Feb 22, 2012

The tender for the five freehold sites in the Klang Valley area, which were owned by the family of late Tan Sri Lee Yan Lian, has attracted a strong response from bidders.

Conducted by Colliers International Property Consultants Sdn Bhd, the tender for the sites was closed on 30 January. Teh Teik Bin, Managing Director at Colliers, said they are now assessing the bids and will finalise the successful bidders next month.

Lee, who passed away in 1983, was a successful housing developer in the 1960s, a community leader and a philanthropist.

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

According to an industry observer, the five land parcels are now among the few large freehold sites that can be redeveloped into mixed property projects.

In the sale tender, the site at Jalan Bukit Bintang (pictured) has a total area of 7,239 sq ft and an indicative price of RM50 million, while the land parcel near the Pearl International Hotel measures 276,832 sq ft and has an asking price of RM90 million.

Meanwhile, the other three sites are all located in Petaling Jaya. The first two sites include the 265,245-sq-ft parcel in Jalan SS23/15 in Taman SEA, and the 82,715 sq ft site in Jalan SS2/64, which have a guide price of around RM150 million and RM100 million, respectively.

Furthermore, the last site has a total area of 84,315 sq ft and is made up of seven plots with old bungalows on two land parcels in Taman Tan Sri Lee Yan Lian in Section 16. It has an indicative price of approximately RM25 million.

Image: Panoramio.com

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