YellowBrix IndustryWatch - July 9, 2007
CIMB Group is putting up its Menara Commerce office building for sale. According to sources close to the deal, the group has already prepared the request for proposals (RFPs) to be given out to any parties interested in buying the building, located at the intersection of Jalan Raja Laut and Jalan Esfahan in Kuala Lumpur.
It is also learnt that the group plans to dispose of the property on a sale-and-lease-back basis whereby it will continue to occupy the building and pay rent to the new owner. "The property is situated in the heart of the city centre. The location is strategic. It would be a good purchase for corporate and regional REIT (real estate investment trust) players," a source told Business Times.
Property valuers contacted estimated the market value of the 630,000 sq ft building to range from RM250 million to RM441 million, based on the current market value of between RM400 per sq ft and RM700 per sq ft for commercial buildings in the area.
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Wednesday, July 18, 2007
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