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Boustead mulls more Bukit Bintang asset sale

PETALING JAYA (Nov 30): Boustead Holdings Bhd is considering selling more assets in Jalan Bukit Bintang, The Edge reported today.

The Edge previously reported that Boustead was selling the Royale Chulan Bukit Bintang Hotel, a transaction it had yet to complete after entering into 22 months ago.

A document sighted by The Edge indicated Boustead had invited bids for two adjacent parcels of land on the corner of Jalan Bukit Bintang and Jalan Pudu.

A Boustead spokesman confirmed the authenticity of the document to The Edge: “Yes, we did invite tenders for this parcel of land. The tender exercise closed in July.

“However, the bids we received were not up to expectations and, as such, we have put this matter in abeyance.”

The spokesman added that the government-linked company continues to receive enquiries from both local and overseas individuals about the 1.71-acre parcel.

“At this juncture, we are still evaluating (our options) and have not reached any conclusion on this parcel of land.”

The two parcels currently being operated as a parking lot were previously occupied by Cathay Cinema and Pavilion Cinema.

Both parcels are registered under Pavilion Entertainment Centre (M) Sdn Bhd which is equally held by Boustead and Yew Capital Management (M) Sdn Bhd.

The tender documents sighted by The Edge show that the Bukit Bintang parcels — Lots 20006 and 670 — are freehold lots measuring 74,023 sq ft and 990 sq ft respectively.

The Mass Rapid Transit line runs underground adjacent to Lot 20006. Based on the reserve price of RM172 million, the psf price for the combined 75,013 sq ft parcel is RM2,293 psf.

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