TSR Capital open to selling Damansara office tower

PETALING JAYA (June 29): Construction and property development group TSR Capital Bhd said it is open to selling its office tower in Mutiara Damansara, Petaling Jaya, known as Menara TSR, and would use the gains from the disposal for future property development projects.

"Although we have never advertised the building for [sale], agents have been approaching us with their intention to buy it. The tower, as it is, is in a strategic location. You will not be getting these many enquiries if your property is in [the Kuala Lumpur city centre]," said its company secretary and director of its wholly-owned subsidiary TSR Ocean Park Sdn Bhd, Ng Kim Keong.

Menara TSR, which is two years old and comes with 16 floors, is 94% occupied, mostly by international firms, Ng told reporters after the group's annual general meeting today.

Though the group did not have the official figures at press time, Ng said Menara TSR is valued at about RM170 million "based on market valuation presented by the agents".

"As a developer, we do not restrict ourselves to certain conditions. You are supposed to know when to hold and when to sell. If we have the right price and if buyers are willing to pay a premium for the property, we will not have a reason to close our doors to negotiations," Ng said.

"But there is no urgency in [disposing of Menara TSR]. We are still collecting rent from our tenants. But if we sell it off, we could use the gains to develop another building," he added.

At noon break, TSR Capital settled at 72 sen, for a market capitalisation of RM125.6 million. — theedgemarkets.com

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