This article first appeared in The Edge Malaysia Weekly on October 6, 2025 - October 12, 2025

THREE plots of adjacent land along Jalan Changkat Kia Peng in Kuala Lumpur City Centre (KLCC) have recently been put up for sale by tender. Several industry experts contacted by The Edge estimate that the commercial-titled freehold plots totalling 3.55 acres could be valued at around RM3,000 per sq ft (psf).

A land title search shows all three plots are registered in the name of Amanda Louise Loke Kwai Lin, the great-granddaughter of Chinese tycoon Loke Yew (1846-1917). The three lots are numbered 235, 236 and 244, and there is an existing bungalow on the land.

The low-profile Loke Yew family has sold several pieces of strategically located land in recent years. In 2022, the family — via Loke Wan Yat Realty Sdn Bhd, which owned the well-known Hakka Restaurant site along Jalan Raja Chulan — disposed of the 3.56-acre site for a reported RM4,000 psf.

In 2013, the family also sold a 3.11-acre site on Jalan Ampang for RM3,300 psf to Oxley Holdings (Ltd).

“The family is in no rush to sell the land (on Jalan Changkat Kia Peng). Perhaps RM3,000 psf is what that land can fetch, realistically,” a source tells The Edge.

When contacted, CBRE | WTW, the exclusive marketing agent for the deal, declined to comment.

The parcel is just minutes away from Kuala Lumpur Convention Centre, the Kuala Lumpur Twin Towers and Conlay MRT station. The RuMa Hotel and Residences is located at the junction of Jalan Kia Peng and Jalan Changkat Kia Peng. Nearby are the Philippine embassy and Sri Kia Peng Condominium.

Across the road from Lots 235 and 236 is I-Bhd’s (KL:IBHD) Wyndham Suites KLCC. The 1.05-acre land was acquired in 2013 by its subsidiary I-Marcom Sdn Bhd from Sumuracres Sdn Bhd for RM132 million, marking its maiden venture out of Shah Alam.

In 2023, I-Bhd announced a partnership with Wyndham Hotels & Resorts to rebrand its existing 50-storey property, which had a gross development value of RM820 million, as Wyndham Suites KLCC.

According to VPC Alliance Malaysia managing director James Wong, the subject land has a double frontage to Jalan Changkat Kia Peng and Jalan Kia Peng, which allows the flexibility of ingress and egress from both roads.

“The site can be deemed to have a KLCC address yet has the advantage of being located in a quieter part and is surrounded by greenery. Hence, it is suitable to be developed into a green index building,” he adds.

Wong says the best sale to compare with this (see table) is Lot 84 on Jalan Kia Peng, which is also zoned as commercial and has a plot ratio of 1:10. It adjoins Marriott Executive Apartments and is two lots away from the subject land. The land changed hands in May last year at RM125 million, or RM2,458 psf.

It was reported that OUE Healthcare Ltd (via its wholly-owned indirect subsidiary OUELH Seasons Residences Sdn Bhd) sold the 1.17-acre leasehold vacant land to Golden Eagle City Sdn Bhd.

“As the subject land is freehold with a combined land area of 3.55 acres, where the land size will allow for a more integrated development, the value will be higher. With the double frontage to Jalan Kia Peng and Jalan Changkat Kia Peng, its KLCC address and commercial zoning with a plot ratio of 1:10, we are of the opinion that this land will be able to fetch a value of up to RM3,000 psf,” he elaborates.

In April 2023, a piece of freehold commercial land on Jalan Mayang, off Jalan Ampang, was sold at RM54.15 million or RM3,300 psf. Exsim Group’s Kyliez Suites KLCC is being constructed at the 0.38-acre plot. According to its website, the 37-storey project has 346 units and is slated for completion in 4Q2027. The dual-key small office/home office units range in size from 323 to 657 sq ft. The selling price is reportedly between RM700,000 and RM1.33 million.

More recently, Lot 22 on Jalan Changkat Raja Chulan adjoining Pavilion Ceylon Hill and Skylon Residences was sold in April this year. The freehold commercial land, measuring 0.68 acres with a plot ratio of 1:7, changed hands at RM93.3 million, or RM3,150 psf. 

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.