Gamuda to launch high-rise projects in Melbourne and Selangor

KUALA LUMPUR (June 20): Gamuda Land, the property arm of Gamuda Bhd, will be launching two high-rise residential projects – one in Melbourne, Australia and the other in Kelana Jaya, Selangor, said its managing director Chow Chee Wah.

Coming up in South Yarra, which is 4km from Melbourne’s city centre, is the 30-storey 661 Chapel St apartment project.

The A$146 million (RM421.5 million)-project will comprise 169 units with built-ups from 41 sq m and 1-bedroom, 2-bedroom and 3-bedroom layouts, with indicative selling prices from A$540,000.

During the Kuala Lumpur launch for 661 Chapel St on June 27, all units will be up for sale. This will be followed by another launch Down Under in September.

However, Australian buyers who wish to purchase their units before the project is unveiled back home may do so at the Kuala Lumpur launch, he said.

Meanwhile, Gamuda Land’s second high-rise project in Kelana Jaya, Selangor is called HighPark Suites and will be launched in August.

The RM628 million-project offers two towers, with a total of 1,024 units. Built-up starts from 452 sq ft, with selling prices starting from RM900 psf.

The project’s unique feature is an “elevated” 2.66-acre park that is part of the facilities floor on level 7, which will also have a 1km jogging track, among other amenities.

While both projects boast many features that aim to enable residents to live, work and play – in fact, Chow likens them to vertical townships – they come amid challenging times in their respective markets.

In Melbourne, there are fears of an over-supply of apartment units especially in the inner city area that could impact investment values and rental rates. In Malaysia, the soft property market could lead to poor sales.

How will Gamuda Land deal with these challenges?

To find out, be sure to read the full report in the June 22 issue of City&Country, the property pullout of The Edge Malaysia.