Printing firm Tien Wah Press Holdings Berhad is selling their land in Section 13, Petaling Jaya to Sterling Model Sdn Bhd (a 50:50 Joint Venture Co of Tien Wah Press and Lum Chang Group), for RM63.75 mil (RM454 psf).
The subject land consists of 2 leasehold 99-year lots with combined land area of 3.22-acre, with 44-year lease remaining. The land is currently used as Tien Wah Press production plant and is zoned for commercial usage under the Section 13-Special Area Plan. Tien Wah and Lum Chang Group from Singapore will jointly development the land into a mixed-use commercial development.
Title no: PN3674 & PN3967
Lot no: Lot 30 & 4, Seksyen 13, Bandar Petaling Jaya, District of Petaling, Selangor Darul Ehsan
Land area: 3.22 acre (Lot 30 – 0.64 acre; Lot 4 – 2.58 acre)
Tenure: Leasehold 99-year (Both with remaining 44-year lease)
Category of land use: Industrial
Transacted price: RM63.75 million (RM454 psf)
Date of transaction: 16 May 2016
Vendor: Tien Wah Press Sdn Bhd
Purchaser: Sterling Model Sdn Bhd (to be renamed to Lum Chang Tien Wah Sdn Bhd)
1. The properties was valued by CH Williams on 31 March 2016 for RM66 mil (RM476 psf).
2. The properties was valued by Knight Frank Malaysia on 15 April 2016 for RM61.5 mil (RM438 psf).
3. 50-50 Joint Venture between Tien Wah Press Holdings and Lum Chang Group.