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.