Wednesday, 22 August 2012

Mulpha sold Jalan Sultan Ismail Land @ RM3,300psf

The land was originally reserved  for a proposed Grade “A” office building, known as Menara Mulpha and owned by Menara Mulpha Sdn. Bhd.

Summary of the land :
Land area : 0.72 acres
Location : Jalan Sultan Ismail (one of the highly sought after locations)
Transacted Price :   RM104 million @ RM3,300psf
Date of SPA : October 2011
Purchaser : A company with links to Penang-based Monoland Co Bhd and CA + Associates, which has several notable projects in Penang such as The Cove and Central Park.
Mulpha land along Jalan Sultan Ismail
 Initially, Mulpha acquired the land in 1996 for about RM1,000psf and had plan to build a 23-storey Grade “A” office building with a lettable area of 270,000sf with an estimated gross development value of over RM350 million. The building was Designed by the world-renowned New York architects Kohn Pederson Fox.

Before this impressive transaction value, Sunrise Bhd in 2008 acquire 1.59-acre Wisma Angkasa Raya (land and building) @ RM2,588 psf. On the other hand, a 0.66-acre land in Bukit Bintang was transacted at a record RM7,209psf to Urusharta Cemerlang (KL) Sdn. Bhd.

Due to the scarcity of land in the city center, the land price increased tremendously from year to year.

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