Photo Credit www.thestar.com.my
The nation’s capital is set to lose more of its foreign diplomatic corp as the Germans have joined their British and French counterparts in selling off prime development land in the city, reported by The Rakyat Post.
The latest embassy land sale was inked today by the Germans with Malaysian Resources Corporation Bhd (MRCB).
It is selling the 7,552.2 sqm plot at Jalan Kia Peng, where the German ambassador’s official residence used to be, for RM259.16 million.
No details were revealed as to what MRCB plans to develop on the landplot – likely to be high-rise office towers – but Group Managing Director Tan Sri Mohamad Salim Fateh Din said in a statement that land banking is an on-going process for all developers like MRCB because it is crucial for business growth.
He noted that the strategic location of the land within the immediate vicinity of KLCC is undeniable, having easy access and excellent transport infrastructure.
The land plot is also close to numerous Grade-A office towers, 5-star hotels and the Suria KLCC shopping centre.