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09/09/2010 - Kuala Lumpur land deal set beat all previous records  09/09/2010 - Kuala Lumpur land deal set beat all previous records

Singapore property magnate Kwek Leng Beng is in the process of negotiating what could become the most expensive land deal in Malaysian history.

The 32,000 square foot plot is expected to sell for as much as RM3,000 (US$953) per square foot,  fetching a total of RM96 million (US $30.5 million).

The land, owned by Beng’s City Developments Ltd., is located between the Grand Millennium Kuala Lumpur hotel and the Pavilion shopping centre.

Interested buyers include the owners of Pavilion Shopping Centre and YTL group.

Originally the land was to be developed into the Millennium Residences, a forty two storey luxury condominium building, but construction stalled shortly after it began in 2008.

The most expensive land deal in Malaysian history to date was the purchase of Wisma Angkasa Raya in Jala Ampang by Sunrise Bhd. The land sold for RM 2,588 (US $822) per square foot, a total of RM 57.4million (US $19 million).

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