KUALA LUMPUR: A 24,767 sq ft development land in Persiaran Raja Chulan,  situated in the Bukit Ceylon/Bukit Bintang area here, will be sold at a bank auction on Oct 24 for a reserved price of RM33 million.

According to a property valuer, the land is valued easily between RM1,500 and RM1,800 per sq ft (psf).

“Land in Bukit Ceylon used to be prime but not as prime as land around the KLCC.Therefore the value would just be edging RM2,000 psf,” the valuer said. This would put the land at a value ranging from RM37.2 million to RM44.6 million.

The site is beside Wisma Budiman in Persiaran Raja Chulan and Bursa Malaysia in Bukit Kewangan, and is two lots away from Istana Pahang, Kuala Lumpur. It also neighbours the Bukit Nanas Recreational Forest and is only minutes away from KLCC and Pavilion Kuala Lumpur.

The converted development land, owned by Affinity Heights Sdn Bhd, has been approved for a luxury condominium development. The leasehold site has a balance of 95 years which will run until Oct 20, 2109.

The site was previously launched as St John Woods Residence, a luxury condominium, in July 2011 by AM-EL Group Sdn Bhd.

The St John Woods Residence development had a gross development value of RM180 million and was expected to be completed by June this year. The development was to feature a 33-storey luxury residential development of two adjoining towers comprising 48 units of two-unit types —  3,660 sq ft (3+1 bedrooms) and 4,489 sq ft (4+1 bedrooms), and also two duplex penthouses on the top floors.

The Edge Financial Daily reported on July 22, 2011 that developer AM-EL’s executive director and senior project director, Simon Low, said the launch saw 22 units booked.

Prices started from RM900 psf with unit prices ranging from RM3.3 million to RM4.4 million.

According to Low back then, the units were booked by individuals in their 40s to 50s while one was in his 70s, with most of these individuals locals. He also said that they were high-net worth individuals. However, Low declined to comment when contacted this week.

According to Poly Properties Sdn Bhd, the bank’s panel marketing agency for the auction, the new landowner can replan and redesign the development.

This article first appeared in The Edge Financial Daily, on October 10, 2014.