PETALING JAYA (Feb 27): The phase one of M101 Skywheel, Kuala Lumpur was 80% sold at its official launch last weekend, said M101 Holdings Sdn Bhd CEO Datuk Seth Yap.

“M101 is very pleased with our achievement today. Out of 1,000 units from M101 Skywheel’s phase one, 80% has been sold. Together with the enbloc sale of RM100 million with the seven top agencies in Indonesia, we have signed and returned over 60% of the sales and purchase agreement valued over RM400 million on the day of the launch,” he said in a press release today.

He added that the company also attributed the success to the fact that the management did not include any premiums in the selling price, which starts affordably at RM999 psf despite a study by Knight Frank stating that premium branded developments can be priced 30% higher.

“Additionally, developments with MRT is priced a further 30%. We did not include both. Hence, you can say that our buyers are already enjoying an immediate value appreciation from their purchases,” he said.

M101 is on track to complete the sales of Skywheel’s phase 1 by end-2017 as the company will be introducing the development to other parts of Asia such as Taiwan, Singapore, Hong Kong, Vietnam, Sri Lanka and Bangladesh, in line with M101’s property tourism initiatives.  

Datuk Seth Yap

Located at Kampung Baru, M101 Skywheel has a gross development value (GDV) of RM1.8 billion. M101 recently appointed China Huashi Enterprises Co Ltd as the main contractor for the development of M101 Skywheel. Work on the project has commenced and scheduled for completion by 2020.

M101 Skywheel boasts the first in the world Sky Ferries Wheel with the highest vantage point of 220m above the ground, the first in Asia Planet Hollywood Hotel and the first integrated development in the world design by Studio F. A Porsche.

The development will also feature the world’s highest shopping experience with SkyMall that extends from the 50th to 52nd levels with more than 200,000 sq ft of retail space, with diverse product offerings and an MRT station at the door step of the development.

M101 kicked off the year on a high note with the launch of M101 Skywheel in Indonesia, which saw the enbloc commitment of RM100 million by seven top agencies in Indonesia — Century21, ERA, Harcourts, LJ Hooker, PROMEX, Ray While and REMAX.  

Held in Jakarta, the signing ceremony was witnessed by Malaysia’s Ambassador to Indonesia Datuk Seri Zahrain Mohamed Hashim,.

M101 Skywheel was also successfully launched in China.

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