UEM Sunrise to fully develop landbank in Mont'Kiara within eight years

KUALA LUMPUR: Property developer, UEM Sunrise Bhd, is aiming to fully develop its 36.42 hectares (90 acres) landbank in Mont Kiara within eight years, said its Chief Marketing Officer, Siti Mariam Mohd Desa.

"At the moment, we have not really thought out in detail, the sort of development for that prime land. We will look at the market (demand) and are not in rush to develop it," she told press conference on an update to the company's Arcoris Mont'Kiara project here today.

She said due to its strategic location and easy accessibility, the company also planned to expand the landbank in the related areas.

To date, UEM Sunrise, the master developer of Nusajaya, has a landbank of 4046.85 hectares (10,000 acres)in Peninsular Malaysia.

Arcoris Mont'Kiara, a mixed-use commercial high rise development project, comprises business suites, small office home offices (SoHo), service residences, a retail plaza and boutique hotel.

Providing an update on the sales progress, Siti said the business suites had been fully sold, residences at 95% and 70% for the SoHo. The retail plaza and hotel are not for sale.

The company is currently looking for suitable food and beverage tenants, as well as potential hotel operators, to run the 275-room boutique hotel. The projected RM1 billion gross development value project is targeted to be fully complete by the first quarter of 2016. - Bernama