Boustead's KL property up for sale

PETALING JAYA (Aug 21): Boustead Holdings Bhd has put up one of its properties in Kuala Lumpur for sale.

According to a report by The Star, the 21-year-old building on Jalan Raja Chulan (pictured) is currently “entirely” tenanted by Affin Bank as its HQ but the bank is “mulling” a move of its HQ to Tun Razak Exchange.

A source told the daily that Affin “will stay on until the expiry of the lease”.

The building has a net lettable area of 200,746 sq ft with a net yield of about 6%.

The report by the daily also stated that the sale by expression of interest will take place “in two stages” with the first stage closing at noon of Sept 11. The shortlisted will then go on to stage two.

The “comparable market price in the locality is about RM900 per sq ft”, said another source.

About a month ago, Boustead also sold 2.93 acres worth of land in Jalan Cochrane near the MyTown mall.

News reports last year also stated that Boustead was “considering selling” the Royale Chulan Bukit but any sale is “yet to be concluded”, according to the company’s 2019 annual report.

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