1 Mont’Kiara sold for RM333m?

KUALA LUMPUR: 1 Mont’Kiara (1MK), a mall and office development in Mont’Kiara is believed to have been sold for RM333 million, in what is likely to set a new benchmark pricing for the Mont’Kiara area.

1MK, which is 50:50 owned by Singapore-based CapitaLand and London-listed Aseana Properties Ltd, is being developed by Ireka Development Management Sdn Bhd, a wholly-owned subsidiary of Ireka Corp Bhd. Ireka also owns slightly over 20% of Aseana Properties.

The buyer is believed to be a real estate fund management company affiliated with Hong Kong’s Cheung Kong Group, which is controlled by property tycoon and the world’s 14th richest man Li Ka-shing. The Edge Financial Daily first broke the story on June 11, with the speculated the sale price of RM300 million.

The mall has a net lettable area of 250,000 sq ft and the office at 180,000 sq ft. The sales value of the net lettable space works out to an average of RM774.42 psf, although the retail component will be valued higher than the office space.

This article appeared in The Edge Financial Daily, July 22, 2010.
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