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#Exclusive* The Jalan Kia Peng lure

KUALA LUMPUR: Jalan Kia Peng in Kuala Lumpur city centre is creating a buzz – two prime tracts of land are reported to be up for sale within two weeks. Last week, theedgeproperty.com reported that a 0.75-acre tract along Jalan Kia Peng was up for sale, with an asking price of between RM2,100 and RM2,200 psf. The land comes with a development order for a luxurious condominium development.

This time, the focus is on a corner 1.167-acre leasehold tract (belonging to a local family) facing Jalan Kia Peng and just beside Jalan Stonor. It is up for sale with an asking price of RM1,800 psf. The price is cheaper due to the leasehold status of the land and its larger size in comparison with the 0.75-acre tract.

Previn Singhe, group CEO and founder of Zerin Properties told theedgeproperty.com on May 18 that the recent reports of numerous tracts being up for sale in the Kuala Lumpur city centre area is demand-led. He cited six plots of land (including the 1.167-acre tract) along Jalan Kia Peng that have potential for sale for development purposes.

Previn said the sudden interest in the area could be due to Jalan Kia Peng being the last stretch with a high number of undeveloped plots within the Kuala Lumpur city centre area.

Zerin Properties is the exclusive marketing agent for the 1.167-acre tract being advertised for sale. “It is one of the last few tracts over one acres in the area, so it’s an excellent opportunity to plan for a luxurious development. The location is strategic, as it is just behind The Pearl condominium and in between Suria KLCC and Pavilion, both of which are considered focal centres of the city now,” Previn said.

Previn said the land has been actively on the market for the past two weeks. Even though City Hall has zoned the land for mixed residential development, there’s also the possibility for commercial development as well, he said. There are currently two vacant bungalows on the land

Meanwhile, it was recently reported that another piece of land, measuring 1.6 acres and located next to Wisma Hong Leong on Jalan Perak in Kuala Lumpur, was sold for RM2,200 psf to an individual. The seller is said to be a Kuok-family company. Sources told theedgeproperty.com that the deal was just recently signed but the previous owner refused to reveal the final transacted price. Word on the ground is that the Kuok family is looking to dispose of their pockets of prime land in the country to re-invest in Singapore and Hong Kong.

A reported and verified acquisition in the area was the almost one-acre tract by Ireka Corp for RM87 million, or about RM2,000 psf, from members of the Kuok family, as reported by theedgeproperty.com on Dec 11, 2009. The site, along Jalan Kia Peng, is where the Top Hat Restaurant once sat. Prior to that, Dijaya Corp Bhd acquired the 1.28-acre Bok House site very close to Petronas Twin Towers in November 2009 for about RM2,200 psf.

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