View of the Desa Kudalari condominium in KL. (Photo: Wikimapia)
The majority of homeowners at the 30-year-old Desa Kudalari condominium in Kuala Lumpur are seeking a buyer for the property, according to marketing agent CH Williams Talhar and Wong (WTW).
If successful in finding a willing buyer and the deal proceeds as planned, this is expected to become Malaysia’s first en bloc sale of a strata building.
Considered the capital’s first high-rise condominium, it consists of a 19-storey residential tower and four blocks of three-storey buildings on 7.35 acres of freehold land.
Built by Tan & Tan Developments Bhd, the residential block comprises a total of 186 units held by 140 owners, of which 70 percent are occupied.
“We have been getting a lot of interest from potential bidders,” said WTW Deputy Managing Director Danny Yeo.
“Thereafter, we will see the submissions coming in. We will know by April 27 when the closing comes, how many have submitted their expressions of interest.”
Yeo pointed out that while landlords of other strata properties in the country had tried for a block sale, these failed to take off due to the lengthy and complex process involved.
“If this works, it’s going to be the first time ever that we have a condominium that has been stratified and sold to more than 100 different owners, all coming together to sell and realise the underlying value of their assets,” he added.
The owner plans to sell the condominium at an indicative price of between RM2,000 psf and RM3,500 psf, a far cry from the project’s last transacted price of RM1,250 psf in 2015.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
