By Sharen Kaur
sharen@nstp.com.my
Published in NST on June 1, 2012
Sources said the developers are proposing to build office towers, serviced residences, hotels and a retail mall, similar to Setia Eco City and Mid Valley Megamall in Kuala Lumpur, and Icon City in Petaling Jaya, Selangor.
They said the project will have a gross development value exceeding RM4.5 billion.
"We do not know how PHB will pen out the land development. We think PHB is looking at a joint venture development so it could continue to enjoy the residual profits from the project and capital appreciation in the development, should they choose to take the properties in kind.
"That is why they are taking time to scrutinise the masterplan. They want to do it properly to extract the best value from the land," said a source.
Formerly a well known landmark housing Lever Brothers' soap and margarine factory, the land has been left unoccupied since Unilever Malaysia moved out in 2003.
The land used to belong to Perbadanan Aset Keretapi but came under the ownership of PHB in early 2011.
PHB is a subsidiary of Yayasan Amanah Hartanah Bumiputera, created under Budget 2006, with an initial capital of RM2 billion, to promote Bumiputera ownership of prime real estate.
A property valuer said the land could fetch around RM300 per sq ft, translating to about RM300 million.
"We believe PHB is in no hurry to sell the land and that is why it could be taking its time to evaluate all the proposals. We think PHB can get a better deal if they call for a tender," the value said.
Other developers eyeing the land include UEM Land Holdings Bhd, Malaysian Resources Corp Bhd and Glomac Bhd.
sharen@nstp.com.my
Published in NST on June 1, 2012
PELABURAN Hartanah Bhd (PHB), which owns the 8.09ha land on Jalan Bangsar, Kuala Lumpur, where the Unilever headquarters and factory once sat, is scrutinising the few proposals it has received to develop the area, said people familiar with the matter.
PHB had pre-qualified more than five property developers last year, to submit their proposed masterplan for the land development.
Among the developers are SP Setia Bhd and Mah Sing Group Bhd.
It is understood the developers have submitted their proposals to PHB early this year and they are being reviewed currently.
PHB had pre-qualified more than five property developers last year, to submit their proposed masterplan for the land development.
Among the developers are SP Setia Bhd and Mah Sing Group Bhd.
It is understood the developers have submitted their proposals to PHB early this year and they are being reviewed currently.
They said the project will have a gross development value exceeding RM4.5 billion.
"We do not know how PHB will pen out the land development. We think PHB is looking at a joint venture development so it could continue to enjoy the residual profits from the project and capital appreciation in the development, should they choose to take the properties in kind.
"That is why they are taking time to scrutinise the masterplan. They want to do it properly to extract the best value from the land," said a source.
Formerly a well known landmark housing Lever Brothers' soap and margarine factory, the land has been left unoccupied since Unilever Malaysia moved out in 2003.
The land used to belong to Perbadanan Aset Keretapi but came under the ownership of PHB in early 2011.
PHB is a subsidiary of Yayasan Amanah Hartanah Bumiputera, created under Budget 2006, with an initial capital of RM2 billion, to promote Bumiputera ownership of prime real estate.
A property valuer said the land could fetch around RM300 per sq ft, translating to about RM300 million.
"We believe PHB is in no hurry to sell the land and that is why it could be taking its time to evaluate all the proposals. We think PHB can get a better deal if they call for a tender," the value said.
Other developers eyeing the land include UEM Land Holdings Bhd, Malaysian Resources Corp Bhd and Glomac Bhd.
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