Wisma Denmark for sale… again

Wisma Denmark, which houses the The Danish Royal Embassy and Kuala Lumpur civil courts, is back on the market after a deal to sell the property to a Singaporean insurer was rejected by the Government.
Singapore’s Great Eastern Life Assurance (M) Bhd had proposed to buy Wisma Denmark and a plot of land next to it for RM150 million.
“We knew that Wisma Denmark was for sale when we recently renewed our lease for the embassy offices”, says Danish Ambassador HE Børge Petersen.
“To us however, it doesn’t matter who is the owner of the building as long as it’s a reputable company. We haven’t been informed that Great Eastern Life Assurance (M) Bhd was rejected a take over by the FIC and I wasn’t aware that another buyer was interested in the building. The Danish Embassy intends to stay on in Wisma Denmark”, was Børge Petersen’s comment today.
It is understood that the insurance company received the rejection letter from the Foreign Investment Committee (FIC) two months ago and that no reason was given.
Sources claim that the property in Jalan Ampang has received several other offers since the FIC’s rejection.
“At this point, one party is doing a due diligence on the property,” the source said.
It is believed that the interested party is a fund which is offering over RM160 million for the 273,000 sq ft property. If all goes well, a deal is expected to be signed within the next one-and-a- half months, the source added.
Wisma Denmark is reported to be 90 per cent occupied and has 40,000 sq ft of land which can be potentially developed in the prime city area.

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