Latitud 8 at Jalan Ampang to be unveiled by year-end

Crest Builder Holdings Bhd has enterd into a joint venture (JV) with Prasarana Malaysia Bhd and Detik Utuh Sdn Bhd to develop Latitud 8, a mixed-commercial development which has a total gross development value (GDV) of RM1.1 billion.

Crest Builder group managing director Eric Yong said the 43-storey single block mixed commercial development, which is located at the Dang Wangi LRT station at Jalan Ampang, Kuala Lumpur, will feature a lifestyle retail podium with business and convention facilities, office space, small office/flexible office (SoFo), small office/home office (SoHo) and duplexes, as well as a rooftop lounge and bar.

"We plan to soft launch the residential units in Singapore and Hong Kong as well as Malaysia by December this year as we expect the market sentiment to improve in the third quarter. The estimated selling price averages RM1,300 psf," he added during the press conference after the ground-breaking ceremony.

The Minister of Federal Territories Datuk Seri Utama Tengku Adnan and Datuk Bandar Kuala Lumpur Datuk Seri Mohd Amin Noordin were present here today to officiate the ground-breaking ceremony.

Latitud 8 is a joint land development between Crest Builder's 51%-owned subsidiary Intan Sekitar Sdn Bhd and Prasarana Malaysia Bhd.

Intan Sekitar is a JV holding company between Crest Builder’s wholly-owned subsidiary Crest Builder International Sdn Bhd and Detik Utuh Sdn Bhd.

Intan Sekitar chairman Puan Sri Rahayu said the development started its construction last month and it is expected to be completed by 2020.

She noted that this project will also be the first transit-oriented development (TOD) in Malaysia, which is constructed directly above an active and operating LRT station.

The 2.72-acre development includes a retail mall with a net lettable area (NLA) of 800,000 sq ft, 16 floors of open office space, and 420 residential units, which comprise SoFos, SoHos and duplexes.

"For the SoHo and SoFo units, we are eyeing 50% of the buyers to be foreigners and the rest will be locals," Yong said.

He noted that the JV company is now in talks with several parties for the sales of its office and retail spaces.

"Six floors of the open office space will be taken by Prasarana. We plan to sell the rest of the space to other companies. The expected selling price averages RM1,200 psf," he added.

On the retail mall, he said the company will retain 20% to 30% of the retail space and plans to sell the rest to single parties with multiple equity partners. - The Edge Property