UDA’s redevelopment plans

Rahim & Co research director Sulaiman Akhmady Mohd Saheh acknowledged that Pudu Sentral is situated in a good location and catchment. “The potential for the site is promising given the surrounding developments including the TRX, Bukit Bintang and Bukit Bintang City Centre. Continuous interest in the area over the years has regenerated or morphed it into a better city.”

PETALING JAYA: UDA Holdings Bhd is inviting interested parties, local and foreign, with experience in managing and completing property developments with a total combined worth of RM3.4bil, to develop and redevelop land in Kuala Lumpur and Perak.

In an advertisement yesterday, UDA said it is redeveloping two pieces of strategic, commercial leasehold land In Kuala Lumpur.

The first plot, measuring 2.19 acres, houses the Pudu Sentral building; while the second plot measures 1.69 acres and has the Sinar Kota and Cahaya Suria buildings on it.

For the two redevelopments, UDA said the interested parties must have experience in managing and completing property projects with total gross development value (GDV) of at least RM500mil within the last three years (for local companies) and RM2.5bil (for foreign firms).

“UDA has been strong in shaping and modernising Kuala Lumpur, Selangor, Penang and Johor Baru since 1971.

“In line with our expansion, we wish to invite experienced and qualified registered companies which possess the necessary expertise, experience and resources to participate in our ‘expression of interest’ exercise, ” it said.

Rahim & Co research director Sulaiman Akhmady Mohd Saheh acknowledged that Pudu Sentral is situated in a good location and catchment.

“The potential for the site is promising given the surrounding developments including the TRX, Bukit Bintang and Bukit Bintang City Centre. Continuous interest in the area over the years has regenerated or morphed it into a better city.”

However, Sulaiman said the redevelopment of the site needs to cater to the proper target market within that particular catchment.

“It’s an old area consisting of second and even third-generation owners. Whatever redevelopment that’s done, it needs to cater to the mass market, rather than the high-end.”

Savills (M) Sdn Bhd group managing director Datuk Paul Khong said Pudu Sentral is still a good downtown location which used to be a vibrant centre, before the outstation buses and taxis were moved out of the city to the Bandar Tasek Selatan station.

“As the city continues to grow, these blighted areas must continue to regenerate itself all the time with new redevelopment projects.

“This old bus station site has outgrown its original purpose and it is a good time to start planning for the next upturn in the market as the redevelopment itself will take a least four years or more to complete.”

UDA is also developing land in Greentown, Ipoh, beside the Angsana Ipoh Mall.

UDA said this strategic commercial land, which measures 5.19 acres, is accessible via the Greentown Square Road and Jalan Raja Ashman Shah.

For this development, UDA said the interested parties must have experience in managing and completing property developments with total GDV of at least RM100mil within the last three years (for local firms) and RM300mil (for consortium company).

Rahim & Co Ipoh branch manager Izham Abdul Aziz said the development is strategically located.

“It’s a busy area and the location offers good development prospects, ” he said.

Separately, UDA is also selling its 6.25 acres, Ancasa Royale Pekan land in Pahang.

The commercial plot of land comprises a four-star hotel with 133 luxurious rooms and extensive facilities.

Located at Laluan Persekutuan 3, UDA said the land is in a great location and has good accessibility.

The company said the interested buyer would need to have a strong financial record and recognised credit guarantees to support the purchase.

UDA added that interested parties for all transactions must go through a pre-qualification stage, with the closing date being Aug 10.