New auction date, Putra Place price lowered

Friday, April 23, 2010


New auction date, Putra Place price lowered


The auction price of Putra Place, which houses The Mall shopping complex, Legend Hotel and an office tower, has come down by a tenth to RM571.05 million
The auction price for Putra Place, located opposite the Putra World Trade Centre in Kuala Lumpur, has come down by a tenth to RM571.05 million as there have been no bids to date.

On Wednesday, the Kuala Lumpur High Court set June 28 as the new auction date.

Putra Place, which houses The Mall shopping complex, Legend Hotel and an office tower, failed for a second time to attract a buyer, resulting in the price cut.

Commerce International Merchant Bankers Bhd (CIMB) is selling Putra Place to recover loans given to property owner Metroplex Holdings Sdn Bhd.
When it first went up for auction in April 2008, the price was set at RM705 million.

In the absence of bids, the price was reduced by 10 per cent to RM634.5 million.

Another auction date was set for January 20 2009, but the auction did not take place as the judge felt that a wider net ought to be cast to attract more interest in a property of that size.

Apart from Malaysia, advertisements were to have been placed in Canada, Los Angeles in the US, Indonesia, Hong Kong, Taiwan, Japan and Singapore.

A new auction date was later fixed for August 20 2009, which also failed to attract any bidders.

The previous order on advertisement will apply in the up-coming auction.

The Mall comprises eight levels of podium retail/shopping units. The Putra Place office tower covers the tenth floor to the 33rd, while the 25-storey Legend Hotel includes serviced apartments and penthouses.

The freehold property with 193,621 sq ft space has 1,323 parking bays.

By Business Times