news

Keen interest in AHP2 buildings

As expected, there was no lack of interest in the five commercial buildings put up for sale by tender by real estate investment trust (REIT) Amanah Harta Tanah PNB2 (AHP2), which is managed by Pelaburan Hartanah Nasional Bhd.

The tender submission closed on Nov 5 for the sole property  located in Penang and on Nov 6 for the other four properties — three in Kuala Lumpur and one in Ipoh. The disposal of the properties is in line with the termination of the trust, whose trading has been  suspended from March 12 till the exercise is completed.

Understandably, unitholders of the trust are eager to know the outcome of the tender exercise. They have been making enquiries from the trust manager but were told to wait for the official announcement.

When contacted by City & Country, an official of AHP2 declined to offer details. He would only say that an announcement would be made to Bursa Malaysia, without indicating when this would be.

The three buildings in Kuala Lumpur are Bangunan TAR on Jalan Tuanku Abdul Rahman (reserve price: RM11.8 milion), a 5-storey office building built on three shoplots on Jalan Medan Tuanku Satu (reserve price: RM8.46 million) and Plaza Mayban Trust on Jalan Masjid India (reserve price:RM10.8 million). All three buildings are located strategically within a popular and traditional trading and shopping address where real estate values have been climbing, some more substantially than the others, over the years.

In Penang, Menara AHP2 in Lebuh Penang (reserve price: RM12.6 million) is a purpose-built 14-storey building that includes five levels of car park and a basement.The building, formerly known as Bangunan Trust Penang, is believed to be more than 50% occupied. Facing Bishop and Penang Streets, it is smack in the centre of the business district.

In Ipoh, Menara Kinta (reserve price:RM16.2 million) sits on Jalan Tun Sambanathan. Formerly known as Bangunan Mayban Trust Ipoh, the freehold 15-storey office building, with a basement level, is said to be about 60% occupied.

According to a market source, there could be six bids or more for the Medan Tuanku Satu building alone. Maybank occupies about 70% of the building, with a net floor area of 25,584 sq ft.  Its reserve price of RM8.46 million or RM330 psf is at a discount to the last revalued price of RM9.4 million in January this year. While this building is not as strategic as those on Jalan TAR and Jalan Masjid India, it offers good frontage and exposure to a stretch of the thoroughfare on Jalan Sultan Ismail.
Bangunan TAR , a 9 ½-storey office building with a basement and a net floor area of about 41,434 sq ft, is fully occupied by Maybank. Meanwhile Mydin Mohamed Holdings, of the popular Mydin chain stores, occupies the 7-storey Plaza Mayban Trust.

This building is attractive for its location — Jalan Masjid India is said to command one of the most expensive retail rates in the country due to huge business volume and scarcity of retail space.




This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 781, Nov 16-22, 2009.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE