KUALA LUMPUR (Jan 11): China Vanke Co Ltd, the China’s second-largest developer by sales, is eyeing the launch of its first mixed development in Malaysia this year with an estimated GDV of RM5 billion.
Vanke Holdings (Malaysia) Sdn Bhd managing director Lang Cong said the multi-billion development which consists of residential, retail and commercial elements is now pending approval from the authorities.
“The phase one development will comprises residential units and retail space, to serve the needs of the residents [upon completion]. We are targeting local buyers and expats who worked in Kuala Lumpur who want to live in [the] city centre,” he told the media during the media tour at the Vanke Experential Hall (VEH) show gallery in Menara IMC here today.
According to him, the overall project has an estimated GDV of RM5 billion, but the GDV might change in the future, depending on whether the authorities approve their plans.
The unnamed project will be built on the former Serani Row plot at Jalan Raja Chulan, close to the Bukit Nanas heritage zone and forest reserve, and is about 1.5km away from the company’s show gallery.
Targeting city dwellers and expats, Lang said the design of the residential units will be smaller, at around 500 sq ft for studio apartment units and 800 sq ft for two-bedroom units.
However, he did not reveal the indicative selling price for the units and the purchase price of the plot.
According to earlier news report, China Vanke had purchased the 7-acre prime land from Malola Garden City at RM500 million or around RM1,600 psf back in 2017.
The project had become controversial when the company’s initial proposal of the high density development – two 80-storey towers, two 66-storey towers, two-60-storey towers and a 13-storey podium, as revealed by one of the local authorities' officers.
The public was worried that the high density development might have an impact on the surrounding environment as the project site is just next to the Bukit Nanas heritage zone and forest reserve.
Commenting on this, Lang said the company still working on the project planning to comply with the local authorities’ policies and regulation as well as meeting local market needs.
“This primitive forest will be one of our [project’s] advantages and we are working with forestry department to preserve the Bukit Nanas Forest Reserve,” he added.
Besides this project, he said Vanke is also looking to explore more business opportunities in Malaysia and does not want to be just a pure development company.
“We have many businesses in China and other markets. In Malaysia, we want to do more than [be] just a real estate player, we are eyeing to bring in other business as well, if opportunity arises,” he said.
China Vanke currently has presence in global cities such as Hong Kong, London, San Francisco, New York and Moscow.
The company’s business includes retail mall, construction, Building Information Modeling (BIM) research and development as well as logistics and warehousing, education, long-term rental apartments, senior citizen care and operating ski resorts.