Dijaya bags Bok House land for RM123m
Dijaya Corp Bhd (5401), a property developer, is buying the land in Jalan Ampang on which the historical Bok House used to sit for RM123 million cash.
The price translates into about RM2,200 per sq ft (psf), which is slightly below the RM2,588 psf that Sunrise Bhd paid last year for the land where Wisma Angkasa Raya is located.
The price also means that the property market in the Kuala Lumpur City Centre (KLCC) area is still firm.
"I think it's a good indication for the market. It's a positive sign," Zerin Properties founder and chief executive Previndran Singhe said.
Dijaya, famous for its Tropicana branded properties, is likely to build expensive units on the prime land, a stone's throw from the Petronas Twin Towers.
"It will also create an opportunity for the group to venture into the high-end property market given that available development land within the KLCC area is scarce," it said in a statement to Bursa Malaysia yesterday.
Dijaya has paid the 10 per cent deposit to the seller, Mercury Property Management Sdn Bhd. However, there are two private caveats, a legal instrument that stops any development on the land. The first caveat was lodged by Ideal Sierra Development Sdn Bhd.
Dijaya will pay the balance two months after the Ideal caveat is cancelled or by February 24 next year. It will use internal funds and loans to settle the purchase.
The 55,929 sq ft land, which sits between Angkasa Raya and Wisma BSN in Jalan Ampang, is where tycoon Chua Cheng Bok built his mansion in 1929.
Historians and conservationists had opposed the demolition of Bok House in 2006, considering it a national heritage and tourist attraction.
Chua, who initially ran a business repairing bicycles and carriages, was the founder of car distributor Cycle and Carriage, which distributes Mercedes-Benz cars in the country.
By Shahriman Johari
Source: Business Times Online
Yep, a national heritage object, a gorgeous 1920s mansion designed by the same architects who built Singapore's Raffles Hotel, no less, bites the dust so that another developer can choke the city with 'much-needed' faceless condo units. Wealth creation indeed... Way to go!!
ReplyDeleteThe rest of the world figured out a long time ago that a 'great city' is not just about $$ per sq ft but rather about creating meaningful and pleasing community spaces as well as constantly and dynamically reflecting and rearticulating the city's story, its genius loci.
Well, I'm sure all of this goes 'whoosh!' over the heads of our 'city planners', government bureaucrats and greedy developers. The only loser is the once-beautiful city of Kuala Lumpur and its residents. Welcome to the Land of No Imagination... We strive to be world-class this and world-class that, yet our mentality is no better than that of a boorish shopkeeper from 100 years ago.