PETALING JAYA: Eastern & Oriental Bhd
(E&O) and Majestic Gen Sdn Bhd have proposed acquiring a prime freehold site in Kuala Lumpur for a high-rise residential development, reinforcing their confidence in the city’s premium residential market.
The acquisition will be undertaken through KP Urban Sdn Bhd, which is 66.67%-owned by E&O’s unit KCB Holdings Sdn Bhd and 33.33%-owned by Golden Urban Nite Sdn Bhd, an affiliated company of Majestic Gen.
Upon completion, KP Urban will become the registered owner of the 5,682 sq m freehold site and undertake its future development.
The site, located within the Jalan Kia Peng and Kuala Lumpur City Centre (KLCC) precinct, sits opposite The RuMa Hotel & Residences and next to the Kuala Lumpur Convention Centre.
E&O managing director Kok Tuck Cheong said securing the site marks an important milestone in the group’s growth strategy.
“Jalan Kia Peng is one of Kuala Lumpur’s most established and desirable addresses, and securing this prime freehold site allows us to create another thoughtfully designed development that reflects E&O’s commitment to placemaking, design excellence and enduring value,” he said in a statement.
Kok added the acquisition builds on the encouraging performance of Conlay and the continued momentum of the group’s flagship Andaman Island development in Penang.
He said it also reinforces E&O’s confidence in the long-term fundamentals of Kuala Lumpur’s high-end residential sector.
