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Sale tender for MIM Management House closes

KUALA LUMPUR: The sale tender for MIM Management House, which is located beside The Royal Embassy of Thailand along Jalan Ampang in Kuala Lumpur closed on Jan 12.

The call for tender began early December, with CH Williams Talhar & Wong Sdn Bhd as the exclusive agent handling the sale. Results of the tender have not been announced.

The building, with a built-up of 45,000 sq ft, comprises three storeys of office space and a 2-storey car park. It is located on a 1.3-acre site.

Brian Koh, executive director of investment for DTZ Nawawi Tie Leung Property Consultants Sdn Bhd, said it is hard to determine the value of the property as there were not many such transactions in the area.

He said, however, the value of vacant land on Jalan Ampang could fetch around RM500 to RM600 psf.

“Certainly the new owner will redevelop the land because the current building is very low-density one. The land may be used for commercial development of office towers, or a mixed commercial-residential development,” he told theedgeproperty.com.

The institute has been looking for ways over the last few years to manage its financial position through asset maximisation besides expanding and improving its operations.

The proposal to sell the MIM Management House by open tender was approved in an extraordinary general meeting held in May 2009.

The plan is to sell the property on a sale and leaseback arrangement to maintain continuity of its operations until the institute acquires or builds a new premise to house its head office and operations.

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