news

L&G plans for mixed development with GDV of RM450 million in KL

PETALING JAYA: Land and General Bhd (L&G) is planning for a mixed development with an estimated gross development value (GDV) of RM450 million on a 2.6-acre land on Jalan Ampang, Kuala Lumpur, which it proposed to acquire.

In an email interview with theedgeproperty.com, the company’s managing director Low Gay Teck said the land comes with a development order (DO) for a commercial and condominium serviced residences project.

Low said the project, targeted at the high-end market, will provide a total gross floor area (GFA) exceeding one million sq ft. The project will probably be launched in the third quarter of next year and completion of the development will be within three years after that.

The developer is currently studying and planning the overall plan of the proposed development and the number of units to be built will depend on factors such as the approved plot ratio, pricing, project costs as well as current market trends and demands.

L&G had earlier this month inked a joint-venture (JV) agreement with Mayland Parkview Sdn Bhd, a company linked to its major shareholder, to develop the land in Ampang. The land will be acquired from Sazean Holdings Sdn Bhd, which is controlled by former minister Tan Sri Abdul Kadir Sheikh Fadzir, for RM55 million.

The land is adjacent to GCB Court and is next to another vacant piece of land belonging to the Rubber Industry Smallholders Development Authority (RISDA). It is accessible from Kuala Lumpur City Centre via Jalan Ampang, Middle Ring Road (MRR2), Ampang Kuala Lumpur Elevated Highway (AKLEH) and Lorong Ampang Ulu (off Jalan Ampang).

Lorong Ampang Ulu is currently used as the main access to Plaza Ampang City and GCB Court.

Low said the JV will provide L&G with an opportunity to develop serviced apartments, leveraging on Malaysia Land Properties Sdn Bhd’s (the parent of Mayland Parkview) track record and expertise in the high-rise serviced apartments industry.

“The JV will also be able to leverage on Malaysia Land Properties’ overseas network… Both parties, with their unique branding and goodwill, will then be able to create a synergy of expertise and branding which would enable successful and effective marketing of the project,” he added.
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE