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Wednesday, April 25, 2012

Developers eyeing former Unilever plant site in Bangsar

PETALING JAYA: A number of developers are said to have submitted their bids to undertake the development of a 8.09ha in Bangsar that used to house Unilever Malaysia's soap and margarine manufacturing plant. It has been left unoccupied since Unilever Malaysia moved out in 2003.

Among the interested bidders are Mah Sing Group Bhd and UEM Land Holdings Bhd.

Located at the intersection of Jalan Bangsar and Jalan Maarof in Kuala Lumpur, the land initially belonged to Perbadanan Aset Keretapi but has since changed hands to new owner Pelaburan Hartanah Bhd (PHB).

PHB is a subsidiary of Yayasan Amanah Hartanah Bumiputera, created under Budget 2006 with an initial capital of RM2bil, to promote bumiputra ownership of prime real estate.

An industry source said PHB had last year invited bids for the development of the land into an integrated high-end mixed commercial and residential development.

“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,” he added.

The successful candidate is expected to be announced in the first half of this year but a source said this might be postponed to after the general elections.

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

He said some 30% to 40% of the development ratio was likely to 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 to RM5bil,” he said.

With regard the leasehold status of the land, the valuer said PHB would have to apply to the Federal Territory Land Office to have the land lease renewed to up to 99 years.

“The Valuation Department will decide on the additional premium to be paid for the lease to be extended,” he added.

By The Star

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