Does anyone knows what is happening at the old GSC (Golden Screen Cinema) site in the city facing the Shangri-La Hotel? Apparently there has being some activities going on lately at the site.
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| Activities going on at the old GSC |
Upon some research and interview, apparently the previous owner of this piece of land, Hap Seng Realty (KK I) Sdn. Bhd.(HSR), have decided dispose it to Akal Megah Sdn. Bhd, a related company to the former for a whopping RM85 million for the 2.16 acre land in the city center. Previously, there was a 3 storey building erected on the site where GSC occupied but has now being demolished to make way for a 10 storey office building to be named as Menara Akal Megah. This new building will also have a four level car park and a three storey podium of shops.
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| Artist Impression. Image copied from www.vinci.com |
This building is now being developed by VINCI Construction Grand Projects, a France company for Euro 60 million, a contract signed with Akal Megah Sdn. Bhd. and is expected to be completed by 31st March 2015. VINCI also responsibled for the
Berjaya Time Square building, Asia largest contiguous residential and shopping complex in Kuala Lumpur.
According to a reliable
source, the piece of land was previously acquired by HSR for RM28.5 million on 23rd March 2010. As this was sold in 2011 to a related party for RM85 million, I cannot comment much but with increase in margin of RM56.5 million or of almost 200% of the original cost, this is surely on the high side.
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| Construction site from another angle |
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| Contractor: VINCI |
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| Construction Site |
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i'am a security officer in this site
ReplyDeleteThat's cool! Any idea when will this be completed? Looking forward to this new landmark of the town.
ReplyDelete