KUALA LUMPUR: The Millennium Group of Companies is ready to transform the commercial and property landscape of Puchong with its integrated flagship city, Millennia City.
According to Benjamin Tan, executive director of Millennium, Millennia City will be spilt into two phases: commercial and residential.
Tan was speaking to the media following the official launch of Millennia City and the singing of management agreement between Millennium and Hilton Worldwide. The event was officiated by Tourism Minister Datuk Sri Dr Ng Yen Yen.
Phase one of the ambitious 100-acre development comprises M Square — a 380,000 sq ft self-enclosed six-storey shopping mall that is linked to the 255-room Hilton Garden Inn — and a trendy 2.1 million sq ft Street Mall made up of 13 blocks of six-storey retail and office units. The project has a total gross development value (GDV) of RM1.5 billion.
M Square will also cater to the MICE market segment with a state-of-the-art convention hall with a seating capacity of 1,200.
"The development will be split evenly, 50% for commercial and 50% for residential. We are still in planning stages for phase two but it will consist of mainly high-end high-rise properties," said Tan, adding that the developer will be focusing on high-end projects from now on.
Tan acknowledged that questions have been raised about its choice of location for such a big project. He asserted his confidence in Puchong, citing findings from its research that showed Puchong is currently one of the fastest growing districts in Malaysia in three key areas — population, monthly household income and commercialisation.
The primary catchment area in Puchong is an estimated 420,000 people while its secondary catchment area 10 minutes away reaches 1.2 million people.
In addition, says Tan, in just over six years from 2000, the percentage of households in Puchong earning between RM7,000 to RM20,000 have increased from 3% to 87%.
The developer is planning to sell a percentage of the units on a compulsory leaseback basis.
"We are looking at it as an investment type of property. We want to manage the place so we can control the tenant mix and we will offer our buyers a guarantee return of about 6% to 6.6%,"offered Tan.
The developer is targeting to start sales of its units by end of March at an average price of RM1,700 psf.
Meanwhile, making its debut in Malaysia as part of Millennia City is the Hilton Garden Inn. This also marks the entry of an international hotel brand in Puchong.
The hotel will feature the brand's key signature offerings including the Garden Sleep System bed, ergonomic Mirra chair by Herman Miller and complimentary Internet access. Business facilities will include four meeting rooms and a 24-hour business centre while its leisure facilities include a swimming pool and a fully-equipped gym.
Tan noted a sharp increase in demand in the recent years for mid-market hotels in Puchong.
"We chose Hilton Garden Inn because it is upscale yet affordable. With the recent opening of the 500th Hilton Garden Inn hotel internationally, the success and appeal of the brand is proven," said Tan.
Construction is expected to start in 3Q2011, and will be completed by 2013.
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