Sime Darby Property Bhd (SimeProp) is set to expand its presence in Kuala Lumpur’s prime property market after accepting a binding letter of offer from Permodalan Nasional Bhd (PNB) for the proposed acquisition of Wisma Universiti Tun Abdul Razak (Wisma UniRazak) for RM160 million.
The acquisition involves a 1.46-acre freehold site strategically located along Jalan Tun Razak, one of Kuala Lumpur’s established commercial and residential corridors. The property currently comprises a 15-storey office building supported by a basement car park facility.
Following the completion of the acquisition and subject to the necessary approvals for its development plans, SimeProp intends to transform the site into a premium mixed-use development with an estimated gross development value (GDV) of RM900 million.
The proposed redevelopment is expected to introduce a new landmark project in the city centre, combining residential, commercial, and lifestyle elements to cater to the growing demand for well-connected urban developments. SimeProp plans to launch the project in 2028, with completion targeted within five years from the launch date.
The property developer said the acquisition aligns with its strategy to strengthen its portfolio in high-value locations while capitalising on opportunities within Kuala Lumpur’s mature and strategic urban areas.
SimeProp added that the development will build on the group’s track record in delivering premium projects in the city, including Jendela Residences and The Ophera at the Kuala Lumpur Golf and Country Club, further enhancing its position as a key player in the urban property development segment.
The proposed acquisition remains subject to the fulfilment of relevant conditions, including approvals from the relevant authorities and completion of the transaction process.
