PETALING JAYA (Sept 3): UDA Holdings Berhad (UDA) plans to redevelop Kompleks Niaga Utama in Bangsar, into serviced apartments with a gross development value (GDV) of more than RM250 million.
UDA will give the 14 traders currently operating in Kompleks Niaga Utama a three-month relocation notice. They will be offered spaces in Pudu Sentral and Pertama Complex, UDA said in a press statement today.
The project is expected to be completed in 2019.
UDA group managing director Datuk Ahmad Abu Bakar said UDA wanted to provide ample time for the traders to relocate.
“For a land [parcel] that is worth so high, at RM35 million, it is not fair to have only 14 operating traders on that land,” Abu Bakar said.
“Bangsar has always been known as a commercial suburb area that could attract people to come – regardless if they want to hang out or actually live here.
The redevelopment will certainly help to generate our economy in the long run,” Abu Bakar added.
UDA said that given the high maintenance costs of the ageing building, the redevelopment is timely and viable.
The apartment units will enjoy uninterrupted views towards the Kuala Lumpur skyline to the east, and Bukit Bandaraya to the north, the developer said.
The redevelopment will come with recreational facilities such as rooftop swimming pool, gazebo, gymnasium, jogging track, playground, banquet hall and outdoor spaces.
It will be in close proximity to Grade-A offices, high-end residentials, a 5-star hotel (The Gardens), Mid Valley City, Bangsar Village, Bangsar Shopping Centre and the Bangsar light rail transit (LRT) station.
“Owners and tenants will [be able] to manage their homes via their smartphones and mobile devices,” said UDA.
The redevelopment will be UDA's second residential tower in Bangsar. The first, Gaya Bangsar, next to Dataran Maybank was launched in 2008.
Gaya Bangsar comprises 285 residential units and is located next to Dataran Maybank. UDA said 95% of the project was sold within a week of pre-launch. The units have a built-up area of between 671 and 1,610 sq ft and were priced between RM350,000 and RM900,000 each.
UDA said it achieved more than the Bumiputera sales quota of 40% for Gaya Bangsar, with a majority of units being taken up by locals, and 10% by expatriates.
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