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OCBC Building sold for RM21 million

OCBC Building sold for RM21 million

Fri, 08 Jul 2016
10:14 pm

OCBC Building

PETALING JAYA (July 8): The iconic “OCBC Building” located at Jalan Hang Kasturi was sold last year in July to building management services company Shen & Sons Sdn Bhd for RM921 psf — translating into RM21 million — JLL Malaysia country head, YY Lau told TheEdgeProperty.com.

The four-storey commercial building with a basement, which is located near the Central Market, was sold via an open tender by its owner the OCBC Group, with the tender closing on May 27 last year.

“The building was sold in excess of the market price,” said Lau, who declined to reveal the reserve price.

The building has a land area of 6,501 sq ft with a built-up area of approximately 28,304 sq ft. Meanwhile, the net lettable area is approximately 22,687 sq ft.

JLL Malaysia was the property’s exclusive agent.

The property was originally earmarked for a hotel development, but those plans were put on hold following Kuala Lumpur City Hall’s (DBKL) freeze on hotel licences.

The building is now known as Urbanscapes House, which hosts events and art activities on an ad hoc basis. “There is also a pop up café inside being operated by a third party,” she said.

“Pre-war buildings, or more commonly known as art deco buildings or heritage buildings, are mostly located in the old central business district of Kuala Lumpur including Jalan Hang Kasturi, Jalan Tun H S Lee and Lebuh Ampang. The area has been traditionally popular with banks and financial institutions and over the years, the area has attracted a large number of tourists due to its proximity to Petaling Street and Central Market and good accessibility to the LRT stations,” said Lau.

According to her, the building was built in 1937 and designed by renowned architect Arthur Oakley Coltman whose work include the Lee Rubber Building in Chinatown, the Oriental Building at Jalan Tun Perak and the Clock Tower in Old Market Square.

“Located at the intersection of Jalan Hang Kasturi and Lebuh Pasar Besar, the building enjoys dual frontage and strong visibility. The building follows the curve of the road. It used to be the headquarters of OCBC Bank and after the bank was moved to Jalan Tun Perak, the building remained well maintained with the basement used as bank vault,” she explained.

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