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Thursday, November 17, 2011

Shortlisted Bangsar developers to be revealed next month

PETALING JAYA: The names of developers shortlisted to undertake the development of the 20 acres of prime land in Bangsar are expected to be revealed next month.

Permodalan Hartanah Bumiputera (PHB), which owns the land, is believed to be still in the process of shortlisting the candidates based on their project submissions.

Six to eight developers are said to have submitted bids to tender for the development earlier this year.

The candidates have so far made two rounds of presentation on their proposed development plans to the PHB board and independent consultants.

The criteria will be based on potential yields, project concept and design and traffic dispersal system, among others.

The land, formerly a famous landmark housing Lever Brothers' soap and margarine manufacturing plant, has been left unoccupied since Unilever Malaysia moved out in 2003.

Lever Brothers started operations there in 1947 and it was reputed to be the largest factory in the country then; providing jobs for hundreds of Malaysians.

Lever Brothers changed its name to Unilever Holdings Sdn Bhd in 1994. Since moving out, it has been operating at Menara TM in Jalan Pantai Baru, Kuala Lumpur. It also has a food factory in Rawang producing dressings, spreads, seasonings and sauces.

Since it was vacated, a number of developers had expressed interest in the land and were negotiating for a fair value for it.

Industry observers said the land's location was very strategic and would be ideal for an integrated commercial cum residential development.

The land previously belonged to the Railway Asset Corp and came under the ownership of PHB earlier this year.

It is understood that 30% to 40% of the development ratio would comprise residential units, and the rest would be office blocks, a hotel, shopping mall, and shop lots.

The plot ratio will be between six and eight times, and the project is expected to generate a gross development value of RM4bil-RM5bil.

A property valuer said the land could fetch between RM250 and RM300 per sq ft and should be worth between RM250mil and RM300mil.

By The Star

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