SP Setia to launch RM500mil worth of apartments in KL Eco City

Top out: (from left) Khor, Zaki, Federal Territories Minister Datuk Seri Utama Tengku Adnan Tengku Mansor, KL mayor Datuk Mohd Amin Nordin Abd Aziz and Putrajaya Perdana group MD Datuk Rosman Abdullah at the topping out ceremony.

Property developer SP Setia Bhd will be launching RM500mil worth of serviced apartments in KL Eco City next year, which should be quite manageable as the site will be a value proposition, said acting deputy president/chief operating officer Datuk Wong Tuck Wai.

“Next year will be challenging but there will be underlying demand for this location. We have built a brand and KL Eco City is a city within a city,” he said.

Wong was speaking to reporters after a topping out ceremony on the 36th floor of the company’s Strata Office Tower, one of seven office towers and boutique offices planned for KL Eco City development. The 25-acre project, with a gross development value (GDV) of RM7bil, is a joint development with KL City Hall which owns most of the land located in Bangsar, Seputeh and Pantai.

It will be one of the largest integrated mixed commercial and residential developments in Malaysia with 7.5 million sq ft gross floor area. More than half of this, or 4.2 million sq ft, are already under construction. Construction began in 2011.

SP Setia Bhd chairman Tun Zaki Tun Azmi said “projects that change the face of a city take committed teamwork and passion to succeed” and this is one of them.

“The development will have a planned integrated rail connectivity that will include the existing Abdullah Hukum LRT station and the new KTM Komuter station,” he said.

The company has invested about RM150mil to build four major ingress/egress ramps to serve the development.

Acting president/CEO Datuk Khor Chap Jen said the company is constructing six new bridges and ramps to provide better connectivity apart from easing traffic and congestion in the area around KL Eco City.

“Construction of these bridges and ramps are already in the advanced stages and is scheduled to be completed by 2016. On completion, these multiple entry and exit points will provide superb accessibility to and from Federal Highway, New Pantai Expressway and Jalan Bangsar.

“Be it townships or mixed integrated development like KL Eco City, we believe infrastructure must always come first,” said Khor.

The Strata Office Tower, with a gross development value of RM306mil, is 100% sold and will be handed over to purchasers by July 2016. It will be one of the most energy-efficient office towers in the city and will have a Leadership in Energy and Environmental Design gold – core and shell certification – from the US Green Building Council.

“We look forward to welcoming our first batch of purchasers in 2016 for the Strata Offices, followed by the opening of the retail mall and completion of Vogue Suites in 2017,” he said.

As of April 30, 2015, SP Setia has 30 ongoing projects, with an effective stake of 4,200 acres in undeveloped land bank remaining and RM71.27bil in GDV. - By Thean Lee Cheng (The Star)