KUALA LUMPUR (Oct 9): The International School of Kuala Lumpur (ISKL) “may have finally found a buyer for its Ukay Heights asset”, The Edge Malaysia reported this week.

Two sources have revealed to the weekly that that “construction company Ukay Builders Sdn Bhd is keen on the property and it is believed to be in the final stages of negotiations with ISKL”.

According to the report, the deal for the leasehold land with 67 years remaining “is likely to be inked at RM50 million”.

“It is learnt that Ukay Builders is likely to redevelop the site in Ukay Heights — one of the most established and affluent neighbourhoods in Greater Kuala Lumpur — into a commercial/residential property,” wrote the business publication.

ISKL’s assets in Ukay Heights and Melawati were placed on the market after the school moved to its new campus on a 27.5-acre site in Lorong Kelab Polo DiRaja in Ampang Hilir.

VPC Alliance (Malaysia) Sdn Bhd managing director James Wong told the weekly that RM50 million for the Ukay Heights campus is a good buy.

“With the Ukay Heights location, the land area of 6.4 acres and its commercial zoning with a plot ratio of 1:4, the former ISKL site will be ideal for redevelopment. We are of the opinion that as a redevelopment site, it can command a market value of RM55 million to RM60 million, despite the weak market conditions,” said Wong

He also note that the site is near a cemetery and the lease is short, even though it can be extended to 99 years.

Another valuer who did not want to be named “observed” that the Ukay Heights site “is a well-known landmark and the developer redeveloping the place can tap into the legacy it leaves behind”.

“The developer would most likely look at serviced apartments and some retail development as it is probably the highest and best use now, albeit the economic slowdown due to the pandemic. Nevertheless, with the vaccination rate reaching close to 90% for adults and the country moving into Phase 3, the redevelopment of the former ISKL site may be timely to catch the upswing in the property sector that everyone is anticipating,” added the valuer.

The Edge managed to speak with an official from the school who said that: “ISKL is in ongoing negotiations with a potential purchaser, and all aspects of the agreement are subject to confidentiality. We are therefore not in a position to share any details with you at this stage.”

The official added that: “We are not in a position to share details regarding the Melawati campus.”

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