GuocoLand Bhd is to purchase a condominium project in the midst of construction within the city’s infamous nucleus of exclusivity – the Kuala Lumpur City Centre (KLCC).

The project, which may have set a new benchmark price for an en bloc purchase in the area for RM810psf, was purchased by GuocoLand wholly-owned subsidiary Astute Modernization Sdn Bhd from Eriton Sdn Bhd, Mohd Shukri Abdullah and Deepak Jaikisan a/l Jaikishan Rewachand to acquire the entire equity of Titan Debut Sdn Bhd for RM71 million cash.

The latter company had signed an agreement with Oval Residences Sdn Bhd in April to buy the entire 140 units of serviced apartments, called the Oval Residences, for RM404.58 million cash.

Construction of the apartments, which is located along KLCC’s Jalan Binjai, was about 30% completed and was expected to be ready by December next year, said GuocoLand.

The company also said that the proposed acquisition is expected to increase the gearing of GuocoLand from 8% to 22%.