Malaysia’s The Weld shopping centre for sale
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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.
Questions & Answers
Q.What is the total size of the properties being sold by Great Eastern Life Assurance Malaysia?
What is the total size of the properties being sold by Great Eastern Life Assurance Malaysia?
The Menara Weld office building and The Weld Shopping Centre collectively offer 400,000 square feet of net lettable area. This combined space includes both the office tower and the shopping centre components of the properties being offered for sale.
Q.What is the potential reason Great Eastern Life Assurance Malaysia is selling these properties?
What is the potential reason Great Eastern Life Assurance Malaysia is selling these properties?
Great Eastern may be divesting these assets due to its recent development of the Grade A Equatorial Plaza office building nearby. This new development currently has a 60 per cent occupancy rate for its leased space.
Q.What is the deadline for interested parties to submit their bids for the properties?
What is the deadline for interested parties to submit their bids for the properties?
The tender process for the Menara Weld and The Weld Shopping Centre has a specified closing date for submissions. All bids from potential buyers must be received by December 4 to be considered.
Q.Which company has been identified as a likely prospective buyer for The Weld and Menara Weld?
Which company has been identified as a likely prospective buyer for The Weld and Menara Weld?
Industry observers have suggested Hap Seng Consolidated as a strong candidate to acquire the properties. This is due to the company's existing portfolio of several office towers located in the vicinity of The Weld.
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