Suitor for UEM Sunrise?

(File pix) NST Business understands that Tan Sri Halim Saad, who was The New Straits Times Press (M) Bhd chief executive officer (CEO) in the early 1980s, may be eyeing more than 30 per cent stake in UEM Sunrise, sources said.

By Sharen Kaur - Published in NST Business on December 27, 2018

sharen@nst.com.my

KUALA LUMPUR: Tan Sri Halim Saad, former executive chairman of Renong Bhd (now UEM Group Bhd), is believed to be making an offer to buy Khazanah Nasional Bhd's stake in UEM Sunrise Bhd that could trigger a mandatory general offer (MGO).
NST Business understands that Halim, who was The New Straits Times Press (M) Bhd chief executive officer (CEO) in the early 1980s, may be eyeing more than 30 per cent stake in UEM Sunrise, sources said.
An up to 33 per cent stake would cost Halim about RM973.5 million. This is based on the company's current market capitalisation (market cap) of RM2.95 billion.
UEM Sunrise closed 0.79 per cent or half a sen lower at 62.5 sen with a small volume of 365,600 shares traded yesterday.
Khazanah has about 66 per cent interest in the property developer. Tabung Haji, which is the only other substantial shareholder in UEM Sunrise, owns 7.75 per cent.
UEM Sunrise CEO Anwar Syahrin Abdul Ajib, when contacted, said he was not in the position to comment on the matter.
"All i can say is that we are committed to managing the business to the best of our ability especially within this tough environment," Anwar Syahrin told NST Business.
It has been reported that Khazanah was looking to divest its stake in UEM Sunrise and had been looking for a suitor.
Property analysts are not surprised that Halim is the potential suitor as rumours have been rife that he was eyeing to take control of UEM Sunrise.
"I think it would be fantastic if Halim takes over UEM Sunrise. It’s nothing like getting an entrepreneur who built Renong and UEM during their heydays. Halim likes de-listing and re-listing. He may take UEM Sunrise private, add value after a major restructuring, and re-list the company," said a property analyst.
Halim has over 20 years of experience in managing conglomerates with diverse interests principally in buildings construction, highways and bridges construction, tolled road operations, light rail transport development, new township planning and development, telecommunication, production and distribution of cement, trading of pharmaceutical products and hotel management.
He headed Renong until June 2001 when it was taken over by Khazanah on the grounds that the group had too much debt and posed a systemic risk to the banking system.
Halim also had a put option amounting to RM2.3 billion owing to the shareholders of UEM in relation to a block of Renong shares.
Before the takeover, Renong went through a restructuring in 1999 under the Corporate Debt Restructuring Committee.
As part of the restructuring, PLUS Expressways Bhd, which was a subsidiary of UEM then, had issued bonds to the tune of RM8.4 billion. PLUS then lent the money to Renong and UEM to settle the creditors.
Halim had served as an executive vice chairman of UEM Builders Bhd, PLUS Bhd, Kinta Kellas Bhd and Faber Group Bhd, and CEO of Seloga Holdings Bhd.
The property analyst believes that Halim could buy up to 33 per cent stake or all of Khazanah's interest in UEM Sunrise.
"He is cash rich so he may even take a 51 per cent stake in UEM Sunrise that will cost him a whopping RM1.5 billion, based on today's market cap. But I don't think Khazanah will dispose off its shares in UEM Sunrise based on market cap. UEM Sunrise's share price has been dropping, making the company cheap but it has assets that are valuable. Khazanah may sell its stake in between the NTA and market cap and may also retain some shares for investment.
"However, UEM Sunrise's debt level is increasing. With the current position of UEM Sunrise, I don’t think Khazanah will sell the company at a higher price. The property market is also not stable, hence why Khazanah has not been able to fetch a higher price for the company," said the analyst.
UEM Sunrise's fiscal year 2017 annual report shows that it has 9,816.9 acres in Johor, about 600 acres (potential GDV of RM14.8 billion) in Kuala Lumpur, Selangor and Negri Sembilan, 2,405 acres in Tapah, Perak, and pockets of land in Melbourne, Australia, and Durban in South Africa.
The land held for property development is valued at RM4.93 billion.
As at end-September, UEM Sunrise's net asset per share was RM1.56, or more than double its share price.
For the nine months ended September, UEM Sunrise posted a net profit of RM260.25 million on revenues of RM1.29 billion, up by over 66 per cent compared to the previous corresponding period.
Earnings per share for the same period was at 5.56 sen.
UEM Sunrise recorded higher operating profit for the cumulative period compared with the preceding year's due to significantly higher contribution from land sales in Iskandar Puteri with its lower cost base, higher contribution from development cost savings for projects and lower operating expenses.

MVV 2.0 set to drive investments

(File pix) Negri Sembilan Menteri Besar Aminuddin Harun (5th from left) and Sime Darby Property chairman Tan Sri Zeti Akhtar Aziz (6th from left) with other officials looking at the scale model of Malaysia Vision Valley 2.0. Pix by NSTP/Hazreen Mohamad

 

By Sharen Kaur - Published in NST Property on December 27, 2018

 

A NEW plan to develop 153,411 hectares of land in Nilai, Seremban and Port Dickson in Negeri Sembilan may boost confidence in the local property market.
The development, known as Malaysia Vision Valley 2.0 (MVV 2.0), which involves an area twice the size of Singapore and part of Greater Kuala Lumpur, is expected to attract RM294 billion of investments in 30 years.
Private companies have purportedly indicated interest to participate in MVV 2.0. They include a company from China which has agreed to invest RM2 billion in Nilai.
The MVV 2.0 will focus on four economic drivers — high-tech industry, services and tourism, education and skills-based research, and logistics, aviation and maritime hub-related activities.
“The development will open up new industries, and more businesses are expected to make MVV 2.0 their new home. As MVV 2.0 is focused on four key economic sectors which are all doing well amid the current market conditions, the build-up for housing is expected. We are looking at thousands of apartments and landed properties for locals and foreigners who will work and live in MVV 2.0,” said a Seremban-based property consultant.
He also expects interest to build up in existing projects like Seremban2by IJM Land Bhd and Iringan Bayu by OSK Property.
MVV 2.0, previously known as Sime Darby Vision Valley (MVV), was given a new lease of life in line with the government’s inspiration to create job opportunities and promote high-tech industry.
The project originally had an estimated gross development value of RM25 billion to RM30 billion.
Under the master plan unveiled in 2009, the project would cover over 32,000ha, to be developed in about 20 years. Key proposed pieces of infrastructure such as high speed railways and highways were identified The MVV 2.0 was launched two weeks ago by Negri Sembilan Menteri Besar Aminuddin Harun.
Aminuddin said MVV 2.0 differs from it predecessor MVV as the restructured development gives priority to investments in the industrial sector.
“Under MVV, the priority was initially housing. We now wish to attract more investors, especially in the clean and green and high-tech sectors, to improve our economy and be able to provide more jobs,” he said.
Sime Darby Property Bhd will be undertaking the MVV 2.0 project as the master developer.
The developer currently owns 1,149ha
within the MVV 2.0 and has the option to acquire another 3,560ha from Sime Darby Bhd within five years from the date of its listing.
The first phase of MVV 2.0 spans over a 30-year development period covering 10,927ha.
Six projects have been identified under Phase One — a hi-tech industrial park (1,135ha), an integrated transportation terminal and downtown transit-oriented development (3,518ha), specialised and integrated logistics services (1,240ha), World Knowledge City (2,000ha), Biopolis and Wellness City (2.000ha) and a tourism district and bird/river sanctuary (920ha).
Sime Darby Property chairman Tan Sri Dr Zeti Akhtar Aziz said being the master developer will allow the company to extract and enhance the value of its landbank within the MVV 2.0 development area.
The company has been involved in the property sector in Negri Sembilan since 1997 with the opening of the 720ha township in Nilai Impian. In 2012, it unveiled Bandar Ainsdale and the following year, Chemara Hills.

BtR gaining traction in London

(File pix) EcoWorld London will build apartments at Kew Bridge in West London and Barking in East London for long-term rental on behalf of one of Invesco Real Estate’s international separate account clients.

 

By Sharen Kaur - Published in NST Property on December 20, 2018 

BUILD-TO-RENT (BtR) homes is the fastest growing property sector in London today, said Eco World international Bhd (EcoWorld International) executive vice-chairman Tan Sri Liew Kee Sin.
He said BtR homes is also the most resilient due to the chronic under-supply of affordable homes available for rent, particularly along the commuter belt, where EcoWorld London’s projects are located.
He said there is bright prospects for the sector with large international funds actively pursuing good quality BtR opportunities in the united kingdom.
“This underscores our confidence that whatever the outcome of ongoing Brexit negotiations, the BtR market is recession-proof and will continue to strongly outperform other market segments well into the foreseeable future,” said Liew in a statement.
He said apart from the huge potential for growth, BtR, with its forward funding model, also requires minimal upfront funding from lenders and shareholders.
“It is therefore immensely scalable as we can undertake numerous such projects concurrently without over extending our balance sheet. Based on the foregoing, EcoWorld international is there for every comfortable to continue investing in the growth of our BtR business in the UK. We regard BtR as being foundational to our goal of becoming a global property player of note, with a comprehensive skillset to cater to the needs of not only end-users and retail investors, but also the discerning and demanding institutional investor market,” said Liew.
EcoWorld London is EcoWorld International’s 70 per cent-owned UK joint venture. It has 12 sites in Greater London and the southeast, with an estimated gross development value of more than £2.6 billion (RM13.9 billion).
The London firm recently inked a deal with Invesco real estate which will acquire 1,000 BtR homes in a deal worth £389 million. The apartments are to be specifically developed at Kew Bridge in West London and Barking in East London for long-term rental on behalf of one of Invesco real estate’s international separate account clients.
These two sites have been identified as locations facing an under-supply of rented homes and have the ability to outperform the wider London market.
As part of the agreement, EcoWorld London will let and manage the rental homes on behalf of the investor under a long-term contract.
Construction work has commenced on both sites and the new homes will be available to rent from late 2020.
Liew said the successful signing of contracts for such a sizeable investment only three months from the date the heads of agreement was announced was a testament to the strong pulling power that the London property market continues to command globally.
“This is a fantastic start to EcoWorld International’s ambition of becoming a BtR market leader in the UK,” he said.
The target for EcoWorld London is to secure 10,000 homes under the BtR programme over the next five years.

A new lease of life

(File pix) Co-labs Coworking says it is important for a business to be in an environment that provides employees opportunities to grow and develop their skills.

 

Published in NST Property on December 20, 2018

THERE is increasing growth of flexible working globally. Last year, JLL released a report saying 30 per cent of corporate real estate would comprise flexible workspace by 2030.†
“That’s three in every 10 buildings. In the same year CBRE released its own report about flexible workspace, stating 71 per cent of occupiers believe they are vital to delivering corporate real-estate objectives, and the flexible office market is growing at 13 per year a year,” said Vijayakumar Tangarasan, Regus country head for Malaysia, Indonesia and Brunei.
“But where is this boom coming from, and what does it mean for landlords?,” he asked.
Vijayakumar said that there are few reasons why flexible workspace has been taken off.
“The first is that technology has changed what’s possible. Within two years, 80 per cent of the world’s population will own a smartphone and 4G connections will represent 61 per cent of the total, up from 34 per cent in 2016. The cloud has grown exponentially, while artificial intelligence is helping us do daily tasks from a variety of sources.
“Indeed, over 50 per cent of Internet traffic could come from Internet of Things (IoTs) sensors by 2025. Put simply, it’s now increasingly easy for a person to plug in and work from anywhere and workers increasingly want to do so. For landlords, this boom means three key things for the way they view— and conduct—business in the era of flexible working,” he said.
In an article produced by Vijayakumar, he noted that the best way landlords can ensure they’re keeping up with the workplace revolution is by joining in.
This doesn’t mean abandoning conventional leases completely of course, but rather by adding flexible workspace into their portfolio, he added.
“Doing so will provide an option to tenants without removing the choice to have a long-term, traditional lease.”
On partnering with a flexible workspace provider, Vijayakumar said that one way to do this is splitting the project down the middle with a flexible workspace provider.
This would allow the same building to cater to businesses that may only be in the market for a flexible lease as well as larger businesses interested in long-term contracts.
Vijayakumar opined that opening a few floors in a classic office building that are designed for flexible working can help attract tenants that may become long-term customers with more traditional leases.
Landlords can also offer a long-term lease and one way to do this is by flexible workspace providers meeting traditional landlords “in the middle” on lease terms, by signing a long-term lease and taking on the risk of the space.
“By committing toa10-year lease, agile working companies can offer property owners the security of a long let while giving tenants the shorter term, adaptable contracts they crave.
Either way, partnering with flexible workspace providers can help traditional landlords make this leap. Agile office experts will be able to offer the service quickly and efficiently due to their experience in the area. Otherwise, traditional landlords face a steep learning curve when trying out the new model — and they may not be able to adapt quickly enough to meet demand. A strategic partnership can close this gap,” he said.
Vijayakumar also said that a vibrant co-working centre, with a changing cast of energetic business people, has knock-on benefits for the surrounding community and land-use, be it retail or longer term office lets.
Additionally, having flexible workspace has ramifications far above a single building.
Vijayakumar said that it can help to boost an entire portfolio as well as real estate within a larger area.
Co-labs Coworking Co-labs Coworking, a co-sharing workspace, announced its second establishment in Petaling Jaya, Selangor.
The 20,000 sq ft office space at The Starling Mall, Damansara Uptown, is the biggest and second co-working office by Paramount Coworking and is part of its expansion plan where there will be four more co-working spaces next year.
Benjamin Teo, director of Co-labs Coworking and CEO of Paramount Property Development Sdn Bhd, said businesses today have evolved such that values, purpose and work culture are favoured over pure profit.
Teo said it is important for a business to be in an environment that provides employees opportunities to grow and develop their skills.
“At Co-labs Coworking we take growth and development a step further through our mentorship programme. We have a special relationship with FutureLab and collaborate with them to mentor our members regularly. Through a shared workspace and proper mentoring, Co-labs Coworking creates an environment where ideas shared there are challenged and refined to become actionable,” said Teo.
Co-labs Coworking is part of Paramount Property, a developer with over 35 years of track record.
With Paramount Property’s experience and expertise in development, the co-sharing workspace was built upon several pillars, namely connectivity, collaboration and the community.
The name Co-labs stems from the word ‘collaboration’. Its collaboration with FutureLab was formed to provide entrepreneurs, SMEs and freelancers thementorship they will require to achieve growth and development.
Co-labs Coworking@TheStarling is a thoughtfully designed workspace with lush greenery coupled with accents of 200-year-old upcycled Chengal wood furnishing sourced from an old shoe factory in Klang, Selangor. The wood is used on wall features, interiors and workstations.
The co-sharing workspace also provides its members with convenient amenities like nap pods, hot showers, a nursing room, an arcade room and a photography studio.

Lakeside Boulevard: Glomac all set for shoplot launches

(File pix) Lakeside Residences is the flagship project for Glomac Bhd in Puchong. Glomac Photo

 

By Sharen Kaur - Published in NST Property on December 20, 2018

PUCHONG was established in the early 1900s and flourished due to tin-mining activities.
Its development and urbanisation only started around 1985 after the tin-mining leases expired and small housing schemes sprouted up.
Developers realised the immense potential of the area and bought large tracts of plantation land to build integrated townships.
Some of these large and successful townships are Bandar Puchong Jaya (376ha) launched in 1990 by IOI Properties group, Bandar Kinrara (785ha) launched in 1991 by I&P group, Pusat Bandar Puchong (283ha) launched in 1994 by SP Setia group and Bandar Puteri Puchong (376ha) launched in 1999 by IOI Properties group.
The IOI, I&P and SP Setia township developments not only offered various types of housing in different price range, but also unique and niche offerings.
More developers ventured into Puchong in early 2000 following the success of IOI, I&P and SP Setia.
Among them was Glomac Bhd, which entered Puchong in 2005. In 2011, Glomac’s wholly-owned unit, Glomac Alliance Sdn Bhd, acquired 81ha in Bandar Metro Puchong from Score Option Sdn Bhd for RM77 million.
Prior to acquiring the land, Glomac had a joint venture with Score Option to develop 36ha in Bandar Metro Puchong and started a project called Lakeside Residences.
The joint venture launched the first phase of Lakeside Residences, dubbed “Rhapsody”, in 2005.
Rhapsody comprised 102 units of double-storey terraced houses with built-up areas of 2,100 sq ft and were priced from RM325,000.
The units were handed over to purchasers in August 2008.
The following phases in Lakeside Residences were launched after Glomac took over the project. There were also semi-detached houses in Lakeside Residences with built-up areas ranging from 3,000 to 3,200 sq ft.
The second phase of Lakeside Residences was sold via balloting at its launch in 2012.
Dubbed “Sonata”, it comprised 105 units of double-storey terraced houses with built-up areas of between 2,120 and 2,358 sq ft. Prices ranged from RM680,000 to RM937,521.
Glomac group managing director and chief executive officer Datuk Seri FD Iskandar told NST Property the company is gearing up to launch shoplots at Lakeside Boulevard, the commercial offering of Lakeside Residences.
“We have sold about 800 houses in Lakeside Residences in the past several years and 97 per cent are occupied. So, it is time for us to put up shops and serve the residents.”
He said Glomac will launch 45 units of two-storey shoplots with the starting price from RM1.5 million each.
“I am quite bullish on the sale of the shoplots. I believe the price is reasonable. We have also done a market survey and there are no new shops in that area.”
Lakeside Residences is located near YTL Corp Bhd’s Lake Edge development and Malton Bhd’s Mutiara Puchong. Lake Edge is an exclusive residential estate within a gated and guarded community.
The development, which started in 2004, was inspired by the Australian “green street” concept that boasts 24-hour security system in the neighbourhood with fenceless homes.

Discovering heritage treasures in Lebuh Ampang

Story and pic by Sharen Kaur
sharen.kaur@gmail.com

Lebuh Ampang is one of Kuala Lumpur's oldest and busiest street. Although a short street, and located in the heart of the city, Lebuh Ampang is a vibrant small Indian enclave with south Indian restaurants, businesses and rows of Chinese shophouses.

Meeting point by the bank of Klang River

Undeniably, it is also an area rich with culture and history, and the best way to discover the heritage treasure in Lebuh Ampang is through a guided-walking tour.

Interestingly, Cosmo Hotel Kuala Lumpur, a two-year old hotel located right smack in Lebuh Ampang is offering a special City Discovery package (comprising Lebuh Ampang Heritage Trail and KL Forest Eco Park expedition) covering the city’s oldest areas that will not hesitate to delight the curious.

Cosmo Hotel is the first hotelier that is collaborating independently with a team of licensed Tourist Guides 

The old area has many famous colonial-era landmark buildings clustered in a compact heritage area surrounding the Old Market Square, Masjid India and Lebuh Ampang. All these areas are within walking distance from the hotel.

Cosmo Hotel is the first hotelier that is collaborating independently with a team of licensed Tourist Guides to provide that experience for their guests.

“This collaboration is an admirable engagement exercise with professional Guides to keep the city’s heritage alive. These Guides have deep passion for all things heritage. Their many years of experience in conducting heritage walking tours, for local government agencies and international tourists, will heighten the guests stay in this city. The 3-hour cultural and historical walk is crafted to allow the hotel guests, to discover, immerse and experience up-close the unique cultural attractions of the areas nearby the hotel which are historic” said Jane Rai, an award-winning Tourist Guide with 29 years of experience.

Before the guided walk began, Jane gave us an overview of the walk, what to see and experience. She reminded us that crossing the streets required a sense of adventure.

It is rather interesting to know that Cosmo Hotel is sited at old row of shophouses once occupied by Chinese tin miners and traders in the 1870s. Many of these shophouses were used as warehouse to store tin slabs and dried fish.

Old Market Square 

Jane said, the suggested starting point for this Leboh Ampang Heritage Trail is Market Square where a Clock Tower stands and worth admiring. The Clock Tower was built to commemorate the coronation of King George VI in 1937.

"Long time ago the Merdeka Square (Lebuh Pasar Besar) area was a jungle. Yap Ah Loy (a prominent figure in the early days) built a wooden house for himself back then at one end of Merdeka Square. And just by the bank of Klang River, on the east side, where Maran Building is located, it was the landing stage for tin miners who were brought in to work in the tin mines by Raja Abdullah. This took place 161 years ago.

"Story has it that Sultan Abdul Samad, the Sultan of Klang then, appointed Raja Abdullah to be the chief of Klang. Klang back then was where members of the royal families were located and become a collection of tins before it was exported worldwide. Tin mines were found in areas like Ampang, Pudu and Petaling Street. All these areas were very rich with tin deposits.

"Klang River long time ago was just a little stream. Boats used to get stuck in muds. There were two rivers and they had to decide which sides the tins were located. Klang river is the main river that comes from Klang town. It comes all the way to Merdeka Square area, where they also discovered the confluence of two rivers, namely Gombak and Klang rivers. The landing stage was at each side of these rivers. This is the part of the embankment that has received a lot of developments. Government buildings came about on one side of the river and corporate buildings were on the other side," said Jane.

Jane delighted us with interesting stories on the market, a Malay Chief, a Chinese Kapitan who dominated the trade and tin mines. It was fascinating to learn the town’s growth and of people who lived in the Square. Prominent Chinese and Malays set up their businesses here after the Selangor British Resident, Frank Swettenham ordered the dirty market, once managed by a Chinese Kapitan, be cleaned up. Rows of beautiful art-deco buildings graced the Square.

The Old Market Square became a market and later grew into a commercial center for the whole town some 160-year ago. Tin miners and traders settled here following the discovery of tin mines in the 1850s. Multiracial community settled at various areas of the town.

The square moved on to become the commercial heart of Kuala Lumpur with the main branch of Hongkong and Shanghai Bank (HSBC) at one end of the square and Mercantile Bank at the other end surrounded by the offices of many of their major customers. HSBC is still there but their rather grand building was replaced by a bland modern tower in the 1970s.

Today, the square is surrounded by dilapidated heritage shophouse blocks and modern buildings.

The city has a lot of British colonial buildings like Sultan Abdul Samad building, the old High Court, and the old Municipal building fronting River of Life

After the Market Square walk, we were ushered to the east bank of Klang River to view the first landing site of tin miners who arrived in 1857. Raja Abdullah, a Malay Chief of Klang sent Chinese upriver to open tin mines. They landed at the confluence of Klang and Gombak River and established mines at Ampang.

"Downstream you found a lot of Chinese because of the tins. The Malays have always been further up. They had their own jetty, their own market, and their own shed of wood carving. Masjid Jamek was put there much much later when the British decided to shape the town. They rebuild the town and that is why you find a lot of British colonial buildings in the area like Sultan Abdul Samad building, the old High Court, and the old Municipal building," Jane said.

Leisure walk through Masjid India

We walked on taking us through historic and bustling streets and lanes of the old part of Kuala Lumpur. The sights, sound and smell of the area captivated us. 

The guided walk took us to lively areas and through fascinating streets and lanes that retain century-old colonial buildings, places of worship, and rows of old shophouses. In these streets and lanes are found food stalls and traditional cuisines.

There are also traders like Malay tailors and barbers, Indian Muslim textile traders, Indian jewelers, Punjabi sweetmeat makers and old colonial bar and café. 

Children giving the traditional Songkok a try at a 43 year-old Malay tailor shop

The heritage walks include taking a break at Coliseum Cafe that has been around since 1921

Occasionally you will see wall murals on buildings and sidewalks and they are so interesting to look at.

The faces of Malaysia

Real Dreams Never Stop and History Doesn't Fade thanks to Cosmo Hotel

Dancing Lady in the Alley welcomes you during the  KL Forest Eco Park expedition

This walk will give visitors an insight into the fascinating lifestyles of these colourful mix of communities.

Jane also shared with us stories of people who played significant roles in shaping the town, establishing trade and a brief understanding of the city’s development from a period of the late 1800’s to mid 1900’s.

The next stage for the trail is Masjid India, which includes Jalan Melayu, Jalan Masjid India, Lorong TAR,  Medan Bunus and Jalan TAR. Here you will come across many colourful buildings, old and new structures.

According to Jane, the Indian Muslim started coming into the area in the early 1900s. Majority of them were Malabari (coming from Malabar in India), Penang (chuliars) and Melaka.

They build their own masjid called Masjid India. This was the first brick built mosque in KL, designed in 1907 in Mogul style by A.B Hubback, who also designed many of KL's other famous landmarks from that era. The mosque is sited where KL's history began, at the confluence of the Klang and Gombak rivers, the muddy estuaries which gave Kuala Lumpur its name.

Masijd India and its unique architecture

The mosque underwent four major renovations and the last was completed around 1996/1997.

Along the heritage trail you will come across the white coloured Gian Singh Building on the corner with Jalan Tun Perak. This was constructed in 1909 on behalf of various owners each according to their individual designs but with a common facade and roofline. The whole block was occupied by Gian Singh, a textile trading company (which still exists), from the 1920s onwards.

On a nearby corner is the Oriental Building (also known as the Bank Bumiputra Building), designed in 1930, again by architect AO Coltman, to house Radio Malaya.

One of the most interesting findings are the LAT structures, that were built in 2014/2105 at Jalan Melaka. Most of us were caught unaware that LAT structures are located here. It was definitely an interesting find!

Here comes LAT

Women of yesteryear

The wooden sculptures are characters from several cartoon books by Malaysia's top cartoonist. The old Wisma Lee rubber is located here. The City Hall placed various characters in different streets from Jalan Melaka, Jalan Gereja to Jalan Raja Chulan.

"Jalan Melaka is located in the site of the Malay village called Kampung Rawa, where a large community of Mandalings settled here. So one will enjoy visiting this area which is home to many restaurants serving local delicacies," said Jane.

Before you head back to the hotel, enjoy a nice cup of Masala Chai. The way I see it, Lebuh Ampang has food and drinks from sunrise to sunset and you will never get bored eating.

Masala Tea

 Cosmo Hotel - a reason to visit Lebuh Ampang

Cosmo Hotel Kuala Lumpur, located at No 13 & 15, Lebuh Ampang (opposite HSBC) opened its doors on 1 December 2016. The 347-room hotel is well-designed with unique personality and distinctive style to fit both business and leisure travellers.

The hotel is conveniently accessible to some of the city’s banking institutions and popular attractions such as Central Market, the historical landmark of Sultan Abdul Samad Building and Merdeka Square, Chinatown as well as a host of shopping enclaves.

With the Masjid Jamek Interchange Station just steps away, the hotel offers the best transportation mode to and around the city; and just two stops away to KL Sentral for a seamless journey to the airport via the KLIA Express.

The hotel's 347 guestrooms and suites boast an affordable stay with its Standard, Superior, Deluxe and Executive Rooms. Family-style suites – Studio Suites and Junior Suites are also available for those seeking for a home-away-from-home comfort experience.

Featuring contemporary design and subtle touches of elegance, each room is equipped with the latest technologies, designed to meet various needs of business and leisure travellers.

The hotel is also home to an all-day-dining restaurant that serves local and international cuisines and a lobby lounge, where a wide range of beverages and snacks are served. 

Chicken Chop at Cosmo Hotel KL

Piping hot fish & chips

Starbucks Café – an international chain café will be on site of the hotel to serve premium blends and coffee, adding to the dining option for hotel guests.

According to Cosmo Hotel general manager Susan Carlos, the Discovery Package is priced at RM288 nett per room one night.

KL Forest Eco Park expedition

For the KL Forest Eco Park expedition, there will be additional charges but the place is worth the visit.

KL Forest Eco-Park has two species of monkeys (Source:http://www.visitkl.gov.my)

The KL Forest Eco-Park is located near the KL Tower and about 15 minutes' walk from Cosmo Hotel. It is the last green lung that you will find in KL city as others have been redeveloped. Some parts of KL Forest Eco-Park has also been used up. Of the original gazetted land area of 17.5 hectares which is also home to KL Tower, the park is left with only 9.3 hectares

The over 100 year-old forest is home to many species of plants and animals. If you are lucky, you will see monkeys. According to our guide who took us through the trail, the forest has two species of monkeys and both are of different characters.

He also told us that the park was once called Bukit Nanas (Pineapple Hill) Forest Reserve, as pineapples were grown around its perimeter but over time the name changed to KL Forest Eco-Park.

There are many interesting things to do in the park and you will need about one hour to discover all. The most exciting of course is the Canopy Walk and Hanging Bridge as you will get a glimpse of the city, especially Lebuh Ampang. Other exciting things to do include taking the Jelutong Trail and Bamboo Walk, and walking up to KL Tower.

You can access the park from Jalan Raja Chulan, Jalan Ampang, Jalan Bukit Nanas or from KL Tower. We took Jalan Raja Chulan and along the way there are many old shops and buildings to see.

So why wait! We are in the holiday season and the hotel has a great offer for rooms coupled with the city discovery and KL Forest Eco Park expedition. So book now and welcome 2019 with a difference.

Room rate starts from RM150 nett per night in a Deluxe Room and includes breakfast for two persons. The best part is that the hotel stay and breakfast is free for children below 12 years old when sharing the room with parents (two kids max). If you want to upgrade to the next room category, additional charges of RM50 nett applies. Personally, this is one of the best deals in town!

Call now to book the room and package (subject to room/package availability and booking is non-refundable).

Tel :  03-2030 1888.

email: reservation@cosmohotelkl.com

#cosmohotelklcity #cosmohotelkl
#cosmohotelklheritagetrail #citydiscoverypackagebycosmohotelkl #cosmohotelturns2
#Oldisgold #RealDreamsNeverStop #TouchingLives #WalkofFame

Discovering rich heritage

By Sharen Kaur, Published in NST Property on December 13, 2018 

 
  Settlements of communities in Kuala Lumpur began a century ago close to the confluence of the Klang River and Gombak River.
  Today, this colourful area has diverse communities where a blend of people whose families have roots in Malaysia, India, Indonesia, and China. The area also boasts of traditional trades and local cuisines that have thrived till today.

  There are many fascinating streets and lanes that retain century-old colonial buildings, places of worship, and rows of old shophouses.
   Jane Rai, who has been a tourist guide for 29 years, said there are many stories of people who played significant roles in shaping the town, resulting in the city’s development from the late 1800s to mid 1900s.
  She said 1880 was the year the British decided to move their administration from Klang to Kuala Lumpur.
  “They knew the tin industry was booming and I guess they wanted to have a slice of the economic cake. The old Market Square is where they sold goods and it became a trading centre,” said Rai.
  The square became the commercial heart of Kuala Lumpur with the main branch of Hongkong and Shanghai Bank (HSBC) located at one end, and Mercantile Bank at the other end and surrounded by the offices. HSBC is still there, but their rather grand building was replaced by a bland modern tower in the 1970s.
  Today, the square is surrounded by dilapidated heritage shophouse blocks and modern buildings.
  The City Discovery package of Lebuh Ampang Heritage Trail and KL Forest Eco Park expedition by Cosmo Hotel Kuala Lumpur gives insights of the developments that took place in Kuala Lumpur.
  The guided-walk starts at the historic Old Market Square located at one end of Lebuh Ampang where the hotel is sited. Situated east of the two rivers, that gave Kuala Lumpur its name, the Old Market Square became a market and later grew into a commercial centre for the town some 160 years ago. Tin miners and traders settled, here, following the discovery of tin mines in the 1850s. Multiracial community settled at various areas of the town.
  “Klang River long time ago was just a little stream. Boats used to get stuck in muds. There was Gombak River and Klang River and they had to decide which side the tins were located. Story has it that the east bank of Klang River was the first landing site of tin miners who arrived in 1857. This is part of the embarkment that had received a lot of developments. Government buildings came about on one side of the river and corporate buildings were on the other side.
  “Raja Abdullah, a Malay chief of Klang, sent Chinese up the river to open tin mines. They landed at the confluence of Klang River and Gombak River and established mines at Ampang. A Malay chief and a Chinese Kapitan dominated the trade and tin mines. Prominent Chinese and Malays set up their businesses, here, after the Selangor British Resident, Frank Swettenham ordered the dirty market, once managed by a Chinese Kapitan, be cleaned up.
  “Rows of beautiful art-deco buildings started to grace the square. In its centre is the 1937 King George V clock tower worth admiring,” said Rai.

Masjid India 

  Masjid India includes Jalan Melayu, Jalan Masjid India, Lorong Tunku Abdul Rahman (TAR), Medan Bunus and Jalan TAR.
  There are a large number of Indian-Muslim traders in Masjid India. However, there are also quite a number of Malay businesses involved in tailoring and selling the songkok.
  The Indian Muslim started coming into the area in the early 1900s. Majority of them were Malabari who came from India, Penang and Melaka.
  They built their own masjid called Masjid India. This was the first brick built mosque in KL and designed in 1907 in the style of mogul by A.B. Hubback, who also designed many of Kuala Lumpur’s other famous landmarks during that era.
  The mosque underwent four major renovations and the last was completed from 1996 to 1997.
  Along the heritage trail one will come across the white coloured Gian Singh Building on the corner with Jalan Tun Perak. This was constructed in 1909 on behalf of various owners each according to their individual designs, but with a common facade and roofline. The whole block was occupied by Gian Singh, a textile trading company from the 1920s and which still operates.
   As you walk on you will come across LAT structures on Jalan Melaka, which were built in from 2014 to 2105.
  “The wooden sculptures are characters from several cartoon books by Malaysia’s top cartoonist. Wisma Lee Rubber is located, here. The City Hall placed various characters in different streets from Jalan Melaka, Jalan Gereja and to Jalan Raja Chulan.
  “Jalan Melaka is located on the site of the Malay village called Kampung Rawa, where a large community of Mandalings settled, here. So, one will enjoy visiting this area which is home to many restaurants serving local delicacies,” said Rai.

Cosmo on historical grounds

   Cosmo Hotel Kuala Lumpur is located at an old row of shophouses once occupied by Chinese tin miners and traders in the 1870s. Many of these shophouses were used as warehouses to store tin slabs and dried fish.
   The four-star hotel opened its doors on December 1 2016.
  General manager Susan Carlos said the location is strategic and historical and near to the convergent point of the Klang River and Gombak River.
  “We are surrounded by many financial institutions and with easy accessibility to almost every part of the city with the Masjid Jamek Interchange Station located nearby,” she said.
  The 347-room hotel is accessible to some of the city’s banking institutions and popular attractions such as Central Market, the historical landmark of Sultan Abdul Samad Building and Merdeka Square, Chinatown, Masjid India and many shopping enclaves.
  According to Carlos, there are more than 15 hotels in the Lebuh Ampang area, but Cosmo Hotel is the market leader in terms of rates, quality of product and service and occupancy.
  She told NST Property that the hotel is doing well with a 70 per cent occupancy.
  For next year and onward, she is expecting the hotel to do better in terms of room occupancy and revenue.
  “My outlook for the hotel is cautiously optimistic for 2019,” Carlos added.
  Cosmo Hotel has embarked on selling a Discovery Package that is priced at RM288 nett per room one night.
  She said the target audience includes the leisure market, family on holiday, school holiday crowd, and family who does not want to travel far from town and weekend getaway.
  “For those who are seeking adventure and want to know the history of Kuala Lumpur, there is an option for the expedition to KL Forest Eco Park which is a mere 10-minute walk, said Carlos.

Guided tour of Lebuh Ampang

Masjid Jamek at confluence of Gombak (left) and Klang rivers (right) in Kuala Lumpur

By Sharen Kaur - Published in NST Property on December 13, 2018 

Lebuh Ampang is one of Kuala Lumpur’s oldest and busiest streets. Although a short street, it is a vibrant small Indian enclave with south Indian restaurants, businesses and rows of Chinese shophouses.
  Undeniably, it is also an area rich with culture and history, and the best way to discover is through a guided-walking tour.
  One of the newest structures built right in Lebuh Ampang is the 4-star hotel Cosmo Hotel Kuala Lumpur.
  Interestingly, the two-year old hotel has a City Discovery package (Lebuh Ampang Heritage Trail and KL Forest Eco Park expedition) covering the city’s oldest areas that will not hesitate to delight the curious.
  Cosmo Hotel is the first hotelier that is collaborating independently with a team of licensed tourist guides to provide that experience for guests.
  “This collaboration is an admirable engagement exercise with professional guides to keep the city’s heritage alive. These guides have passion for all things heritage. Their many years of experience in conducting heritage walking tours for local government agencies and international tourists will lengthen the guests’ stay in the city,” said Jane Rai, an award-winning tourist guide with 29 years of experience.
  Rai said the three-hour cultural and historical walk is crafted to allow the hotel guests to discover, immerse and experience up-close the unique cultural attractions of the areas nearby the hotel which are historic.
  “The old area has many famous colonial-era landmark buildings clustered in a compact heritage area surrounding the Old Market Square, Masjid India and Lebuh Ampang. All these areas are within walking distance from the hotel,” she told NST Property.
  Rai said the suggested starting point for the Lebuh Ampang Heritage Trail is Market Square where a Clock Tower stands. It was built to commemorate the coronation of King George VI in 1937.
  “Long time ago the Merdeka Square (Lebuh Pasar Besar) area was a jungle. Yap Ah Loy, an important figure of early Kuala Lumpur, built a wooden house for himself at one end of Merdeka Square. And just by the bank of Klang River, on the east side where Maran Building is located, it was the landing stage for tin miners who were brought in to work in the tin mines by Raja Abdullah. This took place 161 years ago,” she said.
   Rai said the idea for the tour to start at Merdeka Square is to give the visitors an insight on how significant the area of Lebuh Ampang is.
  An interesting discovery after Merdeka Square is the confluence of two rivers — Gombak and Klang rivers — used as the landing stage for tin mining operation.
  Built at the confluence of the two rivers is Masjid Jamek,  one of the oldest mosques in KL.
  The mosque was designed by British architect A.B. Hubback. It onion-shaped domes, minarets and chhatri spires are well-preserved. The project, which was built at a cost of $33,538.25 Straits dollars, was paid for by Sultan Alauddin Sulaiman Shah, the Malays and the British government.
  A staircase adjoining Masjid Jamek was recently unearthed after works for the River of Life project in the area started.
  “The confluence of the two rivers was just a wave length at that time. People back then knew that wave length was the burial ground for the Malay community like the Mandaling, Orang Java and Orang Rawa, who were all part of Sumatra. Downstream you found a lot of Chinese because of the tins. The Malays have always been further up. They had their own jetty, their own market, and their own shed of wood carving,” said Rai.
  She said Masjid Jamek was there much much later when the British decided to shape the town.
  “They rebuilt the town and that is why you find a lot of British colonial buildings in the area like Sultan Abdul Samad Building, the old High Court, and the old Municipal building,” said Rai.

Hilton eyes 7 new hotels

Hilton Garden Inn Jalan Tuanku Abdul Rahman South. Pix courtesy of Hilton.

 

By Sharen Kaur - Published in NST Property on December 6, 2018 

 

Hilton, one of the world’s fastest growing hospitality companies, is expanding in Malaysia, targeting both gateway and secondary cities in the market.
Executive vice-president and area president for Asia Pacific, Alan Watts said that it will introduce two new brands when the seven hotels in its development pipeline open in the next three to five years.
These include the entry of Hilton’s luxury brand, Conrad Hotels & Resorts, and lifestyle brand, Canopy by Hilton, that will open the first hotel in the fourth quarter of 2021.
“This is just the beginning of what we envision to be a strategic growth trajectory for us in Malaysia,” said Watts during his recent visit here.
  Hilton operates 11 local hotels under three brands — Hilton Hotel & Resorts, DoubleTree by Hilton and Hilton Garden Inn.
Watts said destinations such as Penang and Borneo are becoming increasingly popular among both domestic and international travellers.
“With the government targeting 36 million tourists by 2020 and committing efforts to boost inbound travel, we see some great potential for our portfolio of brands to meet the rise in demand in many parts of the country,” he said.
Hilton’s most recent opening in Malaysia are two hotels under the Hilton Garden Inn brand, namely Hilton Garden Inn Jalan Tuanku Abdul Rahman South and Hilton Garden Inn Puchong.
According to Watts, a fourth hotel under the brand is expected to open in Johor Baru next year.
“The first Canopy by Hilton hotel is also set to open to growing anticipation in Kuala Lumpur in 2021,” he said.
Located in the multi-billion ringgit Bukit Bintang City Centre development, the hotel will be the first of the brand to enter Southeast Asia.
Watts said that in the next few years, Hilton will also introduce four DoubleTree by Hilton hotels nationwide, including its entry into Putrajaya and Miri: the 290-room DoubleTree by Hilton Putrajaya and the 320-room DoubleTree by Hilton Miri.
In addition, Kota Kinabalu, home to Malaysia’s second busiest airport, will have a second hotel by Hilton: the 237-room DoubleTree by Hilton Kota Kinabalu.
“Kota Kinabalu has seen significant tourism increase over the last few years with an upward trend in international visitor arrivals and its economy is expected to grow fourfold over the next decade. The city shows great potential and this is the latest example of Hilton’s commitment to expanding its portfolio within fast-emerging business and leisure markets in Malaysia.
“Being part of a nearly 100-year-old company also gives us great leverage to be able to enter new upcoming markets such as Miri and Putrajaya where we lead the way in bringing international brands into these locations.
“We are committed to being in Malaysia and doing our part to make a positive impact as we continue to sign and open hotels here,” said Watts.

GuocoLand set to launch TOD project

"Tod is a higher-density mixed development focused around a strategic point in a stransit network. It usually has four different components - apartments, office tower/ hotel, a shopping mall and retail podium"

 

By Sharen Kaur - Published in NST Property on December 6, 2018

 

MORE property developers are looking at transit-oriented developments (TOD) as, in the current soft market, they believe such projects will sell better and garner more interest from the public than a single-use development or township.
TOD is a high-density mixed development focused around a strategic point in a transit network. It usually has four different components — apartments, office tower/hotel, a shopping mall and retail podium.
A developer can retain some of the components for occupation and recurring income, and sell others to recoup its investment.
GuocoLand Malaysia Bhd, the property arm of Hong Leong Group, is planning to launch Emerald 9, a TOD project at Cheras 9th Mile.
“Emerald 9 is the group’s next significant offering. It is an integrated residential and commercial project located in the mature neigbourhood of Cheras,” said GuocoLand group managing director Datuk Edmund Kong.
Emerald 9 will have residences, a 200-room business hotel, four-storey offices and five-storey shop lots. It will have an estimated gross development value (GDV) of RM1.5 billion.
The 4.76ha project is located 400 metres from the Taman Suntex mass rapid transit (MRT) station. It will have a direct link to the MRT station via a covered link bridge.
Emerald 9 will provide an environment for co-working and co-living with innovative business spaces and healthy facilities.

GuocoLand Malaysia group managing director Datuk Edmund Kong says the company is launching a transit-oriented development in Cheras

TOD seeks to maximise access to mass transit and non-motorised transportation with centrally-located rail or bus stations surrounded by relatively high-density commercial and residential developments.
The aim is to increase public transport ridership by reducing the use of private cars and promoting sustainable urban growth.
A good example is the KL Sentral development in Brickfields, Kuala Lumpur.
Spread across 29.16ha, KL Sentral encompasses the RM1.1 billion Stesen Sentral, Grade-A office towers and suites, apartments, condominiums, hotels and a shopping mall.
Stesen Sentral, currently Malaysia’s largest transit hub, is where several rail networks, such as the light rail transit, Express Rail Link, KTM trains and monorail, converge.
Keretapi Tanah Melayu Bhd (KTMB) chief executive officer Mohd Rani Hisham Samsudin said previously that TOD was the best method of development to integrate residential and retail with railway stations.
“Not only can we unlock the land value, the stations will also be upgraded with a new look and facilities. This will add value to overall development and bring convenience and value-added services to buyers and owner-occupiers,” said Mohd Rani.
KTMB has been planning TOD projects in the Klang Valley with an estimated GDV of RM6 billion, with Railway Asset Corp (RAC) as part of its initiatives to increase income from the non-fare segment.
The proposed developments are located in Kajang, Bangi and Klang on land owned by RAC, adjacent to KTM Komuter stations

Mah Sing—Lazada trend gaining traction

By Sharen Kaur - Published in NST Property on December 6, 2018

 

MAH Sing Group Bhd has interesting ways to sell properties and their latest initiative with Lazada Group could well be a new trend in the local property market.
The developer has partnered with Lazada to sell selected units in six projects — M Vertica, Cheras; M Centura, Sentul; Sensa Residence@Southville City, KL South; M Aruna, Rawang; M Vista, Penang; and Meridin East, Johor — during the upcoming Lazada 12.12 Grand Year-End Sale.
Each project will offer less than 10 units and the purchase is on first-come first-serve basis, said Mah Sing group managing director Tan Sri Leong Hoy Kum.
Leong told NST Property the combined value of the properties offered on Lazada is about RM30 million.
“RM30 million is a small value for Mah Sing, but this is just the beginning. We want to test the water and see how the sales perform. We are bullish as Lazada is a big e-commerce operator.
“Mah Sing has over 1,000 houses to sell in existing projects and new launches at any one time. Moving forward with Lazada we may increase the numbers featured on their e-commerce platform.
“We are the first to do this with Lazada. We want to change things that are impossible to possible. If you don’t try, you will never know. Buying a property is a big-ticket item and we are opening new avenues for the public to purchase. We are targeting first-time home buyers and the millennials who like buying things online,” said Leong.
Mah Sing, which has 47 projects with 32 ongoing in property hotspots of greater Kuala Lumpur, Klang Valley, Penang, Johor and Sabah, is the first developer to bring home purchasing online in Southeast Asia.
This is the first time the eCommerce platform is selling houses.
Lazada is a Southeast Asian e-commerce company, majority-owned by Alibaba Group Holding Ltd. It currently offers hundreds of different types of products on its platform like electronic devices, TV and home appliances, health and beauty, toys, home and lifestyle, women’s fashion, men’s fashion, fashion accessories, sports and travel as well as automotive and motorcycles.
Apart from Malaysia, Lazada has presence in Thailand, Indonesia, Vietnam, Singapore and the Philippines. It has 155,000 sellers and 3,000 brands serving 560 million consumers in the region.
Leong said majority of the houses that will be sold through Lazada between December 10 and 12 are priced from RM380,000 to RM600,000.
The most expensive are the apartments in M Vista, which are priced at about RM800,000.
M Vista is a low-density residential development, which is part of Mah Sing’s Southbay township development at Batu Maung. It is located just a stone’s throw away from the free trade zone, less than five minutes’ drive to Penang Second Bridge. This development features a 23-storey serviced residence, offering 237 units of residential suites with unit size ranging from 534sq ft to 1,201sq ft.
Leong said the six projects — M Vertica, M Centura, Sensa Residence@Southville City, M Aruna, M Vista and Meridin East — are among the hottest selling projects under the Mah Sing umbrella.
“These projects are already being offered to the public. Through Lazada, it gives people a chance to explore the projects in detail. The sales period on Lazada starts at midnight on December 10 and ends on December 12. The public can start viewing the projects now at our sales gallery. Once they have decided, they can talk to bankers of their eligibility to make the purchase, and on December 10, 11 or 12, they can add the property to the cart with a RM3,000 booking fee,” said Leong.
Booking fees are fully refundable if the home buyer decides not to proceed with the purchase. Once the unit selection, documentation and loan application are finalised, buyers can sign their sales and purchase agreement (SPA), and the new home is theirs.
Leong expects all properties to be sold on the first day as buyers who shop for their homes on Lazada will receive an exclusive five per cent Lazada incentive worth between RM20,000 and RM30,000 — the biggest online incentive ever to be offered on Lazada.
Mah Sing chief executive officer Datuk Ho Hon Sang said the developer planned to be as innovative as possible in its business and wanted to reinvent the way consumers shop for homes.
“Over half of the Malaysian population is shopping online, so being the first developer to sell units online on an e-commerce platform such as Lazada gives us a competitive edge against other developers in Malaysia,” he said.

Lazada’s move to real estate
Lazada Malaysia chief executive officer Christophe Lejeune said the company had been contemplating to sell houses on its e-commerce platform.
“We wanted to explore new frontiers and new things, and follow the needs of the customers. Last year, we moved into the automotive section and the only thing to do next was to sell a big-ticket item, and we found property to be the best.
“We met and had discussions with several developers in Malaysia, but narrowed down to Mah Sing as they understood the concept and agreed to the terms, which we proposed.
“We are excited to be the first eCommerce platform in the region to sell properties. This partnership is a win-win situation for both Lazada and Mah Sing. For Lazada, it is brand-building and we will get more customers to our site,” said Lejeune.
He said following the overwhelming response at the 11.11 Lazada Shopping Festival, the e-commerce operator was ramping up its efforts to cater to the changing demands of the evolving and increasingly fearless mobile consumers.
“Malaysian shoppers are looking for more digital solutions for all their lifestyle needs, and we believe this collaboration will make affordable homes more accessible to young home buyers,” said Lejeune.

BBCC progresses faster than expected

Federal Territories Minister Khalid Abdul Samad (6th from left) during a visit to the Bukit Bintang City Centre project site last month.

 

By Sharen Kaur - Published in NST Property on December 6, 2018 

 

THE transformation of the former Pudu jail site into the multi-billion-ringgit Bukit Bintang City Centre (BBCC), which started in 2016, is moving faster than expected.
According to project owner BBCC Development Sdn Bhd, 25 per cent of Phase 1 construction and all infrastructure works for the development were completed as at end-October 2018, ahead of its delivery which is slated in the first quarter of 2021.
BBCC, which sits on 7.85ha of land, will have a total gross built-up area of 6.7 million sq ft with a gross development value of RM8.7 billion.
The project comprises Mitsui Shopping Park Lalaport KL, Canopy by Hilton (a 28-storey lifestyle hotel), an entertainment hub, four serviced apartment towers, three blocks of strata and corporate offices and an 80-storey 3-in-1 signature tower housing corporate offices, a five-star hotel and luxury residences.
BBCC will have about 7,000 commercial and residential carparks within the entire development upon its full completion, which is expected by 2025.
Phase 1 consists of the RM1.6 billion Mitsui Shopping Park, 43 levels of strata office (The Stride), the entertainment hub that comprises Zepp KL by Sony, Malaysia Grand Bazaar (MGB) and Regus, and two towers of serviced apartments (Lucentia 1 and 2).
It will also see the construction of traffic tunnels to Jalan Galloway from Jalan Hang Tuah and another on Jalan Changkat Thambi Dollah, including a new transportation hub to link the Hang Tuah light rail transit station and the Merdeka mass rapid transit station.
The Phase 1 components account for 50 per cent of the total built-up area of BBCC.
“We are happy with the current pace of works and are looking forward to achieving the next milestone for this iconic development,” said BBCC Development chief executive officer Low Thiam Chin.
BCCC Development is a joint venture between Eco World Development Group Bhd, UDA Holdings Bhd and the Employees Provident Fund.
Since the official launch of BBCC in December 2016, the company has enjoyed positive market response for the serviced apartments comprising 666 units and the strata office consisting of 341 units.
Last year, BBCC Development inked an agreement with Hass Holdings Sdn Bhd to facilitate the sale of the 28-storey hotel block to the latter for about RM290 million. The 456-key hotel block will be managed by Hilton and branded Canopy by Hilton (the first in Southeast Asia) under a hotel management agreement between Hass Holdings and Hilton.
Mitsui Fudosan Asia, in a joint venture with the shareholders of BBCC Development, has started work to develop the RM1.6 billion Mitsui Shopping Park Lalaport KL.
The lifestyle mall will attract new-to-market Japanese and Asian brands as well as international retailers with globally-recognised brands to become a top shopping destination in this region.
Federal Territories Minister Khalid Abdul Samad, who visited the site last month, said he was impressed with the progress and traffic plans by BBCC Development.
Khalid said his ministry would give its full support for the completion of the BBCC project.