PETALING JAYA: The Al Rajhi family of Saudi Arabia has acquired Wisma Mont Kiara, an office building in Kuala Lumpur, for an estimated RM122 million in possibly their first property investment in Malaysia.
The Edge reported that the acquisition was made through R J Seven Sdn Bhd, which it said had 10 shareholders, all with the Al Rajhi surname.
It said the purchase from Singapore-based ARA Asset Management Ltd may be the first of more investments by the family in the country.
“This is a long-term investment for the family and their first real estate investment in the country,” it quoted Rohan Padmanathan, executive director of JLW, the real estate agency that represented ARA in the transaction, as saying.
The 20-storey tower is part of an integrated project that also includes 1 Mont Kiara Mall and Menara 1 Mont Kiara office suites.
According to The Edge, Wisma Mont Kiara is believed to be 98% tenanted, with 60% of the net lettable area (NLA) secured until 2020.
It said 30% of the total space was taken up by ServiceSource International (M) Sdn Bhd.
According to the website of APM, a member of the ARA Group, the tower is accessible from major highways and features various floor sizes catering to varying space requirements, and tenants have the flexibility to design their floor layouts to suit their needs. - FMT
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