PETALING JAYA: Ireka Corp Bhd plans to develop a single-towered, high-end residential project with a gross development value of RM272 million on its newly acquired one-acre tract in Jalan Kia Peng, Kuala Lumpur.

However, the plan is subject to planning approvals, said Ireka group managing director, Lai Siew Wah in a statement on March 9.

“Our market study has shown that there is sustainable demand for small- to medium-sized upmarket residences, especially for the growing number of professionals wishing to live in the city centre. We are working towards launching this development in early 2011,” he said.

During its extraordinary general meeting (EGM) on March 9, Ireka’s shareholders approved the acquisition of the freehold land for RM87.12 million. The land was acquired through Ireka’s wholly owned subsidiary, World Trade Frontier Sdn Bhd.

The land is centrally-located and within walking distance to the Petronas Twin Towers, Suria KLCC shopping centre, Kuala Lumpur Convention Centre and KLCC Metropolitan Park, all of which are conveniently serviced by the KLCC Light Rail Transit.

At the EGM, Ireka’s shareholders also approved the joint-venture partnership with London-listed Aseana Properties Ltd (Aseana) to develop the land on a 30:70 basis.

Aseana has appointed Ireka’s wholly owned subsidiary, Ireka Development Management Sdn Bhd as its exclusive development manager.

The partnership has a track record of property developments in Kuala Lumpur -- notably the upmarket i-ZEN@Kiara I, Tiffani by i-ZEN, SENI Mont’Kiara and one Mont’Kiara, all of which are located in the prestigious Mont’Kiara neighbourhood.

“This joint partnership with Aseana Properties Ltd is a tried-and-tested formula for both businesses. Aseana is our partner of choice for this development because of its strong financial standing and recognition as a high-end developer,” Lai said.