Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Wednesday, February 22, 2012

Consultant assessing bid for late Tan Sri Lee Yan Lian’s family assets

PETALING JAYA: The sale by tender of the five parcels of freehold land in the Klang Valley owned by the late Tan Sri Lee Yan Lian's family has attracted strong interest from bidders.

Teh: ‘The bidders are mostly Malaysians and they comprise both companies and individuals.’

The closing date for the tender was on Jan 30. Colliers International Property Consultants Sdn Bhd is the property agent for the exercise.

Colliers managing director Teh Teik Bin said the consultancy was now assessing the bids and the successful bidders would be finalised next month.

“The bidders are mostly Malaysians and they comprise both companies and individuals,” Teh said.

The five parcels of land are part of the prime land in the Lee family's estate.

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

An industry observer said that in the wake of land scarcity in the Klang Valley, these parcels were among the last sizeable freehold land suitable for redevelopment into mixed property projects.

In the 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 now occupied by The Malaysia Hotel.

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

The other three parcels are 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.

By The Star

No comments: