After upgrade, KL33 owner plans to sell building

KUALA LUMPUR (Nov 9): The owner of KL33, KL33 Properties Sdn Bhd, is currently looking for a buyer for the building after significantly upgrading it, The Edge Malaysia reported in its latest issue.

The weekly stated that KL33 Properties hopes to sell KL33 (the building used to be known as Menara Prudential) “for 70% more than what it paid for it about three years ago”.

The same report also revealed that KL33 Properties “is seeking” a price of RM1,100 psf” -- this a 45% premium over the RM759 psf the property investment and holding company paid for the building in  2017.   

“If it succeeds, it would net RM215.5 million,” wrote the publication.

The upgrade or asset enhancement exercise included the putting in of 13,237 sq ft -- boosting the total net lettable area by about 20% to 195,943 sq ft.

The current building also has a two-tiered auditorium that can seat 160 people and 215 parking bays.

Speaking to The Edge, CBRE | WTW managing director Foo Gee Jen explained that “KL33 has undergone a substantial refurbishment, including a new façade and entrance”.

“The main lobby and upper lobby were retrofitted and modernised,” he added.

It has been reported that the “lifts have been modernised and a new building access management system has been installed”.

CBRE | WTW and JLL Malaysia have been appointed joint exclusive agents to seek expressions of interest for KL33. The closing date is Dec 4.

Foo also told the business weekly that the building “is being marketed as an opportunity for a single owner or tenant to use as a headquarters or, alternatively, it can be retrofitted to other commercially viable options”.

“It is in a prime location in Jalan Sultan Ismail. The address, 10 Jalan Sultan Ismail, is an attractive one.

“The building is an ideal size as it not huge. Moreover, the monorail, LRT and MRT stations are all within walking distance,” he added.