KUALA LUMPUR (July 6): Sime Darby Property Bhd (KL:SIMEPROP) is acquiring Wisma Unirazak in Kuala Lumpur for RM160 million cash in a related-party transaction (RPT), which it plans to turn into a premium, mixed-use development with an estimated gross development value of RM900 million.
In a Bursa filing on Monday, the group said the acquisition will be undertaken by its wholly-owned Sime Darby Property (KLGCC Resort) Sdn Bhd, which has accepted a binding letter of offer issued by the vendor, Permodalan Nasional Bhd (PNB).
As at March 17, 2026, the property was valued at RM165.75 million. The proposed acquisition is expected to be completed by the fourth quarter of 2026. The transaction is deemed an RPT as PNB and its parent Yayasan Pelaburan Bumiputra are connected to AmanahRaya Trustees Bhd-Amanah Saham Bumiputera (ART-ASB), a major shareholder of Sime Darby Property with a 32.70% direct equity interest as at June 30.
The property, a 15-storey office building with a basement carpark and a net lettable area of 110,669 sq ft, is situated on a 1.46-acre site on Jalan Tun Razak. Currently fully leased out, it generates an annual gross rental income of RM6.5 million. The principal tenant is Universiti Tun Abdul Razak (Unirazak), which has taken up 84% of the total leased area.
“The acquisition of Wisma Unirazak signals a milestone for Sime Darby Property, marking our entry into Kuala Lumpur city centre market. Located within the Jalan Tun Razak–KLCC corridor, it strengthens the group’s position in a prime urban precinct and provides a rare opportunity to unlock long-term value from a highly strategic, land-scarce site,” said Sime Darby Property group managing director and chief executive Datuk Seri Azmir Merican.
“The site, which we intend to redevelop into a premium, integrated mixed-use development, leverages our experience and expertise in developing lifestyle-driven projects such as KLGCC Resort, where we have delivered signature developments such as Jendela Residences and The Ophera. We are well-positioned to deliver a distinctive development that reflects the stature of this location, while further strengthening our presence in the high-end segment,” he added.
The project is targeted to be launched in 2028 and expected to be completed in five years.
Sime Darby Property shares closed three sen or 2.13% lower at RM1.38 on Monday, valuing the company at RM9.39 billion.