KUALA LUMPUR: A new mixed commercial development comprising a hotel, serviced apartments and retail units is being planned for Ipoh’s Greentown Business Centre, along Jalan Sultan Abdul Jalil.
Dubbed Emerald Deals, the project will be built on a 3.3-acre (1.34ha) plot of freehold land next to Ipoh Parade, said its developer Emerald Deals Sdn Bhd director Joseph Chin. Emerald Deals is a subsidiary of Orrington Enterprise Sdn Bhd.
The serviced apartments and retail units will have an estimated gross development value (GDV) of RM300 million while the development cost of the entire project is RM100 million, Chin told The Edge Financial Daily recently.
Comprising three blocks, the first is 16 storeys with four levels of retail units and function rooms, one floor of offices and 11 storeys of hotel suites.
The second block will have 15 storeys of hotel suites and two floors to house facilities such as gym and spa facilities. The hotel component also offers 12 rooftop villas, Chin said. The third block will comprise 10 floors of serviced apartments and a seven-level car park.
The developer is targeting a year-end launch for the serviced apartments. Chin said the company has received sales enquiries on the units from interested parties in Kuala Lumpur and abroad. He said potential buyers included investors while others were interested in making the apartments their holiday home in Ipoh.
“They see this as an attractive alternative to Kuala Lumpur as our indicative prices are RM600 to RM700 per sq ft for our serviced apartments,” he said.
These luxurious units will have their own jacuzzi and sauna — a feature which will set them apart from other serviced apartments nationwide, he opined.
|An artist's impression of Emerald Deals.|
“We also noticed that hotels in Ipoh are always full during the weekends. According to studies by the state government, Ipoh is also short of hotel rooms,” he added.
There will be 346 units of serviced apartments and over 100 retails units, he said.
On the 106-acre Simpang Pulai Business Centre development in Simpang Pulai being developed by another Orrington subsidiary Glamour Ideals Sdn Bhd, Chin said the serviced apartments, villas and automall components are scheduled for a year-end launch.
Comprising shops, serviced apartments, an automall, villas, chalets and a hypermarket, the freehold mixed development has a GDV of RM500 million.
The project is being built along the Ipoh-Gopeng stretch of the North-South Expressway, just before Cameron Highlands.
There are 288 serviced apartments housed in two 20-storey blocks. The units have sizes from 800 to 1,000 sq ft with prices from RM250,000.
The suites are targeted at Malaysia My Second Home (MM2H) programme participants due to the project’s strategic location in a beautiful natural environment.
Meanwhile, the so-called automall will be kept for lease and comprises 24 semi-detached units measuring 100ft by 70ft as well as eight 2-storey detached units measuring 70ft by 70ft.
Chin said these shop-offices are suitable for restaurants, car showrooms, banks, entertainment outlets and boutiques, among others.
As for the hospitality component, Chin said the group is looking at offering the villas and chalets on a time-share basis. It also plans to sell an eight-acre tract in the development earmarked for a hypermarket. Meanwhile, 70% of 68 shop lots have been taken up since their launch last July. An earlier launch of 51 shop lots in July 2008 was sold out and the units are completed, he added.
Prices of shop lots in phase 2 were RM538,000 for intermediate 2-storey units measuring 20ft by 70ft, RM1.37 million for 3-storey units measuring 30ft by 66ft, and RM1.85 million for 3-storey corner lots measuring 40ft by 66ft.
Hong Kong-based investment firm Jerard Co Ltd is funding 28% of the project. Orrington’s previous projects include Damaipuri Condominium in Chateau Garden, Simpang Pulai. The freehold development comprises 335 units in five blocks on a 5.6-acre site and had a GDV of RM100 million.
This article appeared on the Property page, The Edge Financial Daily, May 20, 2011.
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