This article first appeared in The Edge Malaysia Weekly on August 25, 2025 - August 31, 2025

SAUDI Arabia’s Alrajhi family is looking for a buyer for its Wisma Mont Kiara office building in Kuala Lumpur, sources tell The Edge.

The 16-storey office building has been on the market since early this year with an asking price of RM150 million. However, The Edge is made to understand that the price tag will soon be revised to RM130 million to attract potential buyers.

Wisma Mont Kiara, with a net lettable area of 181,992 sq ft, is situated in Jalan Kiara in the affluent township of Mont’Kiara. It is understood that its occupancy rate is more than 95%, with tenants such as the Malaysian French Chamber of Commerce and Industry, co-working space operator Common Ground and technology firm Concentrix.

The rental rates are said to be between RM4.50 and RM5.50 psf.

Wisma Mont Kiara is part of the 1 Mont Kiara integrated development, which includes the 30-storey Menara 1 Mont Kiara office suites and four-storey retail podium 1 Mont Kiara Mall. 1 Mont Kiara was completed back in 2010.

The newly appointed exclusive marketing agent for the deal is Rahim & Co International Sdn Bhd. When contacted, a spokesperson for the agency confirmed the appointment but declined to comment further on the planned sale.

The current asking price of RM150 million works out to about RM824 psf, or almost 23% higher than the RM670 psf the Alrajhi family had paid when buying Wisma Mont Kiara back in 2018.

At the revised RM130 million, the price per psf works out to RM714, which a local agent says is “slightly more reasonable, taking into account current market conditions and the upgrading work that needs to be done on the 15-year-old office building”.

Back in 2018, The Edge reported that the Alrajhi family, through R J Seven Sdn Bhd, had bought Wisma Mont Kiara from Singapore-based ARA Asset Management Ltd via 1MK Office Sdn Bhd, for around RM122 million, making it the family’s first property purchase in the country and the start of possibly more. According to sources, Wisma Mont Kiara remains the only investment under the company.

A recent company search on 1MK Office Sdn Bhd revealed that the company is fully owned by R J Seven Sdn Bhd. R J Seven lists 11 shareholders with equal stakes in the company (9.09% each). They are Fawaz Saleh A Alrajhi, Abla Saleh A Aldsemani, Ebtehaj Saleh A Alrajhi, Fahad Saleh A Alrajhi, Bader Saleh A Alrajhi, Nawaf Saleh A Alrajhi, Nahlh Saleh A Alrajhi, Manal Saleh A Alrajhi, Reem Saleh A Alrajhi, Tahani Saleh A Alrajhi and Nuha Saleh A Alrajhi.

According to financial data available on CTOS, in its financial year ended Dec 31, 2023, 1MK Office Sdn Bhd posted revenue of RM6.1 million and a profit after tax of RM2.15 million.

The Alrajhi family is linked to the owners of Al Rajhi Banking and Investment Corp (M) Bhd (Al Rajhi Malaysia), an Islamic lender in Malaysia. Al Rajhi Malaysia is a wholly-owned subsidiary of Al Rajhi Bank of Saudi Arabia, one of the world’s largest banks by assets and the largest in the Middle East and Saudi Arabia.

Incorporated in Malaysia in 2005, Al Rajhi Malaysia was among the first Middle Eastern financial institutions to set up operations here after the country opened its Islamic banking sector to foreign players.

Located between the central business districts of Kuala Lumpur and Damansara, Wisma Mont Kiara is accessible via major highways such as the Sprint Expressway, NKVE, Penchala Link, Kerinchi Link and Jalan Duta. A mass rapid transit (MRT) station is also planned adjacent to the building.

Just down the road from the building is the seven-storey Sunway 163 Mall, previously known as 163 Retail Park, which was acquired by Sunway Real Estate Investment Trust (Sunway REIT) (KL:SUNREIT) for RM215 million last year from YNH Property Bhd (KL:YNHPROP).

According to its 2024 annual report, Sunway REIT has 28 properties in its portfolio apart from Sunway 163 Mall, which include Sunway Pyramid Mall, Sunway Resort Hotel, several Sunway REIT hypermarkets and Sunway Kluang Mall.

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