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KUALA LUMPUR: Singapore-based engineering company-turned-property developer United Engineers Ltd (UEL) has achieved a take-up rate of 60% to date for its first development in Malaysia called The Manhattan Residen 61 Raja Chulan. The project consists of serviced apartments with luxury condominium features.
The green development, which was officially launched in April, is located at Jalan Raja Chulan, next to Wisma MPL, in Kuala Lumpur.
It sits on a 20,236 sq ft freehold site and commands a gross development value (GDV) of RM180 million.
The single 30-storey tower comprises 129 units with built-ups of between 588 and 1,258 sq ft.
The average price ranges from RM1,600 to RM1,700 psf.
The project also includes facilities like an infinity pool, fully equipped gym, multipurpose hall and barbecue station, all located on the 8th floor.
According to a spokesman for The Manhattan, to date 60% of the units (excluding those reserved for bumiputeras) have been sold, of which about half were taken up by foreign buyers.
“We believe mega infrastructure projects such as the mass rapid transit system and the newly announced high speed rail project linking Kuala Lumpur to Singapore will boost sales at The Manhattan,” he said.
He added that developments in Iskandar Malaysia, Johor, and the east coast economic region will also generally have a positive impact on the Malaysian property market and economy.
Although The Manhattan is UEL’s pioneer property development in Malaysia, it has been involved in various other businesses in the country for decades.
“As such, our familiarity with the Malaysian market as well as the proximity between the two countries will continue to be an impetus for the group to look for sustainable business opportunities in Malaysia,” the spokesman said.
Its various businesses include extending support services to many hospitals and healthcare institutions in Malaysia, facility engineering, housekeeping, linen management and biomedical equipment maintenance.
Construction work on The Manhattan will begin in the second half of 2013 and is expected to be completed in the first half of 2016.
UEL was established in 1912 and is one of the first companies in Singapore to be listed. It has a rich engineering background with core strengths in engineering, construction and integrated property services.
This article first appeared in The Edge Financial Daily, on May 10,2013.
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