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- With a gross development value of RM800 million, the project will offer about 1,300 units consisting of serviced apartments with built-ups from 484 to 657 sq ft, as well as office suites with built-ups from 323 sq ft. The selling prices are approximately RM1,800 psf to RM2,200 psf.
KUALA LUMPUR (Nov 30): Exsim Development Sdn Bhd and the Malaysian Basketball Association (Maba) officially commenced construction for their joint venture project named Maba Suitez at the former Wisma Maba site along Jalan Hang Jebat in Kuala Lumpur on Sunday.
The former 1.328-acre Wisma Maba site will be redeveloped into a 60-storey serviced apartment comprising two towers. With a gross development value of RM800 million, the project will offer about 1,300 units consisting of serviced apartments with built-ups from 484 to 657 sq ft, as well as office suites with built-ups from 323 sq ft. The selling prices are approximately RM1,800 psf to RM2,200 psf.
At the groundbreaking ceremony of Maba Suitez on Sunday, Maba president Datuk Seri Lee Tian Hock, who is also the founder and group executive deputy chairman of Matrix Concepts Holdings Bhd (KL:MATRIX), said the selling prices are still being reviewed and will be finalised in March next year. The project is expected to be completed in 2031.
In his welcome address, Lee highlighted that the new Maba headquarters will span 3,000 sq ft and feature a dedicated half basketball court.
Lee also pointed out that Maba will receive RM170 million for the site, of which RM120 million will be used by the association to purchase serviced apartments at Maba Suitez. These units will be used to generate rental income. Based on current market rates of 5% rental yield, Lee expects these units to garner about RM6 million annually.
“This redevelopment project will allow Maba to build long-term financial assets that provide stable, ongoing income. That is how we will turn our vision of financial independence into reality,” Lee added.
On why the association agreed to redevelop the site, he said, “After serving us for over fifty years, Wisma Maba faces serious structural problems. Our stadium also has its own issues, with a leaky roof and an ageing cooling system. We can’t live on past achievements, we must have the courage to build a new legacy.”
Maba Suitez will be located right opposite the Merdeka 118 precinct and is within walking distance to the MRT Merdeka and LRT Plaza Rakyat stations.
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