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KUALA LUMPUR: Olympia Industries Bhd on Thursday, July 15 said it has agreed to the terms and conditions on the appointment of Messrs Rahim & Co to conduct a second valuation on Menara Olympia and the adjoining leased car park.
Rahim & Co had been appointed by Bursa Malaysia to determine the market value of the commercial property located in Kuala Lumpur's Golden Triangle after questions arose when an earlier valuation done by property valuer Collier, Jordan Lee and Jaffar Sdn Bhd was perceived as too low.
"The timeframe to complete the valuation is 15 working days from the date of confirmation of instruction, receipt of documents/information as required by the valuer and inspection of the property," Olympia said in a statement to Bursa Malaysia on Thursday.
The Edge weekly had first highlighted this in May. Olympia had earlier proposed to dispose of its flagship corporate building, Menara Olympia, for RM200 million, which will reportedly give it RM30.15 million in net proceeds after settlement of debts.
The selling price values Menara Olympia at RM180 million and the car park at RM20 million, or RM417.74 psf for the building's net lettable area.
However, The Edge had then pointed out that according to a report by another established valuer, CB Richards Ellis (CBRE), the average price of properties in the vicinity of Menara Olympia is around RM814 psf, or higher.
The buyer of the property is Jelita Timur Sdn Bhd, which will also assume debts of RM172.5 million that are currently charged under Menara Olympia. The sale was widely perceived as unfavourable to Olympia's minority shareholders due to the building's low pricing.
Rahim & Co had been appointed by Bursa Malaysia to determine the market value of the commercial property located in Kuala Lumpur's Golden Triangle after questions arose when an earlier valuation done by property valuer Collier, Jordan Lee and Jaffar Sdn Bhd was perceived as too low.
"The timeframe to complete the valuation is 15 working days from the date of confirmation of instruction, receipt of documents/information as required by the valuer and inspection of the property," Olympia said in a statement to Bursa Malaysia on Thursday.
The Edge weekly had first highlighted this in May. Olympia had earlier proposed to dispose of its flagship corporate building, Menara Olympia, for RM200 million, which will reportedly give it RM30.15 million in net proceeds after settlement of debts.
The selling price values Menara Olympia at RM180 million and the car park at RM20 million, or RM417.74 psf for the building's net lettable area.
However, The Edge had then pointed out that according to a report by another established valuer, CB Richards Ellis (CBRE), the average price of properties in the vicinity of Menara Olympia is around RM814 psf, or higher.
The buyer of the property is Jelita Timur Sdn Bhd, which will also assume debts of RM172.5 million that are currently charged under Menara Olympia. The sale was widely perceived as unfavourable to Olympia's minority shareholders due to the building's low pricing.
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