KLANG: Johor-based property developer KSL Holdings Bhd will be developing a 90-acre (36ha) commercial project, Canary Garden Development City, within its maiden Klang Valley township, Canary Garden @ Bandar Bestari.
The township is located within the well-connected hub of Klang and is easily accessible via the Kesas Highway and Klang town centre. The freehold Canary Garden sits on a 448-acre tract and has a gross development value (GDV) of RM5 billion.
The commercial project will comprise shopping avenues like Boulevard and KSL City 2 mall, seven office towers, SoHos or small office/home office for retailers and serviced apartments, institutions and amenities like banks, schools, a private clubhouse and a medical centre. KSL City 2 mall is touted to be the largest shopping mall in Klang.
Within the township, KSL has planned a 52-acre French inspired garden along a 5km riverside park by the Blackwater River, which flows into the Straits of Malacca. Canary Garden Development City will be officially launched at the end of 2013.
Its residential component was launched in March last year. It offers 2-storey semi-detached link homes (384 units) as well as 2- and 3-storey semi-detached homes. Phases 1A (2-storey semi-detached homes) and 1B (2- and 3-storey semi-detached homes) are fully sold while phases 1C and 1D offering six 2-storey semi-detached homes are being snapped up quickly. The sizes range from 2,857 to 5,013 sq ft with a price tag of RM975,800 to RM1.78 million.
The entire development is expected to be completed in eight to 10 years.
KSL has a track record of more than 30 years in property development, focusing on affordable residential and commercial properties within Johor. Some of the group's developments are Taman Nusa Bestari 2, Taman Nusa Bestari, Taman Nusa Bestari Indah and Taman Kempas Indah in Johor.
In a report in March, Affin Research estimated that KSL has three township projects with over 720 acres of landbank and a GDV of RM2.5 billion in Iskandar Malaysia. The research house said the developer's key property investment assets — the 450,000 sq ft KSL City Mall and 868-room KSL Resort Hotel — are beneficiaries of higher economic activities in Iskandar Malaysia.
This article first appeared in The Edge Financial Daily, on July 12, 2013.
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