Spanking new look for Yayasan Selangor building

KUALA LUMPUR: Kenanga Wholesale City Sdn Bhd won the bid to refurbish and operate state education fund Yayasan Selangor’s Bangunan Bukit Bintang commercial property here.
Yayasan Selangor general manager Ilham Marzuki said the foundation has sent a letter of award to Kenanga Wholesale City.

“The building will be transformed into a commercial centre with a boutique hotel,” he told The Edge Financial Daily.

Kenanga Wholesale City was awarded a concession to build, operate and transfer the property for 30 years with an average rental of RM1 million a month, he said.

The building has already been shut down to pave the way for the renovation works but work is only scheduled to begin in the middle of next year.

Upon completion in 18 months, the building will feature 144,000 sq ft of space while its basement level will be connected to the proposed Bukit Bintang Central MRT station.
Yayasan Selangor had earlier this year put out tenders for the redevelopment of their assets to maximise their value and income generation.

The foundation has another property in the city — a 7.17-acre tract along Jalan Kampung Pandan, 300m away from the Tun Razak Exchange financial centre.

A mixed development comprising commercial properties, SoHos, a high-end hotel and serviced apartments worth RM1 billion has been proposed for the site, according to the tender notice.

This article first appeared in The Edge Financial Daily, on Nov 30, 2012.

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