M101 seeks to achieve 50% sales in Kg Baru project by year end

KUALA LUMPUR (Sept 9): M101 Holdings Sdn Bhd, a two-year-old property developer, is eyeing up to RM700 million sales by December  for its RM1.5 billion mixed development project in Kampung Baru here.

Executive director Datuk Seth Yap Ting Hau said the M101 SkyWheel project will be able to break even once it achieves 50% sales, which is also the level the group targets to achieve by the end of this year.

“We are confident of selling our products because we have a mixed range of products,” Yap told reporters after the ground-breaking ceremony for the project.

“Our SoFo (small office flexible office) units are selling at about RM1,200 to RM1,500 per sq ft, which is quite affordable in this area,” he added.

Yap said the 1,200 SoFo units, which have built-up sizes ranging from 400 sq ft to 800 sq ft, will be officially launched in November.

“We are also partnering with well-known brands like Studio FA Porsche as our designer.

“The brand helps in selling our luxury suites, especially to foreign buyers. They don’t know about M101, but they know Studio FA Porsche,” he said.

The project’s 96-unit luxury suites are expected to be priced at over RM3,000 per sq ft.

M101 SkyWheel, a twin-tower project located on a two-acre (0.81ha) piece of land, also comprises Planet Hollywood Hotel, with architecture work done by the Veritas Architects Design Group. It will also feature a Ferris wheel on the 52nd floor, positioned in between the two towers.

There will also be a five-storey retail mall from the 48th to 52nd floors, with total retail space of 200,000 sq ft.

“We also voluntarily surrendered 16,000 sq ft of our land area to MRT Corp to build an MRT (mass rapid transit) station under the MRT Line 2 project, right in front of M101 SkyWheel,” he said.

Yap said over 1,000 people and firms have registered interest in the project so far.

On future plans, Yap said the group is eyeing small underdeveloped pieces of land in the city centre.

M101 Holdings also plans to expand its footprint into places like Langkawi and Indonesia, he added.

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This article first appeared in The Edge Financial Daily, on Sept 9, 2016. Subscribe to The Edge Financial Daily here.