PETALING JAYA: Mitraland Group plans to launch office units in a corporate office tower at its mixed development The Cascades in Kota Damansara on April 16 and 17. It consists of a 30-storey corporate tower with a gross floor area of 240,000 sq ft.
Mitraland's deputy general manager for sales and marketing Eddie Wong told theedgeproperty.com that typical units have built-ups between 697 sq ft to 1,565 sq ft and the selling price is from RM453,100.
The Cascades is on a 4.7 acre leasehold commercial tract, and has a gross development value (GDV) of RM390 million. It is being developed in three phases. The first phase comprising 40 retail units has been sold out while non-bumiputera units in the second phase consisting serviced apartments were sold out within a week of pre-launch on Jan 8. The corporate tower is the final phase.
"Most buyers for the serviced apartments are locals with a majority being young professionals of between 30 and 45 years old. We received more than a thousand registrants for the serviced apartments during the preview," he said. The units were sold between RM319,000 and RM648,900.
The developer, as reported in The Edge's City & Country earlier this year, plans to launch in 2H2011 a mixed development comprising industrial and residential components in Puchong. The 60-acre tract next to Meranti Jaya, with an indicative GDV of RM300 million, was acquired in February 2010.
Mitraland developed Kiara 1888, its first luxury high-rise residential development in Mont'Kiara, end 2008. The developer is also currently busy developing its RM360 million C180 in Cheras, a mixed development comprising shop offices, serviced residences, a 2-storey entertainment block and a hotel.