F&N upbeat on Ban Xan Ba

KUALA LUMPUR: Fraser & Neave Holdings Bhd (F&N Holdings) will leverage on the completion of the second phase of Ban Xan Ba@Fraser Business Park, a commercial development on its former factory site, to revive the vibrancy in one of the oldest parts of the city.

General manager of F&N Properties Sdn Bhd, the property division of F&N Holdings, Cheah Hong Chong said the construction of the RM350 million project was expected to be completed by January, and open to the public by the second quarter of next year.

“Our strongest selling points for Fraser Business Park are its value and location. The value of the properties in Fraser Business Park Phase 1 has now appreciated more than 150% in some of the transactions,” he told a media briefing here on Nov 17.

The second phase of Ban Xan Ba, built on a six-acre (2.43ha) land, includes a 4-storey building, 800 retail and commercial lots and a 517-room new concept business-class hotel. There will also be a techno centre, a commercial building offering 92,000 sq ft of space for retail, gaming and entertainment, IT-related businesses and educational facilities.

A 251-unit serviced apartment block has been sold en bloc for RM50 million or RM200 per sq ft to local investors, Cheah said, without disclosing details.

It will also boast the city campus of HELP University College, complete with a 950-room hostel. The new college could cater to a student population of up to 5,000.  

When fully developed, Ban Xan Ba will be a fully integrated, multifunctional hub designed to be the largest electronic gaming and multimedia centre in the region.

The first phase of the project, with a gross development value of RM180 million spanning 13 acres and comprising 80 units of shop and office lots, was completed in 2004 and has been fully sold. F&N has a total of 20 acres of freehold land in the area.

Brampton Holdings Sdn Bhd, a subsidiary of F&N Holdings, is the developer of Ban Xan Ba. The company is planning to develop a Grade A office tower on a one-acre plot of land to complement Ban Xan Ba once the second phase is completed.  

“We will develop this place in stages, so that the upcoming properties would be worth more once the commercial components began to pull in the crowd,” Cheah said.

F&N Holdings is one of the largest food and beverage companies listed in Malaysia. Plans are also in place to develop the existing factory site in Jalan Universiti, Petaling Jaya, when the new one in Pulau Indah is ready in 2012.

This article appeared in The Edge Financial Daily, Nov 18, 2009.