The auction price is now RM513-95 million and the new auction date is set for March 30 2011- The auction price for Putra Place, which houses The Mall shopping complex, Legend Hotel and an office tower, has been lowered for the third time as no bids have been received thus far- The auction price is now RM513-95 million, which is 10 per cent lower than the RM571-05 million set earlier- The new auction date has now been set for March 30 2011- Commerce International Merchant Bankers Bhd (CIMB) is selling Putra Place to recover loans given to property owner, Metroplex Holdings Sdn Bhd- Putra Place, located opposite the Putra World Trade Centre, was first put up for sale in April 2008 and its price was then set at RM705 million- In the absence of bids, the price was reduced by 10 per cent to RM634-5 million- On January 12 2011, the judge agreed to lower the price for a third time by a tenth following two valuation reports presented by the parties- It is understood that Raine & Horne valued the property at RM650 million, while Henry Butcher gave it a market value of RM530 million- The judge has also allowed the parties to invite real estate agents to market the property- The real estate agent who manages to bring the successful bidder will be paid 1 per cent of the purchase price upon completion of the sale of the property- The Mall comprises eight levels of podium retail/shopping units- The Putra Place office tower covers the tenth floor to the 33rd, while the 25-storey Legend Hotel includes serviced apartments and penthouses- The freehold property, with 193,621 sq ft space, has 1,323 parking bays-   ...

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