CMP to launch RM1.5bil Lido Residences project

KUALA LUMPUR: Central Malaysian Properties Sdn Bhd (CMP) is expected to launch its Lido Residences project with gross development value of RM1.5 billion by the second half of this year.

Lido Residences, which is part of the Lido Boulevard project with a total gross development value of RM4 billion, is expected to begin construction in the next nine to 15 months, said CMP managing director Datuk Chan Tien Ghee.

"Construction is expected to be completed in two years' time," he told reporters after a contract signing ceremony with Jan De Nul (Malaysia) Sdn Bhd here today (March 15).

Jan De Nul will carry out land reclamation works costing RM238.6 million which is also the first phase of development of the 49.2-hectare Lido Boulevard project.

When the works are completed at the end of next year, 94.18 acres will be reclaimed land while 28.17 acres will be on a piled concrete deck.

Lido Residences will comprise 900-odd units of fully furnished high-end condominium which are expected to be priced around RM1.5 million each.

"Currently, the price for high-end properties around the area is about RM700 to RM800 per square feet. Our apartment is about 1,900 square feet," Chan said.

The integrated waterfront development, which located along the 2.4-kilometre Johor Straits in Johor Baharu, is expected to be fully completed in 2016, he said.

"We are open for partners or joint venture for other portions of the land development. There are parties who have expressed interest to joint develop, for example the hotel portion," he added.

The Lido Boulevard project is divided into six parcels of development, comprising Lido Residences, Arts and Cultural Centre, service residences/hotel,
office suites, a shopping mall with an indoor snow park, and The Gardens. -- Bernama