Sime Darby Property Bhd is expanding its footprint in Kuala Lumpur with the proposed acquisition of Wisma Universiti Tun Abdul Razak (UNIRAZAK) for RM160 million, paving the way for a premium mixed-use development with an estimated gross development value (GDV) of RM900 million.
The property developer announced that its wholly-owned subsidiary, Sime Darby Property (KLGCC Resort) Sdn Bhd, has accepted a binding Letter of Offer from Permodalan Nasional Bhd (PNB) to acquire the strategically located asset.
The acquisition is subject to the fulfilment of the terms and conditions stipulated in the offer.
Located on a 1.46-acre freehold site along Jalan Tun Razak, Wisma UNIRAZAK currently comprises a 15-storey office building with a single-level basement car park.
Sime Darby Property said it intends to redevelop the site into a premium mixed-use project, subject to obtaining the necessary planning and development approvals.
The proposed development is expected to carry an estimated GDV of RM900 million, with a planned launch in 2028. Construction is expected to be completed within five years from the launch date.
The acquisition forms part of the group’s strategy to strengthen its presence in Kuala Lumpur’s prime property market, particularly within the prestigious Kuala Lumpur Golf and Country Club (KLGCC) precinct.
The developer said the new project will build on the success of its previous developments in the area, including Jendela Residences and The Ophera at KLGCC, reinforcing its portfolio of high-end residential and mixed-use offerings in the capital.
The proposed redevelopment is expected to further enhance the value of Sime Darby Property’s landbank in the city while supporting its long-term growth strategy in premium urban developments.
