KUALA LUMPUR, 17 February 2017 – Property investment and holding company KL33 Properties Sdn Bhd has bought the Menara Prudential office building in Kuala Lumpur’s CBD for RM125 million. JLL Malaysia advised on the transaction on behalf of the seller, OCBC Properties (M) Sdn Bhd.
“We were pleased to have supported both the seller on their exit strategy, and the buyer on their growth strategy throughout the transaction,” said YY Lau, Country Head of JLL Malaysia.
“This transaction has presented a rare opportunity for the purchaser to own a Grade A asset in an easily-accessible location with high quality office space. Given the improved public transport infrastructure in Kuala Lumpur, we’re starting to see a spike in demand for projects with good connectivity.”
Located in the city’s prime financial district, Menara Prudential is set along the bustling Jalan Sultan Ismail within the Kuala Lumpur Golden Triangle. The building has a net lettable area of 164,706 sq ft and serves as the head office for its anchor tenant, Prudential Assurance Malaysia. The unique 24-storey skyscraper boasts a glass façade and was designed by a renowned Malaysian architect.
Mr Mike Kan, Property Director of KL 33 Properties Sdn Bhd, said: “We plan to undertake a major transformation programme to see the building refreshed with IT facilities, an intelligent building system, a modern and revamped entrance lobby and refurbished interiors. All these are to bring the building up to the high standards of modern offices.”
JLL Malaysia was previously appointed to advise on the sale of two buildings by OCBC Bank (Malaysia) Berhad. In 2015, they advised on the sales of the iconic four-storey commercial building along Jalan Hang Kasturi within the Kuala Lumpur city centre; and in 2013 on the sale of a three-storey heritage building at Lorong Hang Jebat in Melaka.
Image sourced from Wikimapia
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