indepth

Market potential of Chinatown

In 2018, Singapore-listed property group GSH Corp an­nounced it was taking a 50% stake in a special purpose vehicle that owned a prime land parcel of 1.4ha in Kuala Lumpur’s Chinatown precinct of Jalan Petaling, whereby the acquisition process has since been completed.

Plans are in place to build a 69-storey modern skyscraper with a total of 1,889 apartment units.

Unit sizes will range from 624 sq ft to 4,390 sq ft (one-bed­room units to six-bedroom penthouse units) with over 70 facilities. Located 300m away from Merdeka 118, it is set to be the only residential property and the tallest building in Petaling Street.

This is the group’s second project in KL. The site on work is slated to commence soon once the relevant authority ap­provals are in place, GSH Corp group director of sales and marketing Dennis Tan tells EdgeProp.my.

“Chinatown is a place with so much heritage and yet it has such hip appeal to a younger crowd in their 20s and 30s, thanks to its growing crop of stylish cafes and unique lifestyle concepts. We believe that Chinatown has a lot of potential to grow and this is only the beginning. When our project is com­pleted, we believe that it will further rejuvenate Chinatown’s attraction as a lifestyle hub.

Coupled with its strategic location, being right smack in downtown Kuala Lumpur, our project also has great connectivity options for its residents. We have units with prices that will be a great investment opportunity for both our locals and foreign investors,” Tan shares, adding that they are looking to officially launch the project sometime next year.

Read: The new old Chinatown: Makeover working its charm

This story first appeared in the EdgeProp.my E-weekly on Nov 12, 2021. You can access back issues here.

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