Malaysia’s The Weld shopping centre for sale

Great Eastern Life Assurance Malaysia will sell the Menara Weld office building and The Weld Shopping Centre in Kuala Lumpur.

Both properties, which have been under ownership by the insurance firm for 16 years, have been priced with a reserve of RM270 million (US$65 million) and will be sold by tender. They contain 400,000sqft net lettable area collectively.

The buildings have been assessed in need of upgrading, although a complete redevelopment of the site could be an option for buyers. Industry observers have picked Hap Seng Consolidated as a good potential buyer for the buildings given its ownership of several nearby office towers.

Great Eastern maybe releasing the asset as a consequence of its recent development of a Grade A Equatorial Plaza office building nearby, which is just 60-per-cent leased.

The closing date for tender is December 4.