Prasarana Malaysia Bhd plans to develop seven property projects here and Selangor with a gross development value (GDV) of RM4bil in the next four years.
Chairman Tan Sri Ismail Adam said this was in line with the company’s mission to increase non-fare revenue contribution to 50% by 2020.
Prudent approach: Ismail(right) says the projects will optimise the use of underutilised land along the LRT and monorail networks
“Currently, non-fare income contributes less than 10% to revenue,” he told reporters after the groundbreaking ceremony of Latitud8 transit-oriented development (TOD) project here yesterday.
Federal Territories Minister, Datuk Seri Tengku Adnan Tengku Mansor, officiated the ceremony.
Latitud8 is a mixed development project with a GDV of RM1.1bil. It will be built above the Dang Wangi light rail transit (LRT) station.
The project is 49%-owned by Prasarana and the rest is owned by Crest Builder Holdings Bhd’s 51%-owned unit, Intan Sekitar Sdn Bhd.
Ismail said of the seven projects, six would be built based on TOD concept which was to integrate with the LRT and monorail systems to encourage transit ridership.
He said the planned projects would optimise the use of underutilised land along the LRT and monorail networks.
Apart from Dang Wangi LRT station, other LRT stations that would be developed into TOD projects are Ara Damansara, Awan Besar, Kelana Jaya and IOI Puchong Jaya while Brickfield’s Tun Sambanthan monorail station would also be incorporated into TOD projects.
Another project in Taman Tun Dr Ismail, Kuala Lumpur would be developed into a serviced apartment.
On Latitud8, Crest Builder Group managing director, Eric Yong Shang Ming, said the company expected half of the residential properties offered to be taken by international buyers while the remaining would be sold to local buyers. He said the company also planned to sell up to 80% of the retail spaces and maintain a portion of them.
“The whole retail areas are valued at between RM160mil and RM180mil,” he said.
Construction on the 43-storey building started last month and is expected to be completed by the end-2019.
Meanwhile, Tengku Adnan urged developers to develop more TOD concept development projects in the city which would benefit the city dwellers.
He said many developed countries were now using this concept, especially in Hong Kong, Japan and Sydney.
“We want Kuala Lumpur to be a business-friendly and a livable city.
“Through TOD, people who live in the city can easily commute to their work places or any destination without having to worry about travelling along congested roads and highways,” he said.
He also hoped Latitud8 would serve as the ideal connectivity within Kuala Lumpur and that this development would pave the way for other TOD projects in the Greater KL area. – Bernama