Eupe Bhd is expanding its KL presence by acquiring land at Kampung Attap. The 4.81 acres leasehold (expiring year 2118) land is bought for RM 125 million, which translates into RM596 per sqft.
Despite its name, Kampung Attap is not a traditional village with wooden houses and muddy roads. In fact, the area is home to government quarters, colonial-era buildings as well as some of the oldest historical buildings in Kuala Lumpur.
Kampung Attap is such a strategic location due to new mega-developments in the neighborhood, such as the Menara Warisan Merdeka project, the BBCC, and the mass rapid transit station in Jalan Maharajalela, as well as its proximity to KL Sentral.
Scarcity of land is driving developers to Kampung Attap, which, incidentally, comprises largely government land. This area is one of the last in KL that is still undeveloped, besides the politically sensitive land, Bandar Malaysia.
The developers include Tradewinds Corporation Bhd, Salcon Bhd, Sunway Bhd, and Bina Puri Holdings Bhd.
Tradewinds is planning a mammoth RM3.8 billion, 12.2 acres mixed-use development while Salcon is planning a mixed-use development, named Belfield Crest. Sunway is currently developing a 4.53-acre parcel in Jalan Belfield while Bina Puri had completed the Opus project.
I think huge potential lies within Kampung Attap and the transaction price has not priced in the spillover effect from PNB 118. Definitely will visit the sales gallery when Eupe launches this project.
Photo Credits to Ho Chin Soon Map