DONE DEAL: Two adjacent plots of land, Brickfields, KL

Sold for: RM2.55 million

Concluded by: Desmond Chia (REN 19255) of Hartamas Real Estate OUG Sdn Bhd (012-987 9117)

When: November 2017

Noteworthy:
● Freehold
● Empty land
● Total land area: 498.5 sq m (5,365 sq ft)
● Walking distance to KL Sentral

The owner of the two plots of land is an 80-year-old man who had migrated to Australia.

According to the agent Desmond Chia who closed the deal, the land owner had recently returned to Malaysia to settle his estates locally.

“He owns a few pieces of land here and there, of which two were these side-by-side lands in Brickfields, which he originally asked for RM5.5 million,” said Chia.

The initial asking price was based on the average transacted price of a nearby shoplot at RM1,000 psf. “However, you can’t compare an empty land without any building structure. I then advised him to lower the asking price to attract buyers,” said Chia.

The owner lowered the price further as many interested buyers found the price unreasonable. In the end, a buyer was found.

The buyer runs a few budget hotels in the area. He originally offered only RM800,000 as it was a bare piece of land with limited access neighbouring a mosque and Chinese temple. After much discussion, both parties agreed at RM2.55 million,” Chia noted.

He said the buyer will convert the empty plots into a car park for his hotel guests and the public.

“The buyer does not rule out the possibility of building a multi-level carpark in the future, given the limited carparks available in the old Brickfields area,” Chia shared.

Owing to the very limited land transactions recorded in Brickfields, it is difficult to gauge the market value of such plots in the area.

“However, the bank valued these two pieces of land at around RM1 million as they took the accessibility and land size into consideration,” Chia said.

As at Feb 12, 2018, there was no land listings in Brickfields on EdgeProp.my.

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