This article first appeared in The Edge Malaysia Weekly on February 2, 2026 - February 8, 2026
KUWAIT-based Asiya Investments is putting its freehold land in Brickfields, Kuala Lumpur, on the market. Situated behind Menara Bank Rakyat in Jalan Ang Seng, the land is currently being used as a car park.
The Edge understands that the 26,000 sq ft space includes two old bungalow lots, a total combination of four plots. The indicative price of the land in question is RM1,000 per sq ft (psf), or about RM25.7 million. A company search shows that the site of the car park is owned by VH Select (M) Sdn Bhd, which in turn is fully owned by VH Select (Msia) Pte Ltd. The latter is said to be linked to the Kuwaiti investment fund.
Shawn Valerio, head of investment at real estate agency Carey Real Estate, says: “The land parcel owned by VH Select, which is backed by Asiya Investments, initially acquired the land to develop a branded mid-scale hotel. However, prior to the recent Kuala Lumpur Structure Plan 2040, the land zoning was residential so approval for a hotel could not be obtained.
“With the new commercial zoning, the owner has switched its investment strategy by teaming up with two adjoining bungalow owners to offer a collective enlarged land sale.”
JLL Malaysia, the agent for this deal, says the prime Brickfields/KL Sentral land is a mixed-use land zone with a plot ratio of 1:5.4 and categorised under transit-oriented development. According to the agent, there are several potential combinations for the land, including components such as residences with either offices or a hotel.
“Strong demand for Grade A smaller footprint offices of between 5,000 and 15,000 sq ft, from downsizing multinational corporations, growing small and medium enterprises and co-working operators, creates a compelling mixed-use opportunity. It is also suitable for a hotel in view of KL Sentral’s position as Malaysia’s largest transit hub, connecting six rail lines, including the KLIA express,” the agent adds.
“From a locational perspective, Jalan Ang Seng is strategically positioned as it runs parallel to Jalan Bangsar. However, its connectivity is somewhat constrained as it is separated from the main Jalan Bangsar thoroughfare. The northern boundary of the site is flanked by both Keretapi Tanah Melayu (KTM) and elevated light rail transit (LRT) tracks, which may pose some challenges. While the address is undeniably prime, competitive pressures remain. Larger developers have already secured land parcels at favourable entry prices, with broader development footprints,” Ho Chin Soon Research Sdn Bhd CEO Ishmael Ho tells The Edge.
On its website, Asiya Investments describes itself as “a premier emerging Asia specialist investment firm, providing a gateway for capital flows to and from growing markets in Asia”. It has two featured products — Asia Private Equity and Asia Real Estate.
For the real estate product, it highlights its investment in “prime location Malaysia”, taking advantage of the country’s tourism and hospitality sector.
It is not clear if the fund has other investments here.
According to JLL, there are four ongoing developments near the Brickfields land: Setia Federal Hill, The Lantern Bangsar, Bangsar Hill Park and Alfa Bangsar. The Lantern’s asking price is between RM1,100 and RM1,350 psf, while for Setia Federal Hill, it is RM1,300 to RM1,500 psf. Bangsar Hill Park, with units over 1,000 sq ft, is RM800 to RM1,100 psf, while Alfa Bangsar has an asking price of RM1,300 to RM1,500 psf.
S P Setia Bhd’s (KL:SPSETIA) Setia Federal Hill is a 52-acre integrated mixed-use development featuring residential towers, offices, a convention centre, a hotel and retail spaces. The Lantern Bangsar by CDC Asset Management Malaysia Sdn Bhd is a 33-storey low-density residential tower with only 180 units.
Meanwhile, Pantai Hill Park in Lorong Maarof is a joint-venture development of almost six acres between Sunsuria Bhd (KL:SUNSURIA)
and Suez Capital via Bangsar Hill Park Development Sdn Bhd. Alfa Bangsar, by City Motors Group, is a RM450 million mixed-use development that includes the 220-key Holiday Inn Kuala Lumpur Bangsar, which opened in January last year.
Ho says the Setia Federal Hill site was transacted in December 2012 for RM544 psf while the Bangsar Hill Park site changed hands in 2015 at RM519 psf.
“A little southwest down the road, PHB Bangsar 61’s 19.7-acre parcel was transacted in August 2010 for RM233 psf,” he adds.
A wholly-owned subsidiary of Yayasan Pelaburan Bumiputra, Pelaburan Hartanah Bhd’s PHB Bangsar 61 is a 34-storey Grade A corporate office tower located along Jalan Maarof and Jalan Bangsar.
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