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Prime piece of land (13 acres) sold by BAT to LGB

I love Kelana Jaya within Petaling Jaya. Thus, I love all areas nearby Kelana Jaya as well. It’s jammed, yes but it’s also close to everything a typical family would need. From malls to connectivity and schools, I think it has everything. Yes, it’s nowhere near the exclusivity of Desa Parkcity or Mont Kiara but it’s also much more affordable in comparison to them. More choices is always good and the current manufacturing plants within Petaling Jaya may have to slowly move out. It’s no longer a good location PLUS the land they are sitting on today are worth a fortune.
British American Tobacco (BAT) has sold its land (two parcels) and all the buildings in Petaling Jaya to LGB Properties. Total land size is 13 acres (570,000 sq ft) and it comes with a 4-storey office cum warehouses, a 4-storey office, a double storey warehouse with basement, a double office, a single storey factory and two single storey factories with mezzanine floors. Total selling price is RM218 million. The buyer is LGB properties. The land comes with a 99-year lease which will expire in 2060 and 2062, respectively. Meanwhile, part of the land was leased to Tenaga National Berhad (TNB) until 2032. For BAT, it will realise a net gain of RM148.78 million which is good news for the shareholders of the company.
For LGB, I think we would soon see more news about its plans for the development hopefully in the next few months. Nothing has been announced thus far online but based on the size of the land, the most likely development would have to be high-rise development which I am interested in. I do hope there would not be another mall within the development. Take a look at the many malls nearby, another competition would be just suicidal for all. Haha. Anyway, based on the typical land cost versus GDV of 10the potential gross development value should be around RM2 billion. Of course, I do hope it’s higher so that the prices for each unit can be even lower. Happy anticipating.
written on 12 June 2016
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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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