The Malaysian Chinese Association (MCA) is one of the first few structured political parties in Malaysia, and their headquarters is Wisma MCA.
According to The Edge, there are plans to demolish Wisma MCA in Jalan Ampang, Kuala Lumpur. In it’s place, there will be a 70-storey skyscraper!
Source: Edgeprop
As was stated in the report and following some back-of-the-envelope calculation, the gross development value of the project “is expected to be as much as RM1 billion”.
But why will it cost so much? That’s because the new building will comprise of offices, a hotel, sky lounge and restaurant. Fancy!
We can expect the tower to have:
- An eight-storey basement carpark
- A 328-room hotel that will occupy 24 floors
- A two-storey sky lounge and restaurant on the 68th and 69th floors instead!
The site is being redeveloped because it’s located at a very strategic area, and the current building does not reach maximum development potential.
“Wisma MCA is located in a very strategic and prominent location in Kuala Lumpur City Centre. It is within walking distance of the Ampang LRT Station as well as the Ampang Park MRT Station. Hence, accessibility is exceptional,” Stanley Toh, executive director of valuation firm LaurelCap told The Edge.
Source: iProperty.com.my
He added that it was important that the timing was right, and that at the current condition of the country, timing was not conducive as there is an economy slowdown and the property market is experiencing an oversupply in high-rise apartments/condominiums around the Klang Valley.
Adzman Shah Mohd Ariffin, the CEO and chief real estate consultant of ExaStrata Solutions Sdn Bhd, adds that “at 23-storeys, the development potential of Wisma MCA has not been optimised”.
He also spoke about there being an oversupply situation in the city centre, and that developers must be aware that absorption will remain challenging over the next three to five years.
Nonetheless he believes there are pockets of opportunity for iconic developments with the right concept and which comply with international standard Grade A.
One can expect to be craning their neck for a good view of the potential new building!
Also read: MCA Service Centres Shut Down As They No Longer Have a Place in Parliament
