GSH acquires 50% stake in prime KL site for $55.2 mln

By EdgeProp Singapore / EdgeProp Singapore | February 14, 2018 2:45 PM SGT
GSH Corp has taken a 50% stake in a special purpose vehicle that owns a prime 1.4 ha site on Petaling Street in Kuala Lumpur, its second purchase in the Malaysian capital (Credit: Bloomberg)
Singapore-listed property group GSH Corp announced on Feb 13 that is taking a 50% stake in a special purpose vehicle (SPV) that owns a prime land parcel of 1.4 ha in Kuala Lumpur’s Chinatown precinct of Jalan Petaling.
The total investment of RM164.5 million (approx. $55.2 million) was made via a conditional subscription of new shares and signing of a shareholders’ agreement with Malaysian real estate developer Tradewinds Corp Bhd for a 50% stake in the SPV and wholly-owned subsidiary of Tradewinds, Aspirasi Kukuh. Tradewinds Corp Bhd is a diversified conglomerate with interests in property development and hospitality. It is said to have a land bank of 4,000 acres (about 1,619 ha).
The 99-year leasehold site at Jalan Petaling, Kuala Lumpur, will be developed into a 1,700-unit premium condominium. It is located about 300m from the M101 Skywheel, which is anticipated to be the new icon in KL. It will also boast of one of the world’s biggest shopping mall and Asia’s first Planet Hollywood Hotel.
The 632-unit Eaton Residences on Jalan Kia Peng, which is fully sold,, with the exception of the Bumiputra alloted units (Credit: EdgeProp Malaysia)
This is the second residential site purchased by GSH in KL. The first was the 632-unit Eaton Residences on Jalan Kia Peng in the Kuala Lumpur City Centre (KLCC). Launched in 2016, the project is fully sold, excluding the units allotted for Bumiputra buyers.