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PNB's Menara MIDF sold to Singapore's MES Group


PERMODALAN Nasional Bhd (PNB) has disposed of the 21-storey Menara MIDF in Jalan Raja Chulan, Kuala Lumpur, to Singapore-based JD Hospitality Sdn Bhd. Sources say the deal, which took more than 18 months to complete from the time the building was first put up for sale, was done at RM140 million or RM875 psf.
The Edge has learnt that the new owner will retain the building as an office building but is likely to repurpose it as a hotel at a later stage. PNB’s wholly-owned subsidiary Malaysian Industrial Development Finance Bhd (MIDF), currently the sole tenant of the building, is scheduled to vacate the premises and relocate to Malaysia’s tallest tower PNB 118. Tenants are expected to begin moving into the building in the second half of 2022. ....

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Two businessmen snap up properties worth RM180 mil in prime KL locations


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. ....

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