Goh Ban Huat Bhd (GBH) is acquiring a freehold land in Mont Kiara for RM39.53 million (RM370 psf), as it seeks to benefit from future capital appreciation while waiting for the opportunity to develop the land as the property market improves.
GBH’s wholly-owned unit GBH Land Sdn Bhd is buying the land, measuring 9,925 sq metres/2.45 acres, from Puncak Melati Sdn Bhd, a privately-held investment holding firm controlled by two individuals, Loh Tze Yee and Loh Peay Jin.
The proposed acquisition is an opportunity for the GBH to invest in prime property at a reasonable price by virtue of the property’s ideal location and close proximity to the Kuala Lumpur City Centre and within the well-known Mont Kiara developments. GBH, controlled by the famed Casio King Tan Sri Robert Tan Hua Choon, said the land is located within one kilometre from The Plaza Mont’ Kiara and 1Mount Kiara Mall, while Solaris Mont Kiara is sited about three kilometres to the north-east of the land.
Based on our research, the land is located along the same road (Jalan Kiara 5) as Sunway Mont Residence, and is separated by a plot of land owned by UEM Sunrise. The upcoming Trinity Mont Kiara is located right in front of the land.
Lot no: Lot 2356, Mukim Batu, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan KL
Land area: 9,924.814 sq.metres/2.45-acre
Land price: RM39,526,990 (RM370 psf)
Date of transaction: 22 August 2017
Vendor: GBH Land Sdn Bhd
Purchaser: Puncak Melati Sdn Bhd
Note: Valuation by Raine & Horne on 31 March 2015 at RM4,600 psm/RM427 psf
source: TheEdge, Bursa Malaysia