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Another piece of prime land, in KL, bought by China developer

 | September 26, 2017

China Vanke is believed to be paying RM500 million for the piece of land along Jalan Raja Chulan, where it intends to build six towers with over 4,000 serviced apartments.

China-Vanke-Co-Ltd-prime-land-in-KL-boughtKUALA LUMPUR: A property developer from China is set to develop a 7.4 acre piece of land in Jalan Raja Chulan in the capital city.

Shenzen-based China Vanke Co Ltd is said to have won the tender for the land just outside Kuala Lumpur’s Golden Triangle, according to a report in The Edge.

The company is listed on the Shenzhen Stock Exchange and Hong Kong’s stock exchange.

China Vanke is believed to be paying RM500 million, or RM1,600 psf, for the land near Menara Kuala Lumpur, according to the report.

The Edge reported that industry estimates put the gross development value of the project at between RM1.5 billion and RM2.5 billion.

The land, owned by City Centre Sdn Bhd, was put up for sale in March last year by Deloitte Corporate Solutions Sdn Bhd.

Deloitte had earlier been appointed the liquidator to City Centre Sdn Bhd following an order by the Kuala Lumpur High Court on Oct 26, 2015.

The Edge contacted Deloitte, but the officer handling the tender declined to comment, citing confidentiality.

The Edge reported that China Vanke, through a locally incorporated company — Malola Garden City Sdn Bhd — planned to build six towers with over 4,000 serviced apartments on the site.

Filings with the Companies Commission of Malaysia show that Malola was incorporated on March 13 this year. Its nature of business is described as stock, share and bond broking, according to the report.

It is wholly owned by a foreign company called Jumbo City Ltd. However, the address of the foreign outfit is not stated. The Edge reported that it was unclear if Malola had any Malaysian shareholder.

However, the report said, the directors of the company were Malaysian Tan Vin Shyan and three foreign nationals — Zhou Chaobin, Lang Cong and Haiwu Wang.

Tan is the executive director of BCB Bhd while Wang, whose address is Shenzhen City, is the vice- president and CEO of China Vanke’s Chengdu Region Headquarters.

The report said documents sighted by its reporters showed that Malola had received conditional approval from Kuala Lumpur City Hall last month to develop the land.


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