AYER buys 9.11 acres on Jalan Kuchai Lama for RM138m
- AYER Holdings' subsidiary Kuchai Urban Development agreed on 28 September 2026 to buy two freehold parcels totalling 9.11 acres on Jalan Kuchai Lama from Bukit Cemerlang Sdn Bhd for RM138 million, about RM348 psf and 4.83% below CBRE WTW's RM145 million valuation.
- The titles carry fruit-tree and coffee conditions, so AYER must apply to convert them to commercial use and pay a premium; the land also has unauthorised occupants that AYER must clear.
- The seller is owned by the families behind AYER's major shareholders, so the deal needs approval from AYER's other shareholders; completion is expected in 1Q2027. Ajinomoto's former site on the same road sold for about RM361 psf in July.
AYER Holdings Bhd has agreed to buy 9.11 acres of freehold land on Jalan Kuchai Lama, Kuala Lumpur, for RM138 million cash, about RM348 psf. Its wholly owned subsidiary Kuchai Urban Development Sdn Bhd signed the conditional sale and purchase agreement with Bukit Cemerlang Sdn Bhd on 28 September 2026. The seller is owned by the families of AYER's major shareholders, so this is a related-party deal that needs approval from AYER's other shareholders. Completion is expected in the first quarter of 2027.
The land
- Two contiguous parcels: Geran Mukim 64, Lot 930 (2.06 acres) and Geran Mukim 83, Lot 14449 (7.05 acres), Mukim Petaling, Kuala Lumpur; 397,092 sq ft in total
- Titles: freehold, with express conditions for fruit trees on one parcel and coffee on the other. AYER must apply to the state to convert them to building (commercial) use and pay a conversion premium. The filing says the area is understood to be zoned for mixed-use development
- Occupants: sold "as is where is" with unauthorised occupants and structures on it, which AYER must remove. If the deal falls through, the seller repays half of the eviction costs, up to RM1.825 million
- Location: about 12 km by road south-west of KLCC and 7 km south-east of Petaling Jaya, near the Kuchai Lama MRT station
- History: the seller bought the parcels in December 1972 and December 1973 for about RM386,000 in total; their book value at end-2025 was RM703,815
The deal
- Price: RM138 million, a 4.83% (RM7 million) discount to CBRE WTW's RM145 million valuation as at 15 September 2026
- Payment: a 10% deposit of RM13.8 million on signing, and the RM124.2 million balance within three months of the deal turning unconditional
- Funding: indicatively RM27.6 million (20%) of internal funds and RM110.4 million (80%) of bank borrowings
- Condition: approval by AYER's non-interested shareholders at an EGM within four months of signing. The deal is 21.93% of AYER's net assets
- Related parties: Bukit Cemerlang is owned equally by the estates of three late Lim brothers. Their families control AYER through Bee Guan Sdn Bhd (22.19%) and chairman Lim Kee Choon's Twin Trees Holdings Sdn Bhd (20.10%), and director Lim Ke Hun holds 5.36%. BDO Capital Consultants is the independent adviser
- Plans: none yet. AYER, which earns about 81% of its revenue from property development at Bandar Bukit Puchong, says the land may suit a mixed development
The numbers
- Price per sq ft: RM138 million ÷ 397,092 sq ft ≈ RM348 psf, about RM15.1 million an acre. The valuation works out to about RM365 psf
- Same road: in July 2026 Ajinomoto (Malaysia) agreed to sell its former factory site on Jalan Kuchai Lama, about 26 acres of leasehold land, for RM408 million, about RM361 psf (our report). AYER's freehold land costs about 4% less per sq ft before the conversion premium, which has not been set
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