KUALA LUMPUR: Privately-held Mitraland Group is making a foray in the hotel business, with a planned hospitality entity within the property developer's RM350 million C180 mixed project (pictured) along Jalan Cheras Perdana within the Cheras enclave here.
A foreign hospitality group, specialising in budget to luxury hotels, is expected to operate Mitraland's first hotel upon its completion in 2013, according to Mitraland sales & marketing manager Eddie Wong.
"The developer is expected to sign the agreement with the global group by end May. Indicative room rates are just below RM200," Wong told theedgeproperty.com in an interview on Wednesday, April 21. He, however, declined to reveal the identity of the foreign hospitality group.
The C180 mixed development comprising commercial and residential portions on a 18-acre freehold tract is a joint-venture with an individual landowner. The project is expected to be completed by 2013.
According to Wong, the project has received encouraging response from potential buyers for the commercial and residential components so far. The four-phase commercial segment known as "The Latitude" was first launched in April last year.
Half the of properties under the third phase which includes 24 retail units and 48 signature offices have been taken up.
The retail entities, priced from RM488,000, have a minimum built-up area of 1,395 sq ft, while the 48 signature offices are going for RM228,000. The phase was unveiled during a two-day launch which ended on Sunday, April 18.
The estimated RM40 million residential component known as "Livia Residence" comprising 190 units within a 20-storey building, has seen a take up rate of 90% since its soft launch in the middle of last month.
The one-bedroom units priced from RM167,900 have a built-up area of 551 sq ft while the two-bedroom entities with a minimum price of RM241,800 have an 853 sq ft built up.
“Buyers were mainly from the Klang Valley including those living around Cheras in Kuala Lumpur,” Wong said.
The developer expects to launch the final phase of the commercial portion in the third quarter of 2010. The phase comprises 6-storey showrooms with a gross development value (GDV) of RM15 million.
Mitraland has completed more than six projects worth over RM360 million, mainly, within the Klang Valley. Other residential projects by Mitraland include the Kiara1888 along Jalan Kiara 3 in Mont'Kiara, and The Oasis @ Cheras in Taman Cheras Utama.
Kiara1888 is the developer's first luxury high-rise residential development with a GDV of RM140 million. The Oasis @ Cheras is an exclusive freehold gated-and-guarded landed residential project.