Commercial asset deals in office, hospitality and retail segments stand out
The sale of an office tower and four adjoining retail lots at Oxley Towers KLCC, six Giant hypermarkets and W Kuala Lumpur Hotel were the clear winners this year as the three deals were selected by all six property experts interviewed by The Edge.
In October, Singapore-based Oxley Holdings Ltd sold a Grade A office tower and four adjoining retail lots at Oxley Towers KLCC in Jalan Ampang to Alliance Bank Malaysia Bhd for RM405.84 million. The 24 floors of office suites and four adjoining retail lots on a two-storey retail podium located at Tower 3 is part of an ongoing mixed-use development. Scheduled for completion in November 2024, the office tower will serve as the bank’s new head office.
“This is a strategic move for Oxley Holdings to unlock and realise the value of the development given the weak office market sentiment. Being right next to the iconic Petronas Twin Towers, the relocation of Alliance Bank’s corporate office to Oxley Towers KLCC will improve its corporate branding,” says Siva when explaining why he listed this deal.