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Friday, January 13, 2012

Lee Yan Lian's family’s land in Klang Valley up for sale

PETALING JAYA: Five parcels of freehold land in the Klang Valley owned by the late Tan Sri Lee Yan Lian's family have been put up for sale by tender.

A well-known philantrophist and community leader, Lee was a successful housing developer in the 1960s until his demise in 1983.

He is renowned for developing SEA Park in Petaling Jaya and Taman Tun Dr Ismail (TTDI), which was a joint venture with the Urban Development Authority.

Lee's SEA Housing Corp Sdn Bhd owned the 286ha of rubber estate land which was developed into the highly successful TTDI, an affluent township in Kuala Lumpur.

A property developer, who requested anonymity, said that the Lee family still owned a number of land in the Klang Valley and the five pieces advertised for sale were among the more prime parcels.

“These are among the last sizeable freehold land in the Klang Valley and will be suitable for redevelopment into mixed development projects,” he added.

In the latest sale tender, a 7,239-sq-ft land in the prime location of Jalan Bukit Bintang, Kuala Lumpur has a reserve price of RM50mil. The land is currently occupied by The Malaysia Hotel.

The second piece measuring 276,832 sq ft in 4 miles Old Klang Road (near the Pearl International Hotel) has a reserve price of RM90mil.

The other three parcels are located in Petaling Jaya.

A 265,245-sq-ft plot in Jalan SS23/15 in Taman SEA has a reserve price of RM150mil, and another piece of 82,715 sq ft in Jalan SS2/64, which is currently used as a car park, is going for RM100mil.

A vacant 84,315-sq-ft land made up of seven plots with old bungalows on two plots in Taman Tan Sri Lee Yan Lian in Section 16 has a reserve price of RM25mil.

The tender package can be purchased from Colliers International Property Consultants Sdn Bhd, the property agent appointed for the tender exercise.

A tenderer may purchase the individual property or all five properties. The last date for purchase of the tender package is Jan 16 and the closing date of the tender is at 1pm Jan 30.

By The Star

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