CYBERJAYA: Cyberjaya will see its first mall opening in 2013 courtesy of D’Pulze Ventures Sdn Bhd as part of its D’Pulze Cyberjaya development.
According to project director Kan Ky-Shen, the company chose to build a mall in the centre of Cyberjaya due to strong demand.
“The mall is actually a demand-driven product. We hope that this mall will be the first fully integrated mall in Cyberjaya,” he told The Edge Financial Daily.
Launched in early 2011, D’Pulze Cyberjaya sits on 4.3 acres (1.7ha) of freehold land and has a gross development value (GDV) of RM500 million. The development comprises two hotels, two blocks of serviced apartments and a mall that caters for the population in the area.
There are 505 units of apartments. The studios and single-bedroom units are 558 sq ft and two-bedroom units 676 sq ft. The whole development has a total built-up of 1.7 million sq ft with the mall having a gross floor area of 400,000 sq ft. The company has already signed tenants for its retail component, but declined to name them as yet.
The serviced apartments have been fully taken up. The units were sold for an average price of RM600 psf.
|An artist's impression of D'Pulze Cyberjaya. The mixed use project sits on 4.3 acres of freehold land and has a gross development value of RM500 million.|
When D’Pulze came into the Cyberjaya scene in 2009, they started with a market survey on the infrastructure needs in the area.
“When we did the market survey, we found that the area was in need of residential components and it needed a retail centre. We also found a demand for hotel accommodation,” he said.
According to Kan, there are about 40 multinational corporations in Cyberjaya and 500 multimedia super corridor status companies, hence the need for hotel accommodation as well.
One of the D’Pulze Cyberjaya hotels will be managed by Ascott Limited while the other will be managed by Tune Hotels. Ascott came into the picture in 2010 when it was looking to acquire land in the area and the two parties agreed to work together. Citadines by Ascott Limited will offer 232 rooms while Tune hotel will have 162 rooms.
“When you’re looking for a site to build your product, you try to look for the best location with a lot of visibility. We are located right next to Persiaran Multimedia, Cyberjaya’s main road,” he said.
The development is expected to be completed sometime in 4Q13. Kan estimates that the mall will be catering for about 450,000 people by 2014 as well as an additional 3,000 primary catchment from the residents at its development.
He said the developer is always on the lookout for other opportunities.
“We normally consider three things; location, price and timing,” he said. “One of the areas that we are seriously looking at is Penang. Yes the island is saturated with many big-time developers, but people are neglecting the mainland and we believe there is a lot of potential there.”
D’Pulze Ventures is a wholly-owned subsidiary of Beach Capital Sdn Bhd. The company was established in 2009 as a special purpose vehicle for its maiden project D’Pulze Cyberjaya.
This article appeared on the Property page, The Edge Financial Daily, March 23, 2012.
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