Latest news with #RM446
New Straits Times
19-05-2025
- Business
- New Straits Times
Previndran: Strategic upside seen in Widad's RM41.5mil Damansara Heights asset sale
KUALA LUMPUR: Widad Group Bhd's disposal of its 12-storey office building in Damansara Heights for RM41.5 million presents a potential long-term upside for the new owner, said Previndran Singhe, founder and CEO of Zerin Properties. He told Business Times that Richfield Builder (M) Sdn Bhd — a wholly owned subsidiary of Dhaya Maju Infrastructure (Asia) Sdn Bhd and the buyer of the property — could either occupy the building or lease it out for recurring rental income. "Over time, there could be opportunities to reposition or upgrade the asset to enhance its value and rental appeal," he said. "With the right vision, the building's sizeable floor plates offer potential for repositioning into a boutique office development, possibly incorporating curated retail or lifestyle elements." He added that while large-scale redevelopment may not be immediately feasible due to leasehold restrictions and zoning limitations, a strategic refurbishment could attract businesses seeking prestigious yet competitively priced office space in Damansara Heights. The 28-year-old building is located next to HELP University (formerly known as Wisma IBI) and has a gross floor area (GFA) of 132,945 sq ft. It sits on a 17,305 sq ft leasehold plot with 48 years remaining. Widad had acquired the building in 2013 for RM38 million. As of Dec 31, 2023, it carried an audited net book value of RM39.69 million. According to Previndran, the RM41.5 million sale represents a modest capital gain of about 9.2 per cent over 11 years, or an annualised return of less than 1 per cent, reflecting a subdued capital return. However, he noted that this figure does not account for rental income generated during the holding period, which would have improved the investment's overall yield. Widad stated last month that proceeds from the sale would be used to fully repay borrowings tied to the property and for working capital purposes, ultimately reducing its debt by RM40 million and improving its gearing. Previndran said that assuming a standard building efficiency of 70 per cent, the net floor area (NFA) of the building is estimated at around 93,000 sq ft. This places the transaction at roughly RM446 per sq ft (psf) based on net floor area, which falls within the typical en bloc pricing range for offices of RM400 to RM500 psf in Damansara Heights. In comparing the transaction with past sales in the area, Previndran cited Wisma IBI, a 12-storey office building with 62,320 sq ft of built-up space, which was sold in 2016 for RM36.29 million, or about RM582 psf. Another benchmark is Bangunan CIMB, a 10.5-storey office block acquired by a Widad subsidiary in 2021 for RM32 million. Although its exact built-up area is not publicly disclosed, Previndran said the deal likely reflected a lower psf value than Wisma IBI due to differences in size, condition, or transaction context. "In contrast, the current property being sold has a significantly larger GFA of 132,945 sq ft and is being disposed of for RM41.5 million. The lower psf reflects several factors, including the building's age (28 years), remaining lease of 48 years, and location disadvantages, namely the lack of direct MRT or public transport access and absence of surrounding amenities such as retail or food courts, which is increasingly challenging the marketability of such assets due to rising tenant and occupant expectations," he said. These limitations, he explained, are increasingly impacting tenant preferences and asset marketability but are already factored into the pricing, which remains fair given the property's size and location. Previndran noted that premium-grade office buildings with newer specifications, transit connectivity, and lifestyle features may command up to RM600 psf, a benchmark not applicable in this case due to the property's dated infrastructure and lack of direct transit links. "While the disposal doesn't reflect strong capital appreciation, the pricing is market consistent, especially considering the building's age, lease tenure, and locational limitations. The sale is driven by strategic financial considerations, including balance sheet improvement, rather than value maximisation," he said.
New Straits Times
08-05-2025
- New Straits Times
Retiree loses RM186,000 after 200pct profit promise in investment scam
MUAR: A retiree's dream of doubling his savings turned into a nightmare when he lost RM186,800 in a non-existent investment scheme he discovered through social media. District police chief Assistant Commissioner Raiz Mukhliz Azman Aziz said the 70-year-old victim was lured into a business group via WhatsApp after being enticed by promises of a 200 per cent return on his investment within three months. "The victim was briefed on how to invest, the required capital, and the projected returns. "Attracted by the offer, he proceeded to make 14 transactions into five different bank accounts between Jan 25 and April this year," Raiz said in a statement today. He said the victim was later provided with a link, purportedly to check his profits, which showed a return of RM446,786.89 as promised. However, he was then instructed to pay an additional RM22,339.34 to "unlock" the funds. "Feeling something was amiss with the demand, the victim attempted to contact the individual who had introduced him to the scheme but received no response," Raiz said. The case is being investigated under Section 420 of the Penal Code for cheating, which carries a jail term of one to 10 years, whipping, and a fine upon conviction. Raiz urged the public to remain vigilant and not fall prey to offers that appear too good to be true, especially those encountered on social media platforms. "Always refer to official social media pages such as the Commercial Crime Investigation Department's Facebook, Instagram, and TikTok for information on common scams and fraud tactics," he added.
The Star
07-05-2025
- The Star
70-year-old man loses over RM180,000 to online investment scam
MUAR: A retiree claimed to have lost RM186,800 of his savings after being duped into joining an online investment scam. Muar OCPD Asst Comm Raiz Mukhliz Azman Aziz said the 70-year-old local man had, in December 2024, clicked on an advertisement on Facebook for the bogus investment scheme. He said the victim was added to a WhatsApp Business Group and was briefed on the so-called investment procedures. 'He was promised 200% profit from the amount invested within three months,'' ACP Raiz Mukhlliz said in a statement on Wednesday (May 7). Attracted to the offer, the unsuspecting victim made 14 transactions amounting to RM186,800 into five different bank accounts between Jan 25 to April 25, 2025. ACP Raiz Mukhliz said the victim had checked a link to the website given to him and found that he had made a profit of RM446,786. 'However, he was instructed to bank in RM22,339.34 for wanting to withdraw the RM446,786,'' he said. ACP Raiz Mukhliz added that the victim became suspicious after failing to contact the person who had introduced the investment scheme to him. The case is being investigated under Section 420 of the Penal Code for cheating. ACP Raiz Muhkliz reminded the public to be alert and careful, especially in matters involving financial transactions, when dealing with unknown persons. The public can also go to Semak Mule, CCID Scam Response Centre at 03-26101559 or 03-26101599 or go to Facebook @jsjkpdrm and @cybercrimealertrmp Scam victims are advised to call the National Scam Response Centre at 997 to report their case.
