AYER Holdings Bhd has agreed to buy two adjoining freehold parcels along Jalan Kuchai Lama for RM138,000,000 cash, giving the Kuala Lumpur site a land price of roughly RM348 psf before conversion and development costs.
The group told Bursa Malaysia on 28 September 2026, according to reports by The Edge Malaysia, The Star and BernamaBiz, that wholly owned Kuchai Urban Development Sdn Bhd had signed a conditional sale and purchase agreement with Bukit Cemerlang Sdn Bhd.
The two parcels total 9.11 acres, or about 396,832 sq ft. On that area, the RM138,000,000 consideration works out to about RM347.76 psf. The Edge reported that independent valuer CBRE WTW Valuation & Advisory Sdn Bhd valued the land at RM145,000,000 on 15 September 2026, so AYER's price is about 4.8% below that valuation.
This is not yet a launch. The Star reported that AYER has not formulated development plans for the land, although the board considers the site potentially suitable for a mixed development, subject to feasibility studies, market conditions and approvals.
The approvals matter because the titles are not commercial today. The Edge reported that one parcel of 2.06 acres is titled for fruit tree cultivation, while the other parcel of 7.05 acres is designated for coffee cultivation. AYER will need state authority approval to convert the land for commercial use.
The transaction is also a related-party deal. The Edge reported that the Lim family are substantial shareholders of both AYER and Bukit Cemerlang through interests in Bee Guan Sdn Bhd and Twin Trees Holdings Sdn Bhd. Non-interested shareholders must approve the acquisition at an extraordinary general meeting.
AYER plans to fund 20% of the purchase price from internal funds and 80% through bank borrowings. Completion is expected by the first quarter of 2027 if the required approvals are obtained.
For Kuchai Lama, the deal is another sign that mature infill land is still being priced for redevelopment potential, even before a buyer can tell the market what will eventually be built there.
Sources: The Edge Malaysia, The Star, BernamaBiz.
