PETALING JAYA: The takeover offer by the Lee family for Mulpha International Bhd confirms the notion that bearish market conditions can lead to more privatisations or buyouts of public listed companies.
PROMINENT businessman Tan Sri Desmond Lim Siew Choon is preparing to demolish and redevelop the 49-year-old Plaza Batai retail shoplots in Damansara Heights, Kuala Lumpur, which he recently acquired from Selangor Properties Bhd for an estimated RM100 million.
The Edge has learnt that Lim, who bought the upmarket Plaza Batai in affluent Damansara Heights, not far from where his Pavilion Damansara Heights project is taking shape, wants to build serviced apartments on the site.
Documents sighted by The Edge shows that a company called Motif Budi Sdn Bhd submitted a planning application on Dec 23, 2020, to Dewan Bandaraya Kuala Lumpur (DBKL) for approval. According to the plan, Motif Budi is seeking to amalgamate three parcels of freehold land (Lot PT 47052, Lot 53834 and Lot 53835), measuring 96,900 sq ft, to build two 19-storey blocks Tower A and Tower B with 152 units of serviced apartments each. The development will also include one floor of facilities for the residents, four f
TWO commercial property deals worth nearly RM180 million have been transacted in the adjoining locations of Damansara Heights and Bukit Kiara in Kuala Lumpur, proving that there will always be a demand in prime locations despite a slow market.
Sources say Tan Sri Desmond Lim Siew Choon of Pavilion fame has bought Plaza Batai in Damansara Heights, while Datuk Vinod Shekar of Petra Group has purchased a sizeable office space at Senada at the TPC Golf & Country Club.
The Edge has learnt that Lim paid RM100 million to Selangor Properties Bhd (SPB) for Plaza Batai. When contacted for confirmation, SPB’s chief operating officer Chong Koon San declined to comment.