PETALING JAYA (Jan 16): A bottling factory site (pctured) in Petaling Jaya’s Section 13 has been sold at “a new record” price “for industrial land transactions in the area” to  a Penang property developer, reported The Edge Malaysia.

Sources told the weekly that Singapore-based National Aerated Water Co (KL) Sdn Bhd has disposed of the site, popularly known as Kickapoo land, to GSD Land (M) Sdn Bhd for RM46 million (about RM514 psf).

Savills Malaysia is the appointed exclusive marketing agent for the deal. “We are in the final stages of the disposal,” deputy managing director and head of capital markets Nabeel Hussain told publication.

VPC Alliance (M) Sdn Bhd managing director James Wong said the “sale of the Kickapoo factory at RM514 psf is probably the highest commercial land sale in the commercial precinct of Petaling Jaya’s Section 13. The sale was transacted pre-Covid-19 pandemic”.

He added that the buyer likely paid a high price since “the land is zoned for mixed commercial development with a plot ratio of 3.25” and there is “limited supply of commercial land in Petaling Jaya, which is in good demand”.

The bottling plant, which used to churn out Sinalco and Kickapoo Joy Juice drinks many years ago, is located on 2.06 acres or 89,560 sq ft of leasehold land called Lot 54. It was put up for sale in “late 2019” with 41 years remaining on the lease.

The Edge wrote that “One of the attractions of the land is its dual frontage” as it “faces Jalan 13/6 and Jalan Professor Khoo Kay Kim, formerly known as Jalan Semangat”.

Potential development activities on the site “can include services, commerce, retail, residential, facilities and infrastructure, and utilities”.

“Following the sale of the former Kickapoo factory site, attention will now turn to the much larger tract of 9.93 acres belonging to Dutch Lady Milk Industries Bhd, located across the road from the site,” it added.

Read the full report in this week’s The Edge Malaysia

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