SoFo units at Latitud 8 TOD to see soft launch next year

PETALING JAYA: Crest Builder Holdings Bhd plans to carry out a regional soft launch of the Small-office Flexible-office (SoFo) units at its Latitud 8 mixed commercial development by the middle of next year as it anticipates the property market to pick up after Chinese New Year, said group managing director Eric Yong.

The 43-storey project is located at the Dang Wangi LRT station in Kuala Lumpur. It is the first transit-oriented development (TOD) in Malaysia to be constructed directly above an active and operating light rail transit (LRT) station.

“Currently, we have received 1,200 enquiries from interested buyers for the 420 SoFo units,” Yong told TheEdgeProperty.com.

The company is in the midst of discussing with various international real estate agencies to plan and coordinate the simultaneous launch event in Hong Kong, Singapore and Melbourne, Australia.

The 2.72-acre leasehold development carries a gross development value of RM1.1 billion. It began construction last year and the strengthening works at the basement levels were completed early this year.

The development comprises a retail mall with a net lettable area of 800,000 sq ft, 16 floors of offices and 420 SoFo units. The targeted completion date will be in 2020.

Yong said the SoFo units start from level 21, above the offices and retail mall. Each floor will have 21 SoFo units.

“The floor plan has a U-shape design. This means there will be multiple cul-de-sacs on every floor and we will have eight corner units on every floor. When you come out from the unit, you won’t see a long massive corridor like in a typical floor plan design,” he explained.

The SoFo units have built-up sizes of between 650 sq ft and 950 sq ft while the penthouse units have built-up sizes of between 1,800 sq ft and 2,400 sq ft. The selling price starts from RM850,000 or an average RM1,350 psf.

“Being next to Bukit Nenas, we boast an undisturbed view of the KL Tower on one side and next to it is the nostalgic Maybank Tower,” Yong said, adding that the project targets high-net-worth individuals who are looking for a property in the city centre.

“Compared with other TOD concepts, Latitud 8 is just an elevator ride away from the LRT station — residents could take the elevator down to the underground to the LRT station — and one-stop away from the KLCC station,” he explained.

Yong also noted that the weakening ringgit has attracted interested buyers from overseas as it has received quite a number of enquiries from foreign buyers.

Meanwhile, for the office space which starts from level 5 to 20, Yong said, the landowner — Prasarana Malaysia Bhd — will take up about seven floors while the remaining floors will be sold at an indicative average selling price of RM1,250 psf.

On the 3-storey boutique retail mall, Yong said it will focus on lifestyle and leisure elements.

“We are looking for unique food and beverage outlets and a localised gym operator as well as a grocer to anchor the mall,” he added.

This story first appeared in TheEdgeProperty.com pullout on Nov 18, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.