PETALING JAYA (March 15): Kuala Lumpur will soon usher in a new skyscraper in the form of Singapore-listed developer Debao Property Development Ltd’s twin-tower residential high-rise called The [email protected] City.
With an estimated gross development value of RM2.2 billion, The [email protected] City will come up on the 2.07-acre freehold former site of SJK (C) Imbi School at Jalan Horley next to Berjaya Times Square.
Upon completion in 2023, it could be the tallest twin tower residential building in the city with one of the towers reaching heights of 225m, said the China-based property developer.
“This is our first wholly-owned overseas project. We set foot in Malaysia about 10 years ago, but the projects that we have done in the past are joint-venture projects outside KL city,” said Debao Property Development deputy CEO Zeng Yong Bao.
“We decided to venture into the Malaysian market because of the good ties between China and Malaysia and the latter’s stable political and business-friendly environment. We also see KL as an international city where one can get a high quality house at a relatively low price,” Zeng told EdgeProp.my.
According to Debao Property Development sales director Alan Wong, The [email protected] City consists of the 72-storey North Tower and the 73-storey South Tower, both sharing a 13-storey podium which will house the lobby, a multi-storey and mechanical car park and common facilities. The two towers will have a total of 1,338 serviced apartments with built-ups from 558 sq ft to 1,150 sq ft.
The project is expected to be launched by end of the second quarter or early third quarter of this year with an initial 300 units to be open for sale at an average price of RM2,500 psf, said Wong.
“When a China developer has a project here, people think that the target market is China. But that is not true, because we are targeting both local and international buyers, not only from China but also from Hong Kong, Taiwan, Japan, Korea, Singapore and Indonesia,” he added.
On the current competitive market in the luxury high-rise residential market in KL, Zeng said it offers a good opportunity for Debao to set itself apart in the market.
“Competition is not an issue, the issue is how we can stand out from the others,” he said.
“We are very careful with our planning and marketing strategy. This is a very important project for us as it will be the first step in establishing our brand and presence in the Malaysian market,” he added.
For this project, Debao is banking on its strategic location and construction quality.
“It is located in the heart of the KL Golden Triangle with great accessibility and connectivity to major roads, public transport and amenities.
“In order to ensure the quality of the units, we have appointed China State Construction Engineering Corporation, one of the best construction companies in China, as the contractor of this project,” Zeng elaborated.
Meanwhile, Debao Property Development project director Ooi Teik Kaie said the project has obtained a development order in 2016 while its advertising permit and developer licence was approved recently.
The project offers various layouts including studio, 1-bedroom, 2-bedrooms, 3-bedrooms, 3+1 bedrooms, 4+1 bedrooms and duplex units to suit the needs of various types of buyers. Facilities include a sky restaurant, rooftop garden, a 53m-long infinity pool and a mechanical car park system.
The [email protected] City is being developed by Elite Starhill Sdn Bhd, a subsidiary of Debao. According to Ooi, Elite Starhill purchased the land at RM388 million or about RM4,311 psf and the transaction was completed in 2016.