Quoting sources, Chinese daily Guang Ming Daily reported on Nov 15 that Star Publications was proposing a RM260 million commercial development via a 30:70 joint venture with an unidentified property developer. The site consists of two parcels of land.
The report claimed that the publishing group’s board had at a recent meeting passed two resolutions — the sacking of its chairman Datuk Tang Chong @ Leong Tang Chong and the redevelopment of its former HQ site. Star Publications had on Nov 5 redesignated Tang as a non-executive and non-independent director.
The lease agreement between Utar and Star Publications for the Section 13 property ends in May next year.
The Guang Ming report cited Datuk Seri Dr Fong Chan Onn, a member of Utar Council, as confirming that the Utar campus at Section 13 would move out upon the expiry of the lease in May and that the university was eyeing another location here or in Kuala Lumpur.
The prime land at Section 13, which was completed in 1981, is located near a recently completed mixed development, Jaya One, with the Dutch Lady factory and Jaya 33 also within the vicinity.
According to theedgeproperty.com, Section 13, a 220-acre industrial hub, may be turned into a commercial hub as the Selangor state government has decided to give industrial areas and housing estates in Petaling Jaya, Klang and Kajang a new lease of life. Section 13 is considered a gem primed for redevelopment.
Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim had said on Nov 9 that a regeneration exercise would commence and owners of properties in certain areas, including Section 13, would be given incentives to redevelop their properties for commercial use.
theedgeproperty.com said although Section 13 had gone through a metamorphosis over the past few years with a number of commercial developments housing offices, entertainment outlets and food & beverage outlets, these were given a “limited commercial status”.
James Tan, associate director of Raine & Horne International Zaki and Partners, told the property website that the area was ripe for commercialisation, thanks to its accessibility via several expressways and being surrounded by three heavily used arterial roads — Jalan Universiti, Jalan Semangat and Jalan Kemajuan.
theedgeproperty.com said a conversion of the use of the land in Section 13 would enhance its value and Tan estimated that land values could rise to RM270 to RM300 per sq foot. Current transactions are all under RM200 psf.
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