Sime Darby Property invites bids for two prime parcels

KUALA LUMPUR (Aug 11): Sime Darby Property is inviting bids for two prime parcels of land in Kuala Lumpur and Penang island, The Edge Malaysia reported in its Aug 13 issue.

The land in KL is located in the U-Thant area while the tract in Penang is in Pulau Tikus. Both U-Thant and Pulau Tikus are considered affluent or upscale areas.

A company spokes person told The Edge Malaysia that: "Sime Darby Property has earmarked the 1.16-acre parcel in Jalan U-Thant, Kuala Lumpur, and the 1.71 acres in Pulau Tikus, Penang, for disposal as they do not come under the company's key development focus, given their small size. The parcels are intended for residential use and proceeds from the monetisation exercise will be used for the company's future developments in key growth areas."

The business weekly also reported that Sime Darby Property has hired Rahim & Co as the marketing agent to conduct the tender exercise for the KL land while CBRE/WTW will be the marketing agent to look for the Penang parcel.

According to a Sime Darby Property prospectus, the Jalan U-Thant land is still vacant and approval has been obtained for a luxury residential development.

Industry sources told publication that the land may be able to fetch RM900 psf, valuing it at RM45.48 milllon.

Meanwhile, information obtained from a tender brochure "sighted" by The Edge Malaysia said that parcel in Penang is 74,488 sq ft free hold, first grade land located in an affluent and exclusive area.

It is on the corner of Jalan Cantonment and Jalan Biggs, 2km from the popular Gurney Plaza and Gurney Paragon shopping malls, and about 10km from the Penang Bridge and 20km from Penang International Airport.