EPF eyes RM347mil purchase of The Ascent office building

WCT Land's The Paradigm development in Kelana Jaya.

KUALA LUMPUR: The Employees Provident Fund (EPF) plans to buy almost the entire office building known as The Ascent in Petaling Jaya -- part of the integrated development that includes Paradigm Mall -- for RM347mil.

In a filing with Bursa Malaysia, WCT Holdings Bhd said Jelas Puri Sdn Bhd, a 70:30 joint venture between its unit WCT Land Sdn Bhd and EPF, had accepted on Friday a letter of offer from the pension fund to acquire retail lots, a concourse level and office space from Level 2 to Level 31 of the 32-storey building, together with 865 car park bays.

There will be a leaseback arrangement on the property following the completion of the acquisition.

Jelas Puri and EPF have agreed to an exclusivity period of three months from the date of the letter of offer to enter into a sale and purchase agreement (SPA), or such later date as may be agreed between the parties.

Further details would be announced on execution of the SPA, WCT said.

AmResearch in a note said recently that WCT planned to dispose key property assets to pare down its debts. The company was said to be hoping to raise about RM500mil rom selling The Ascent, the adjacent service apartment block and a commercial building in Pandan Indah.

The integrated development known as The Paradigm consists of The Ascent, The Escalade corporate office towers, a retail mall and The Azure Serviced Residences, It is located on a 12.37-acre leasehold tract fronting Lebuhraya Damansara-Puchong,

The Paradigm was WCT Land’s first high-rise commercial development.