The 43-year-old Menara HSBC South Tower in Kuala Lumpur's Leboh Ampang is still for sale.
HSBC Bank Malaysia Bhd reportedly listed the building for sale in 2018 with an asking price of RM120 million, which works out to about RM693 per square ft.
According to a local English daily, which cited industry experts, the building may now fetch RM95 million to RM110 million as HSBC Malaysia prepares to vacate the building in stages and relocate to Menara IQ in Tun Razak Exchange (TRX) within the current quarter.
The previously reported asking price of RM120 million was due to the banking group's occupancy.
In 2017, HSBC Malaysia announced a US$250 million investment with TRX City Sdn Bhd. It reportedly paid RM185 million for a 1.3-acre site in TRX to build Menara IQ, which will have 33 floors and 568,000 square feet of space.
According to Lim Chai Yin, managing director, advisory and transaction services, CBRE|WTW, the asking price for Menara HSBC South Tower will be dictated by the market.
She said that there are various potential uses of the property.
Menara HSBC South Tower, according to CBRE|WTW, is a landmark building with the potential to be converted to other commercial uses such as hotels and education, subject to approval from authorities.
It has a gross floor area of 250,247 square feet, a net lettable area of 172,245 sq ft,and two basement levels with 55 parking spaces.
The property is adjacent to the ongoing "River of Life" and is surrounded by popular tourist attractions such as Dataran Merdeka and Central Market.
It's also a short walk to two train stations: Masjid Jamek (LRT) and Pasar Seni (LRT).
"We will allow the market to dictate the price, based on their intended use. CBRE|WTW will assist and guide the prospects on the bid price, if they are keen to pursue further," she told NST Property.
CBRE|WTW is managing the tender process for the 19-story building.
Lim said that the closing date has not yet been determined.
HSBC Malaysia has occupied Menara HSBC South Tower since 1979.
It also occupied the adjacent North Tower, a 24-story Grade A office building owned by the Quill Group of Companies.