KUALA LUMPUR: The Atmosphere Sdn Bhd, a joint venture between Tempo Properties Sdn Bhd and Eksons Corp Bhd, will be offering more retail units in the latest phase of its mixed commercial development The Atmosphere in Seri Kembangan, Selangor.
Dubbed Lava, phase 2E (the final phase of phase 2) is situated on a 1.9-acre (0.77ha) leasehold site within the 53-acre development. The Lava comprises 54 retail units with a gross development value (GDV) of about RM80 million.
The Atmosphere is only 60% developed so far. The GDV for Phases 1 and 2 offering office and retail space totals RM378 million while plans are for a hotel to be built for the third phase.
The Lava, which is Singapore Green Mark certified, is made up of three floors with a multipurpose atrium area and naturally ventilated courtyard plazas. Each level is planned to enhance patronage at street level. The central courtyard creates depth while the elevated street level provides the link to the upper and lower levels. This creates the impression of unlimited retail floor space.
“We put a lot of emphasis on detail. We want it to be pram-friendly so automatically, it’s wheelchair-friendly. And we want to put preferred parking spots for hybrid car owners thus promoting greener living,” said Tempo Properties CEO Khoo Boo Hian during a media briefing on The Lava.
“We wanted to design something that looked like a shopping complex but is actually a normal commercial centre,” Khoo said.
|The Lava comprises 54 retail units with a GDV of RM80 million.|
The Lava retail units range in sizes from 143.4 sq m to 357.5 sq m with a price tag of RM783,000 to RM3.28 million or RM400 psf to RM600 psf.
“While designing this project, we had three parties in mind: the investors, the buyers and the retail customers. We get more support to construct this project if the investors are happy. If the buyers are happy, we will get tenants for the units. If the units are tenanted, the place will be vibrant and customers will be attracted to visit,” Khoo added.
Prior to the launch, 30% of the units have already been booked by a mix of buyers and investors. According to Khoo, the developer had a challenging time in selling units at The Atmosphere initially.
“During our maiden launch of The Atmosphere two years back for the shop offices in phases 2A, 2B, 2C and 2D at RM400 psf, people told us the pricing was crazy and that few would understand our concept of creating a commercial hub under one roof. But now, almost all of the shop offices in these phases have been taken up. So we have managed to prove the critics wrong,” he said. Khoo said the selling point is that the development is in the fast growing area of Seri Kembangan, in the heart of South Klang Valley.
A priority customer launch of The Lava will be held tomorrow and an official launch the following day. Construction will begin after the launch and investors and buyers can expect completion by 3Q13.
“We expect positive results from the launch. Who knows, we might even sell all of the units,” Khoo said.
This article appeared on the Property page, The Edge Financial Daily, October 14, 2011.
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