E&O and Majestic Gen to Buy Prime Jalan Kia Peng Site for RM189.9mil

Eastern & Oriental Berhad (E&O) and Majestic Gen Sdn Bhd are jointly acquiring a prime freehold site on Jalan Kia Peng in Kuala Lumpur for RM189.9mil, in a deal announced to Bursa Malaysia on 31 July 2026. The partners plan a premium high-rise residential development on the land.

The deal

The purchase is made through KP Urban Sdn Bhd, a joint-venture vehicle held 66.67% by E&O’s unit KCB Holdings Sdn Bhd and 33.33% by Golden Urban Nite Sdn Bhd, an affiliate of Majestic Gen. The seller is Twelve Kiapeng Sdn Bhd, a private property investment company owned by Theng Realty Sdn Bhd.

The 5,682 sq m (about 61,160 sq ft) freehold parcel works out to roughly RM33,404 per sq m — about RM3,100 psf. The land currently houses a 30-storey condominium and is being acquired on an as-is, where-is basis, with vacant possession targeted no earlier than 28 February 2027. If handover is delayed beyond the agreed date, the seller bears interest of 8% a year.

The site

Jalan Kia Peng sits in the heart of the KLCC precinct — the site is opposite The RuMa Hotel & Residences and adjacent to the Kuala Lumpur Convention Centre, within walking distance of Suria KLCC, Pavilion KL, KLCC Park, the Conlay MRT station and the Raja Chulan monorail stop.

"Jalan Kia Peng is one of KL’s most established and desirable addresses," said E&O managing director Kok Tuck Cheong, adding that the site allows the group to create another thoughtfully designed development. Majestic Gen group managing director Ta Wee Dher described the location as a rare freehold address where scarcity and connectivity align.

What this deal signals

• A fresh KLCC land benchmark. At about RM3,100 psf for freehold land, the deal is a current, arm’s-length data point for prime city-centre land value — useful context for anyone valuing land in and around the Golden Triangle.

• Redevelopment economics at work. The buyers are paying RM189.9mil for a site that still carries a 30-storey condominium. When land under an existing building is worth more than the building itself, redevelopment follows — a pattern worth watching on other ageing prime-location blocks.

• E&O doubles down on KL. The acquisition extends E&O’s city-centre run after The Conlay, alongside its Andaman Island reclamation in Penang — a signal that established developers still see depth in the premium KL residential market.