PETALING JAYA: The MCA building on Jalan Ampang in Kuala Lumpur is to be redeveloped to make way for a 23-storey headquarters and a 70-storey tower.
The plans were approved by the Kuala Lumpur City Hall on Aug 2, Edge Property reported.
The party had earlier proposed to build a single tower with office space, 253 hotel rooms, 46 serviced apartments and seven storeys of underground parking. Conditional approval had been obtained in November.
The new proposal, made on July 13, involves a tower with an eight-storey basement carpark, a 328-room hotel occupying 24 floors, and a two-storey sky lounge and restaurant on the 68th and 69th floors.
The gross development value of the project is expected to be as much as RM1 billion, with offices, hotel and shops.
Industry analysts who spoke to The Edge said Wisma MCA is located in a very strategic and prominent location in the city centre.
It is within walking distance of the Ampang LRT station and Ampang Park MRT station.
“However, the timing is not conducive as the country is experiencing an economic slowdown, with the property market experiencing an oversupply in high-rise apartments/condominiums around the Klang Valley,” Stanley Toh, executive director of valuation firm LaurelCap told The Edge.