Loke Wan Yat deal called off?

KUALA LUMPUR:  Loke Wan Yat Realty Sdn Bhd is believed to have called off the sale of its 1.38ha of land near the Petronas Twin Towers, said sources. It is not known why the deal was aborted, but sources think the trustees of Loke Wan Yat’s estate rejected the RM495 million, or RM3,325 psf, offer due to disagreements over the price.

The buyers are said to be involved in the development of the iconic Taipei 101 building in Taiwan. One of the world’s 10 tallest skyscrapers, Taipei 101 is owned by Taipei Financial Center Corp that counts 14 Taiwanese companies as stakeholders.

Situated on the land are four bungalows. Nasi Kandar Pelita and Restaurant Chef Choi operate their businesses from there.

Had the transaction gone through, Loke Yan Wat’s land would have set a new benchmark for Kuala Lumpur land prices. Last Year, Mulpha International Bhd sold a 0.3ha plot in Jalan Sultan Ismail for  RM3,300 psf, the current benchmark price for land in Kuala Lumpur. — by Lam Jian Wyn