LTAT sells Ampang Hilir land to US for RM420m embassy site

Lembaga Tabung Angkatan Tentera (LTAT), the armed forces' retirement fund, has sold its lease on a 12.5-acre parcel on Jalan U Thant in Ampang Hilir, Kuala Lumpur, to the United States government for RM420 million. Defence Minister Datuk Seri Mohamed Khaled Nordin told the Dewan Rakyat on 26 October 2026 that the US plans to build a new embassy on the land. Only the lease changed hands. The land itself stays with the Federal Lands Commissioner.

The land

• Lot: Lot 11972, Jalan U Thant, Ampang Hilir, according to a land search cited by Batu Pahat MP Onn Abu Bakar
• Size: 50,450 sq m, about 12.5 acres or 543,000 sq ft
• Use: restricted to residential
• Caveat: the US government lodged a caveat on the land through the US Embassy on 2 December 2025, Onn said

The sale

• Tender: "There was indeed a tender. Several companies submitted bids, and the Americans succeeded," Khaled said
• Reason: part of rebalancing LTAT's asset portfolio, carried out under its policies, procedures and governance rules and the relevant laws
• Price per sq ft: about RM773 per sq ft of land, or about RM33.7 million an acre, based on the size Onn gave
• Not disclosed: the lease's remaining term, the valuation, the number of bids, who approved the sale and when it was completed

How the price compares

• Taman U-Thant, Jalan Langgak Golf: a 2.07-acre freehold bungalow sold for RM70.5 million in May 2026, about RM780 per sq ft of land, the priciest home sale in Kuala Lumpur this year
• Lingkungan U-Thant: a freehold bungalow on 17,093 sq ft sold for RM14.19 million in April 2026, about RM830 per sq ft
• Chinese embassy, 2019: it was reported to be paying about RM2,000 per sq ft, or RM202 million, for 2.33 acres next to its embassy on Jalan Ampang, and had also lodged a caveat before the deal

These are not like-for-like. The US bought a lease of undisclosed length, while the bungalows are freehold.

The land's history

• 2013: LTAT bought a 13.7-acre parcel in the U-Thant diplomatic area from the Federal Lands Commissioner, The Edge reported in 2021
• 2018: LTAT proposed four blocks of apartments on that parcel to Kuala Lumpur City Hall (DBKL)
• Same land? The reports do not confirm that the 2013 parcel is Lot 11972
• Housing question: Onn questioned the sale because LTAT's duties include looking after armed forces personnel, including their housing

The US embassy today

• Address: 376 Jalan Tun Razak, Kuala Lumpur
• History: the US appointed a consul in Penang in 1918, opened a consular post in Kuala Lumpur in 1948 and became an embassy on 31 August 1957, according to the US State Department
• Not announced: the design, the building timeline, when the embassy will move, and whether the residential use must be changed

LTAT's other sales

• Boustead Plantations: LTAT is choosing a buyer for a 75% stake. SD Guthrie, Tradewinds Plantation and Achi Jaya Plantations have been reported as contenders, and LTAT will keep a minority stake
• Semenyih land: in late 2024 EcoWorld agreed to buy land from a Boustead subsidiary for RM742 million, as LTAT worked to cut its exposure to Boustead and Affin to 35% of its assets