KL City

Says Tan, “What is preventing many old buildings around Kuala Lumpur and the Klang Valley from being converted, refurbished or rebuilt are the zoning ...

However, this exercise should be considered carefully, so that these buildings will not be cast aside and forgotten but revived to meet the needs of future generations. Says Khong, “The redevelopment works include refurbishment, asset enhancement and urban revival, rejuvenation or regeneration works that are part of a real estate’s life cycle. The building was sold to a subsidiary of Pavilion Group for around RM100 million in 2020. Tan acknowledges that some buildings constructed within the last 50 years are unlikely to be converted, refurbished or rebuilt due to their lack of historical value. However, [it also depends] on the nature of the business and purpose, and also the location of the building. The mansion was later used as a base by the Japanese forces during WW2, and became a police training branch in 1948. These projects invoke issues of sustainability and inclusivity — referring to the United Nations Sustainable Development Goals, or SDGs — as well as urban strategies and planning. “Old buildings give us the opportunity to preserve the history and legacy of the city. “The benefits of converting, refurbishing or rebuilding a building are securing a different type or class of tenants or occupants, which could lead to the restoration of or increase in rental revenue; higher occupancy; and price appreciation. To be economically sustainable, such buildings have to be located in strategic areas and close to public transport and attractions,” he says. Another example Khong highlights is Plaza Batai in Bukit Damansara. Refurbishment began in September 2014 and was completed in 2Q2015. Changes were made to the property’s layout, with more car parking and green spaces being added. “In looking at redevelopment, the highest and best use, or Habu, principle is always adopted.