Wednesday, February 5, 2014

Jalan Conlay Land Sold to KSK

For those of us who missed out on Banyan Tree, would probably be eyeing the adjacent plot of land owned by UOL. A mixed commercial, retail and residential project has been approved for this site, including 494 apartments which is pretty low density for the size of the land.

However, UOL the Singaporean developer who recently just started construction on the Manhattan project at Jalan Raja Chulan decided not to pursue the development. They sold the land to KSK which was formerly running an insurance business under the Kurnia brand. KSK sold their Kurnia insurance business in Malaysia and decided to venture into properties for the 1st time...

Whatever it is they are going to do, I hope they won't mess up this prime freehold plot of land!

UOL made almost 100% on this sale. Originally bought the land for RM320million, they made a clean RM247million. There are plans to convert Jalan Conlay and Raja Chulan into the equivalent of Orchard Road in Singapore and Oxford Street in London. With 4 mega luxurious projects in the vicinity i.e. Pavilion Residences, Banyan Tree and Harrods among them, I think it will be hard to fail.

However, with this transaction, I think it will be a while before any development starts.

I wonder what is happening to the 3-acre plot of land at the nearby Jalan Imbi - Bukit Bintang junction which was earmarked for TA's Idaman Bintang project which never took off...

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