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Developers Eyeing Former Unilever Plant site In Bangsar

May 13th, 2012 · No Comments

PETALING JAYA: A number of Malaysia property developers are held to have tendered their bids to assume the development of a 8.09ha in Bangsar that previously housed Unilever Malaysia’s soap and margarine manufacturing plant. It has been vacant ever since Unilever Malaysia moved out in 2003.

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

Positioned at the intersection of Jalan Bangsar and Jalan Maarof in Kuala Lumpur, this parcel of land originally belonged to Perbadanan Aset Keretapi . However it was sold to the present 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 uphold bumiputra ownership of prime real estate.

An industry source said PHB had in the previous year called on 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 likely to be announced in the first half of this year. However, a reliable source said this might be deferred following the general elections.

A property valuer said the site of the  land was very strategic and would be perfect for an integrated commercial cum residential development.

He further added that some 30% to 40% of the development ratio was likely to comprise residential units, and the remaining 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 to  the leasehold status of the land, the valuer said PHB shall file for an application to the Federal Territory Land Office in order for the lease to be renewed to 99 years.

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

 

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