News by Vasantha Ganesan

The slowdown in the world economy took its toll on property activity and transactions in Malaysia this year, with major deals few and far between. Transactions of large property assets paled in comparison to those in 2015, which is described as the most vibrant year in the history of the local property sector.

With land getting scarce on Penang island, a tract in George Town that is as big as two Olympic-sized swimming pools could fetch its owners as much as RM37 million.

If sold, Selayang StarCity Mall could fetch between RM374 million and RM385 million, sources say.

The Edge understands that in the event the sale is scrapped, Quill Group will opt to retain the mall and refinance its debts.

It is understood that the land, an oil palm estate, is known as Malakoff Estate.

Quill 6, a 24-storey office building on Lebuh Ampang, Kuala Lumpur — where HSBC Bank Malaysia Bhd has its headquarters — will not be injected into MRCB-Quill Real Estate Investment Trust (MQREIT) as its owner, the Quill Group of Companies, is seeking buyers for the property, according to sources.

Apart from the Pavilion Extension, industry sources say PavREIT could be looking at retail mall Fahrenheit 88 as a prospect as well.

LAST week, Selangor Dredging Bhd (SDB) announced to Bursa Malaysia that it has entered into an agreement to sell 16 parcels of land in Damansara Heights to a little-known company, Bukit Selesa Development Sdn Bhd (BSDSB), for RM71 million cash.

A piece of land of almost 300 acres on mainland Penang, held for over 60 years by a group of friends, has been put up for sale. If sold, this tract with development potential could fetch more than RM300 million.

PJ Development Holdings Bhd (PJD), which is in the process of being taken private by Tan Sri Ong Leong Huat’s flagship OSK Holdings Bhd, is looking to divest three of its hotels — one each in Pahang, Johor and Kedah — for an estimated RM200 million.