PETALING JAYA: Sime Darby Property Bhd
has accepted a binding letter of offer from Permodalan Nasional Bhd for the proposed acquisition of Wisma Universiti Tun Abdul Razak for RM160mil.
Sitting on a freehold 1.46-acre site along Jalan Tun Razak, Sime Darby Property said the asset currently comprises a 15-storey office building with one level of basement carpark.
“Subject to obtaining approvals of development plans, the group intends to redevelop and position the asset into a premium, mixed-use development, with an estimated gross development value of RM900mil.
“The proposed development is targeted to be launched in 2028 and is expected to be completed within five years from the launch date.”
Sime Darby Property said the acquisition is expected to strengthen the group’s presence in one of Kuala Lumpur’s most sought-after locations, building on the success of previous launches such as Jendela Residences and The Ophera at the Kuala Lumpur Golf and Country Club (KLGCC).
Group managing director and chief executive officer Datuk Seri Azmir Merican said the acquisition signals a milestone for the company.
“The site, which we intend to redevelop into a premium, integrated mixed-use development, leverages our experience and expertise in developing lifestyle-driven projects such as KLGCC Resort, where we have delivered signature developments such as Jendela Residences and The Ophera.
“We are well-positioned to deliver a distinctive development that reflects the stature of this location, while further strengthening our presence in the high-end segment,” he said.
