(Nov 20): OUE Lippo Healthcare, formerly known as International Healthway Corp (IHC), is shelving plans to develop a prime parcel of land located in the vicinity of Petronas Twin Towers and Jalan Bukit Bintang in Kuala Lumpur and putting it up for sale, sources say.

If recent land transactions are anything to go by, the vendor may be able to get as much as RM200 million ($65.3 million) — which is more than double what OUE paid six years ago — for the 1.17 acre, or 50,860 sf, parcel in Jalan Kia Peng. It is unclear why the group decided to sell the land, which is located between Istana Johor and Sri Kelantan.

Prior to this, it had plans to develop an upmarket medical hub with serviced residences and had already obtained a development order and signed on an international management firm to operate the planned serviced apartments and residences. It had also secured financing for the project, which was scheduled for completion in 2018/19.

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