Urusharta Cemerlang, which owns and operates the Pavilion KL mall has acquired a parcel of land located between Grand Millenium KL hotel and the Pavilion KL for a record price of RM210mil from CDL Hotels (M) Sdn Bhd, a unit of London-based Millenium & Copthorne Hotels plc.

At 29,127 sq ft, the parcel translates into RM7,209.80 per sq ft, beating the previous high of  RM2,588 per sq ft when Sunrise Bhd bought the 24-storey Wisma Angkasa Raya along Jalan Ampang for nearly RM180mil in 2008.

Millenium & Copthorne is a company controlled by Singaporean billionaire Kwek Leng Beng via a 53% stake in Singapore-listed property and hotel group City Developments Ltd. He also heads the Singaporean operations of the Hong Leong group, while his cousin Tan Sri Quek Leng Chan heads the Malaysian side.