This article first appeared in The Edge Malaysia Weekly on July 13, 2026 - July 19, 2026
RHB Bank Bhd’s (KL:RHBBANK) 13-storey office building at 75, Jalan Tun H S Lee in Kuala Lumpur is said to be on the market, sources tell The Edge. The building, which houses a RHB Bank branch, has a reserve price of RM30 million.
Located in Kuala Lumpur’s historic city centre, the asset is already attracting interest from potential buyers, including a Singapore-based company, according to market observers. The property carries heritage significance, having once served as Kwong Yik Bank’s landmark headquarters, which was opened in 1965 by the then prime minister Tunku Abdul Rahman. Kwong Yik Bank was founded in 1913 as Malaya’s first local bank. In 1996, Rashid Hussain Bhd acquired a 75% stake in the bank and in the following year, Kwong Yik Bank and DCB Bank Bhd merged to form RHB Bank.
RHB announced on April 17 that the Jalan Tun H S Lee branch would cease operations on Jan 8, 2027, while its Kenanga Wholesale City branch would close on Dec 18, 2026.
Situated near Chinatown, Pasar Seni and Masjid Jamek, Jalan Tun H S Lee is a tightly held commercial pocket dominated by pre-war shophouses, corporate offices and heritage buildings. Transaction volume remains relatively low compared with that of residential suburbs but demand is strong, according to an agent familiar with the area. Recent auctions saw five-storey shopoffices on the same street being sold at between RM3.5 million and RM3.84 million with market values exceeding RM4 million. Ground-floor retail units can command rents of more than RM15,000 per month, driven by tourist traffic and the area’s expanding café culture.
Industry experts also note the area’s strategic location within Kuala Lumpur’s old central business district.
“That’s where it all started and expanded from there to the present Kuala Lumpur city centre. There is a lot of interest in the area due to its proximity to the iconic Merdeka 118, which is the catalyst for the revival or gentrification of the surrounding area,” says Siva Shanker, senior director of real estate agency at Rahim & Co Chestertons.
“You will see more hipster cafés, hidden bars, for example, coming up in the area. Older shops and buildings will eventually be refurbished and modernised, preserving their original character and feel while being upgraded for more contemporary use.”
The prospective sale comes against the backdrop of broader heritage-led revitalisation efforts in Kuala Lumpur. Think City, a wholly-owned subsidiary of Khazanah Nasional Bhd, has spruced up Jalan Sang Guna (formerly Madras Lane), which is just a street away from Jalan Tun H S Lee, following efforts to rejuvenate the street under the Kuala Lumpur Creative and Cultural District framework in 2019. It reopened to the public early this year.
Since 2024, Creador Foundation has spearheaded restoration projects around Medan Pasar and Central Market, alongside other public and private sector partners, under the Warisan Kuala Lumpur initiative.
Apart from Creador Foundation and Khazanah Nasional, Permodalan Nasional Bhd, Railway Assets Corp (RAC) and Prasarana Malaysia Bhd are revitalising landmarks such as the Bangunan Sultan Abdul Samad (BSAS) complex, the Masjid Jamek enclave, Seri Negara, the KL Railway Station and Stadium Merdeka.
According to biographical notes from Singapore’s ISEAS-Yusof Ishak Institute, the street’s namesake, Tun H S Lee or Henry Lay Hau Shik, served as the first finance minister after Malaysia gained independence, founded China Press and helped set up the Malayan Chinese Association in 1949.
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