According to The Edge, the property owner, OSK Holdings Bhd, is seeking to monetise some of its assets.

The freehold, strata-titled retail-and-office property might fetch between RM230 million and RM250 million, said valuers who spoke to the publication.

An OSK Holdings spokesman said the OSK Group was exploring the option to monetise some of its assets.

“If the right opportunity comes along, the sale proceeds would help strengthen our foothold in the property development business,” the spokesman said.

Faber Towers comprises two 16-storey towers atop a three-storey retail podium. It has a total net lettable area (NLA) of 483,175 sq ft, of which 406,440 sq ft is office and the remaining 76,735 sq ft is retail.

According to The Edge report, as at Dec 21, the entire property is 70.18% occupied, with 96.1% of its retail space taken up while 65.3% of the office space leased out.

The towers also contain 602 basement car parking bays and 97 outdoor bays.

Canggih Pesaka Sdn Bhd owns 98.3% of the 31-year-old building, with the rest being privately held.

Canggih Pesaka in turn is equally owned by OSK Holdings subsidiary PJ Development Holdings Bhd, Wong Nam Loong and persons linked to him.

Savills Malaysia has been appointed the exclusive marketing agent of this property.

According to the The Edge, Faber Towers is being sold by way of expression of interest, which differs from a sale by tender as it is generally non-binding.