MRCB’s 9 Seputeh achieves 70% sales for first phase

KUALA LUMPUR (May15): Malaysian Resources Corp Bhd’s (MRCB) first phase of its on-going mixed-used development 9 Seputeh is 70% sold to date. This first phase was launched in two sub-phases, with phase 1A done in April 2014, and phase 1B in September 2014.

“We are positive on 9 Seputeh’s sales take-up and confident the sales will do well due to competitive pricing and accessibility,” said chief financial officer Ann Wan Tee in an email interview. “Both Old Klang Road and NPE (NPE) provide different connectivity to other major roads. The location is attractive as we are close to Bangsar, Mid Valley and KL city centre.”

9 Seputeh Phase 1, with a gross development value (GDV) of about RM860 million, offers two 44-storey towers called B and C (190 units each) and two 42-storey towers called A and D (222 units each). Additionally, there will be a 15-storey SoHo block with 287 units.

The entire development will be constructed in four phases and is expected to be completed in 10 years. The 9 Seputeh project stretches 17.3 acres along Old Klang Road and has a total GDV of RM2.5 billion.

The commercial component of 9 Seputeh consists of two- and three-storey retail lots, a hypermarket and food court. The development is connected to retail, commercial and transportation hubs of KL Sentral CBD, Mid Valley City and Bangsar with its dedicated link to the NPE, including a planned covered link bridge connecting the proposed monorail station.

Meanwhile, the corporation has lined up three launches for the third quarter of this year, namely Semarak City (GDV: RM400 million), The Grid at Jalan Kia Peng (GDV: RM400 million), and 3 Residences in Kajang (GDV: RM300 million).

With its upcoming launches this year amounting to RM1.3 billion in GDV, the company aims to secure RM910 million in sales in the year.

This article first appeared in The Edge Property pullout, on May 15, 2015. To view the full pullout, go here.