This article first appeared in The Edge Malaysia Weekly on August 31, 2026 - September 6, 2026
SOUTHEAST Asian private equity firm Creador, through its philanthropic arm Creador Foundation, is understood to have recently added at least two more properties in downtown Kuala Lumpur to its growing city-centre portfolio — the historic RHB building in Jalan Tun H S Lee and Bangunan UOB in Medan Pasar, according to sources familiar with the matter.
The Edge reported in July that the RHB building, a 13-storey office block located at 75 Jalan Tun H S Lee, had been on the market with a reserve price of RM30 million. Sources familiar with the deal say the building has changed hands close to the reserve price.
The property carries considerable heritage weight. It was originally the landmark headquarters of Kwong Yik Bank, Malaya’s first local bank, founded in 1913. The building was formally opened in 1965 by then prime minister Tunku Abdul Rahman Putra Al-Haj and became part of RHB’s lineage after Rashid Hussain Bhd took a 75% stake in Kwong Yik Bank in 1996, ahead of its merger with DCB Bank the following year to form RHB Bank.
RHB has already announced that its branch at the address will cease operations in January 2027.
Details on the Bangunan UOB deal at 10-12 Medan Pasar are limited, although the road itself sits in the same historic banking and commercial belt as Jalan Tun H S Lee, just north of Dataran Merdeka — squarely within the footprint of the areas Creador, together with its founders’ Alaka Holdings Trust, has been actively involved in restoration initiatives. According to sources, Creador Foundation bought Bangunan UOB and the two shoplots next to it for slightly less than RM40 million.
During a visit to the area on a Friday afternoon, the transformation to the area was apparent with ongoing construction and restoration works. A source tells The Edge that of the 27 buildings in the Medan Pasar area, 17 of them are believed to have been acquired by Creador while the other 10 have been leased.
On Aug 13, Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh announced a collaboration between Kuala Lumpur City Hall (DBKL) and Creador Foundation to revitalise Medan Pasar’s public space as well as improve rainwater management.
The acquisitions of the buildings would extend a heritage-property push that Creador, through its philanthropic arm Creador Foundation, has been on since 2024, when it began restoration work around Medan Pasar and Central Market in Kuala Lumpur’s historic district. Its efforts have already delivered several visible wins, with the revival of a shuttered row of shophouses in Medan Pasar, including the Sin Seng Nam corner lot, now home to the popular KLCG Confectionery & Bakery.
Creador Foundation’s most ambitious project to date is Muara Arts Gallery, a public art gallery dedicated to modern and contemporary Malaysian and Southeast Asian art. The gallery, with a total built-up of about 20,000 sq ft and is slated to open in November, sits across six Art Deco shophouses from the 1930s. The performing arts theatre, Muara Arts Theatre, is currently under construction and is expected to be completed in 2029.
Established in 2018, Creador Foundation was founded by Creador founder and CEO Brahmal Vasudevan and lawyer wife Shanthi Kandiah, founder of SK Chambers. Creador, incorporated in 2011, is known for its investments in brands such as MR DIY, Hock Kee Kopitiam and BIG Pharmacy. The private equity fund has about US$3.1 billion (RM12.52 billion) in assets under management, according to its website.
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