KUALA LUMPUR (Oct 18): Naza TTDI Sdn Bhd, the property arm of Naza Corporation Holdings Bhd, is set to soft launch its second phase of residences at its KL Metropolis integrated development located at Jalan Duta near Mont'Kiara, Kuala Lumpur, sometime next month, said Naza TTDI deputy executive chairman and group managing director, SM Faliq SM Nasimuddin.
Faliq was speaking to reporters at the launch of the company’s new KL Metropolis sales gallery located at Naza Tower, Platinum Park in KL. The new facility spans a gross floor area of 14,000 sq ft.
According to Faliq, the serviced residences are part of KL Metropolis’ Met 1 precinct, which offers a total of 616 units.
Prices for the units range from RM1,000 to 1,100 psf, with built-ups from 650 sq ft to 1,600 sq ft.
“About 60% of the units will be the smaller units. The market is soft, so we are just doing a soft launch for now, with the official launch to take place sometime in the first quarter of 2017,” said Faliq.
He also added that the project has garnered more than 300 expressions of interest.
“Most of them are our repeat buyers who have followed us for some time,” said Faliq.
The first residence component in KL Metropolis is Arte Mont Kiara, a three-tower simplex and duplex suites and serviced residences — a collaboration with Nusmetro Property Sdn Bhd. The project is slated for completion in 4Q2019 with a GDV of RM1.2 billion.
Precinct MET 1 will comprise two blocks of office towers, a serviced residence and two retail malls with a total net lettable area of 81,000 sq ft sitting on a 4.29-acre site with a gross development value (GDV) of RM1.3 billion.
Meanwhile, the first component of KL Metropolis, the Malaysia International Trade and Exhibition Centre (MITEC) will be fully operational by 1Q2016 and is set to be the country’s largest exhibition centre.
It has a gross floor area of one million sq ft, with a total of 11 exhibition halls on three levels.
Apart from MITEC, KL Metropolis is divided into eight precincts of MET 1 to MET 8 comprising residences, retail units, offices, hotels and a medical centre.
Commenting on the market outlook, Faliq noted that it may look better next year.
“The market may not be great, but it could do better. I personally feel after the whole budget announcement (on Oct 21), and the commencement of the Mass Rapid Transit (MRT) line, investors may be a bit more excited to invest in Malaysia,” he said. A MRT station is also set to be situated in the KL Metropolis development.
“For the MRT 3 station, we are in talks with the relevant authority. Now, they are focusing on awarding contracts for the MRT 2 line first. We have allocated parcels of land in the development for the proposed station,” said Faliq.
KL Metropolis sits on a 75.5-acre site and has an estimated GDV of RM20 billion to be spread out over 15 years.