Sim Lian Group eyes more land in Malaysia

KUALA LUMPUR: Singapore-based property developer Sim Lian Group Ltd is looking to acquire more land in Malaysia. It is possibly looking at Kuala Lumpur, Penang and Iskandar Malaysia, according to George Wan, director of Perumahan SLG Central Sdn Bhd.

"We don't limit the places we intend to develop in Malaysia but of course Kuala Lumpur seems the best option. Penang may be next but it is obvious that Iskandar Malaysia is the new hype and we may look into it as an option," he told a press conference yesterday after the private preview of its serviced residences (Tower B) within its maiden KL project, KL Trillion.

On the developer's presence in Malaysia, Wan said that besides its three existing developments — Desa Baiduri in Kulai, Taman Bukit Bayu in Senai, Johor and KL Trillion — it does not have other real estate in Malaysia but intends to acquire more land.

KL Trillion, launched by Sim Lian unit Perumahan SLG Central, is an integrated development built on 4.5 acres (1.82ha) of freehold land along Jalan Tun Razak.

It comprises a 33-storey grade A office suite and two 39-storey serviced residences (tower A and B) atop a five-storey retail podium.

There are 368 semi-furnished units spread equally between the two towers with sizes between 963 and 6,274 sq ft. Prices are from RM965 psf. The development is expected to be completed at the end of 2015. Tower B of the serviced residences will be launched and open for sale today.

Wan says there is still demand for high quality, strategically located residential properties in the city centre.

"KL Trillion's location in the commercial business district of Kuala Lumpur with its excellent accessibility through public and private transport routes make the development appealing to both Malaysians and international audiences," he added.

The office tower which was previewed on April 1, 2011 has recorded a 70% take-up. On May 31, the developer started a two-week private preview of Tower B in Singapore that achieved a take-up of 20 units or 10%. The launch of Tower A will depend on the response. During the private preview on July 3, it managed to sell five units.

KL Trillion is easily accessible via major roads such as Jalan Tun Razak, Jalan Ampang and the Ampang-KL Elevated Highway.

Amenities include a two-acre facilities deck, an infinity pool, cabanas, children's playground, shallow wet deck, gymnasium, tennis and squash courts and a multi-function hall.

The land was purchased in 2005 for RM81 million.

Sim Lian is a Singapore public-listed company which was established as a construction company in 1976. It embarked on property development in 2001 and has since launched over 22 projects including The Tampines Trilliant, Parc Vera and A Treasure Trove in Singapore.

This article first appeared in The Edge Financial Daily, on July 5, 2013.

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