Measuring 41,990 sq ft, the land, located next to the integrated Berjaya Times Square commercial development, was acquired 22 years ago, according to a report in The Edge Financial Daily.

The report said a recent advertisement indicating the location of the parcel showed that Jordon Lee & Jaafar Sdn Bhd (JLJ) had been appointed the exclusive marketing agent for the plot.

The advertisement stated that the sale would be by way of expression of interest (EOI). The closing date for the EOI is August 1, 2016.

An EOI is different from a sale by tender as it is generally non-binding. Interested parties need not put in an offer price and can negotiate a deal later. It also allows both parties to not proceed with the deal, according to the report.

According to Berjaya Assets’ 2015 annual report, the plot, which carries the address No 1, Jalan Imbi, Kuala Lumpur, was purchased on July 8, 1994, the same date the Berjaya Times Square land was purchased.

There appears to be an office building located on the site now. This plot faces the planned Bukit Bintang City Centre project, The Edge Financial Daily report said.

Berjaya has obtained an approval in principle for serviced suites or serviced apartments.

The report said using a back-of-the envelope calculation, the gross development value of the planned serviced suites, should it take place, might be an estimated RM670 million.

In the nine months ended March 31, 2016, Berjaya Assets posted a revenue of RM288.77 million, down 6.4 per cent from RM309.54 million previously, the report said.

Profit after tax for the period dived to RM11.09 million, from RM66.6 million in the previous corresponding period, due to higher operating expenses in the property development and property investment segment, hotel and recreation business, and higher finance cost.

Acquired 22 years ago, the plot faces the planned Bukit Bintang City Centre project.