Bhd, KAF Discounts Bhd and Thai Airways International.

Meanwhile, Sedco has other interests in Malaysia. It owns 24.58 per cent in Gefung Holdings Bhd via its affiliate Pacific Quest.

Gefung is a company which processes, trades and provides contract workmanship of high-quality marble and granite slabs.

Recent commercial transactions within the Golden Triangle in the past year include the sale of Menara Pan Global to Kwong Hing Group.

PanGlobal Bhd sold a building located off Jalan P Ramlee for RM160 million.

Another deal that made history, with the highest price per sq ft ever paid for a piece of land in Kuala Lumpur, was the sale of vacant land for RM7,209.80 per sq ft by Millenium & Copthorne Hotels plc.

Urusharta Cemerlang (KL) Sdn Bhd bought a total of 29,127 sq ft of the land on Jalan Bukit Bintang for RM210 million.

By Business Times

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