M101 Holdings taps into property tourism

KUALA LUMPUR (Sept 9): M101 Holdings Sdn Bhd is tapping into the property tourism industry with its iconic development M101 SkyWheel which has a Ferris wheel on top of the building. The developer hopes it will become another must-visit tourism spot after the Petronas Twin Towers in KLCC.

Its founder and executive director Datuk Seth Yap Ting Hau said the integrated development offers all the elements required to cater to tourists’ needs and it could support the government’s initiative in promoting property tourism.

“We see a big opportunity to bring in foreign direct investments that would benefit not only the economy but also the retail industry,” he told reporters during the ground-breaking of the development yesterday.

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Situated on a two-acre freehold site located between Jalan Raja Muda Abdul Aziz and Off Jalan Tun Razak in the Kuala Lumpur city centre, the project carries a gross development value (GDV) of RM1.4 billion.

“We hope to take advantage of small underdeveloped land in the city centre. With this we also hope to encourage both local and foreign investors to take interest in Malaysia’s properties,” Yap said.

The development comprises two 78-storey towers and a Ferris wheel, which is 60m in diameter to be built on the 52nd floor in between the two towers.

It will feature SoFo units, a SkyMall that extends from the 48th to the 52nd level offering over 200,000 sq ft of retail space, serviced suites and a hotel.

The 1,200 SoFo (small office flexible office) units will be officially launched in November this year. The units will have built-up sizes ranging from 400 sq ft to 800 sq ft with estimated selling prices ranging from RM1,200 psf to RM1,500 psf.

TheEdgeProperty.com managing director and editor-in-chief Au Foong Yee and director of business and product development Alvin Ong as well as foreign media from Hong Kong, Singapore and Indonesia also attended the event.

Federal Territories Minister Tengku Adnan Tengku Mansor who officiated the event said the M101 SkyWheel development could transform and revitalise the Kampung Baru area as well as provide new amenities to the oldest residential area in Kuala Lumpur.

“With its own magnitude and unique design, M101 SkyWheel has brought back excitement to the local real estate scene and this iconic building will certainly raise the standards of commercial and retail developments within the Klang Valley,” he added.

M101 Holdings has already launched two projects, namely M101 Dang Wangi and M101 Bukit Bintang, which will be completed by June 2017. M101 SkyWheel is the third and flagship project under the M101 brand.

Yap said, moving forward, the company has plans to expand to Langkawi as well as abroad such as Karimun, Bintan and Bandung in Indonesia.

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This story first appeared in TheEdgeProperty.com pullout on Sept 9, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.