Private equity firm Creador, through its philanthropic arm Creador Foundation, has reportedly picked up two more buildings in downtown Kuala Lumpur — the historic RHB building on Jalan Tun H S Lee and Bangunan UOB on Medan Pasar — according to sources familiar with the deals.
The RHB building, a 13-storey office block at 75 Jalan Tun H S Lee, had been listed earlier this year with a reserve price of RM30 million. Sources say it sold close to that figure. The building carries real history — it was once the headquarters of Kwong Yik Bank, Malaya’s first local bank, founded in 1913, and was officially opened in 1965 by then-prime minister Tunku Abdul Rahman. It later became linked to RHB Bank through a series of mergers in the 1990s. RHB has confirmed its branch there will close in January 2027.
Fewer details are available on the Bangunan UOB deal, but sources say Creador Foundation bought the building along with two neighbouring shoplots for just under RM40 million. The property sits in the same historic banking district, just north of Dataran Merdeka.
The area is clearly in transition — construction and restoration work is visibly underway. According to one source, Creador has now acquired 17 of the 27 buildings in the Medan Pasar area, with another 10 under lease. In August, the government announced a partnership between Kuala Lumpur City Hall and Creador Foundation to revamp the area’s public spaces and improve drainage.
These latest purchases continue a heritage-restoration effort Creador Foundation has run since 2024, focused on Medan Pasar and the nearby Central Market district. Past projects include restoring a row of shophouses now home to KLCG Confectionery & Bakery. Its biggest undertaking so far is Muara Arts Gallery, a roughly 20,000 sq ft public art space set across six 1930s Art Deco shophouses, due to open in November. A companion performing arts theatre is under construction and expected to finish by 2029.
Creador Foundation was founded in 2018 by Creador’s CEO Brahmal Vasudevan and his wife, lawyer Shanthi Kandiah. Creador itself, set up in 2011, is a well-known private equity investor in Southeast Asia — backing brands like MR DIY, Hock Kee Kopitiam and BIG Pharmacy — and manages about US$3.1 billion in assets.
