HCK Capital Group, the country's largest education developer, is looking to sell the building that houses the Peninsula International School Australia (PISA) in Setia Alam, Selangor.
The asking price is believed to be between RM160 million and RM170 million, with the property being sold with a long-term lease.
According to sources, HCK has hired an exclusive marketing agent to find a suitable buyer or investor for the property.
At the time of publication, attempts to contact HCK and the marketing agent for comment were futile.
An electronic direct mail marketing brochure obtained by NST Property states that the property has a long-term lease agreement.
The building, which has a built-up area of 318,651 square feet, offers a seven per cent yield with a 10-year leaseback.
According to sources, despite a new owner, PISA will continue to operate.
"PISA will likely attract companies with educational businesses who would like to continue operating it," the source said.
Since 2018, PISA has provided K12 education (early childhood through pre-university).
PISA is administered by HCK in collaboration with Peninsula Grammar School in Melbourne, Australia.
It is Malaysia's first school to offer the prestigious Victorian Certificate of Education (VCE), a pre-university qualification recognised by leading universities worldwide.
PISA is also part of the larger Edusentral development, which is being developed by HCK Properties Sdn Bhd, a subsidiary of HCK.
Tan Sri Clement Hii is the group executive chairman of HCK. He also heads the education group SEGi University & Colleges and several other entities.
Under his leadership, HCK has carved out a market niche by incorporating an educational component into some of its developments, such as Edusentral, Edusphere, and Edusentral.
The presence of schools within the developments not only ensures a steady footfall of young students who will make good use of the retail components, but it will also encourage young families to call it their home as it offers the right lifestyle ambience.
The 4.86 hectare Edusentral, with a gross development value of RM1.3 billion, includes the international school, six blocks of residential suites ranging in height from 20 to 30 storeys, and 44 retail lots.
The ongoing residential projects in Edusentral are listed on HCK's website as Princeton suites, Stanford suites, Yale suites, and Cornell & Imperial suites, while the commercial projects are Signature+ SoLo suites and Ambience+ LoSo suites.