Fitters Diversified Bhd, a fire protection specialist, has embarked on its maiden property development project — ZetaPark — in Jalan Genting Klang in Setapak, Kuala Lumpur.
Fitters Diversified is involved in several other businesses including manufacturing and trading, renewable energy, and engineering and construction. As a fire protection specialist, it manages and runs the Fire and Rescue Department’s privatised centralised fire monitoring system through its subsidiary Master Pyroserve Sdn Bhd.
Its venture into property development began last year with the acquisition of an 8.43-acre site along Jalan Genting Klang for a mixed commercial development, taking advantage of its experience in mechanical and electrical engineering as well as construction, says Fitters Diversified managing director Datuk Richard Wong.
ZetaPark consists of SoHo units, designer office studios and apartments. Located next to a natural lake, the whole project has a gross development value (GDV) of RM550 million. The leasehold development is to be built on top of the KL Festival City mall which is currently under construction.
Wong says Phase 1, the SoHo block with a GDV of RM38.5 million, was soft-launched in June and has been fully sold.
The 136 SoHo units are from Level 6 to Level 17 with sizes from 379 to 830 sq ft and priced at RM180,000 to RM400,000 each, an average RM450 psf. The SoHo block has gross floor space of about 110,000 sq ft and saleable space of about 90,000 sq ft.
“The uniqueness of these units is that they are fully furnished. Buyers don’t need to waste money on renovation and they can just move in. These are flexible two-compartment units — one side can serve as an office and the other as a living room or bedroom,” he says, adding that a proposed public transport system will pass by the development as well.
Targeted at executives, 60% of the buyers are owner-occupiers while the rest are investors. The developer plans to start Phase 2, the designer office suites, by year-end pending approval from the local authority. This phase will offer 288 units with a proposed built-up of about 260,000 sq ft.
“Phase 2 is also based on the SoHo concept but the sizes are slightly bigger than the units in Phase 1. The units for Phase 2 are about 500 to 950 sq ft, and it will be developed up to Level 21 [from Level 6],” he says.
The project will feature a two-acre eco-deck at Levels 4, 5 and 6 with lush landscaping, greenery and water features. There will be a swimming pool, floating gym, daycare centre, jogging tracks and landscaped gardens.
“The eco-deck is the highlight of ZetaPark, and the whole project will be integrated with the levels of these facilities,” Wong says.
Plans for the final phase of ZetaPark are still in the design stage. Preliminary plans are for 480 serviced apartments catering for families, with a total built-up of 706,000 sq ft. The final phase is expected to be launched by 1Q2011.
A number of developers are developing projects in Setapak due to its proximity to the KLCC area and in anticipation of upcoming facilities like the Columbia Asia Hospital.
The Jalan Genting Klang area specifically has been through a major makeover over the past few years. The narrow two-lane road has been widened, while many new developments, especially commercial projects, have been or are being built. Besides Fitters Diversified, among the developers building here are Platinum Victory Development Sdn Bhd and Mah Sing Group Bhd.
Retail chains are also making inroads here to tap the growing population. Parkson, for example, will be managing the KL Festival City mall, the four-level mall beneath ZetaPark.
The mall is being built by Fitters Diversified for owner and manager Parkson Holdings Bhd. Targeted for completion by end-2010, it has a total retail space of one million sq ft and net lettable area of 450,000 sq ft.
The mall will have 200 shops, anchored by Parkson Department Store, a supermarket, and MBO Cineplex. There is a population of more than 446,000 within a 10-minute drive of the mall.
It will complement ZetaPark, Wong says, as it will serve as added convenience to the residents. They can shop for groceries, watch movies and visit the F&B outlets. The new Columbia Asia Hospital, he adds, will be set up within walking distance of the development.
On the company’s plans, Wong says it is currently looking into a commercial development joint-venture project down south and a residential development in the Klang Valley. It currently has a landbank of about 30 acres in Pahang and the Klang Valley.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 825, Sep 27-Oct 3, 2010