News: Residential Unit At The Ritz-Carlton Residences Sold For RM5.16mil

Mar 6, 2020

A residential unit at The Ritz-Carlton Residences in Kuala Lumpur is being sold by Berjaya Corp (BCorp) Bhd for RM5.16 million, translating to about RM2,663 per sq ft (psf). The luxury residential serviced suite is fully fitted-out with furniture, fixtures and equipment.

The property has a built-up area of about 1,938 sq ft and an audited net book value of about RM3.93 million as of 30 June 2019, reported The New Straits Times (NST).

It will be sold to Magna Mahsuri Sdn Bhd (MMSB), a fully-owned subsidiary of Berjaya Sports Toto Bhd (BToto), pursuant to a Sale and Purchase Agreement entered into by MMSB with BCorp’s indirect subsidiary, Wangsa Tegap Sdn Bhd, on 4 March 2020.

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The consideration for the proposed acquisition was arrived at after considering the strategic location of the property as well as its earnings potential.

Among other things, the transacted unit prices – which ranged between RM2,650 psf and RM2,934 psf – at The Ritz-Carlton Residences were also looked into.

“The proposed acquisition represents an opportunity for MMSB to own a property in a strategic location in the heart of the Golden Triangle, Kuala Lumpur with potential capital appreciation. Upon completion of the proposed acquisition, the tenancy agreement shall be novated from Wangsa Tegap to MMSB,” said BToto.

The proposed acquisition is set to be completed in mid-2020.

Currently, the property is leased under a tenancy agreement which will expire on 21 November 2020, subject to a renewal option of an additional one year.

The Ritz-Carlton Residences is one of the two towers developed by Wangsa Tegap at Berjaya Central Park.

It stands on a 1.216 ha site at Jalan Sultan Ismail, near the Bukit Nanas Monorail station.

The RM1.4 billion development features 288 units of one-, two-, and three-bedroom suites, and penthouses measuring from 1,023 sq ft to 4,284 sq ft.

Image source from The New Straits Times

 

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Nicholas Siew
Negotiator
REN: 25573
Royce Properties
siewsaijian@yahoo.com
(+60) 16-7681396