Commercial & Industrial Property News Update

Malaysia - KNU Confirmed For Redevelopment

September 12, 2012

UDA Holdings Bhd has confirmed that Kompleks Niaga Utama (KNU) at Bangsar will be redeveloped next year.

It seems that KNU at Bangsar will not be sold and demolished after all.

UDA Holdings Bhd has issued a statement refuting rumours of the disposal of the property, and said that it is preparing for the redevelopment of the building, which will take place next year.

The company also said that it had informed the complex's tenants of the redevelopment plans nine months ago, and had since been renewing their leases on a monthly basis.

"We are now in the process of obtaining the Development Order full approval from Kuala Lumpur City Hall," said UDA.

The company added that it will keep tenants updated on the redevelopment and would issue a six-month notice so as to ensure sufficient time to move.

Located within walking distance from Bangsar LTR, business is still running at KNU, which has currently among the lowest rentals and service charges in the Bangsar Utama area.

UDA's statement clarifying the fate of KNU came in response to a report in an English daily highlighting UDA's silence over talks of the property's demolition.

The company stated that it had been carrying out maintenance works and had upgraded the building's toilets, lifts and lobby for the comfort of tenants and visitors.

Tags: Income properties, Business space, Office for lease

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