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Asia Property Report - October 11 - Marine News
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Kuala Lumpur Sentral (KL Sentral), in Malaysia, is looking for potential investors to finance the remaining 50% of its 72-acre futuristic self-contained city, which it claims will provide the perfect live, work and play environment.
The project is built on the country’s rail transport nucleus, and an extension of the KLIA, but road access to KL Sentral has been carefully thought out so as to offer the highest convenience to motorists entering and leaving the development.
Mr. Chan Chee Meng , Chief Executive Officer of Kuala Lumpur Sentral Sdn Bhd, stated that there is still 50% of the KL Sentral commercial-residential integrated project that remains undeveloped. These include several apartments, commercial buildings, a business hotel, service apartments and an international entertainment and convention centre, making up a total of 9.8 million square feet.
Mr. Chan said that KL Sentral is planning to invite investors to develop the remaining 50% of the ownership, which will be in fifty-fifty equity allocation. He further estimated that total investment will be up to US$ 1 billion. This huge project is expected to be completed between 2012 and 2015.
The completed parts of the project are worth approximately US$333 million, including corporate office towers, business suites, international hotels and luxury condominiums. Foreign investors from Singapore, Hong Kong, United Kingdom and Indonesia invested 20% of the commercial project. Foreign investors owned 40% of the residential project while a Japanese company owns the two hotels.
Mr. Chan explained that the blueprint of KL Sentral began with the master-plan of a “city-within-a-city” concept designed by the renowned architect Dr. Kisho Kurokawa, designer of Kuala Lumpur International Airport and other prominent structures around the world.
The KL Sentral journey was conceived in June 1994 when the Government of Malaysia awarded a contract to a consortium to transform what was Kuala Lumpur’s old railway marshalling yard into a modern transit hub within a self-contained urban development.
KL Sentral consists of a railway transit consortium that links with all rail destinations throughout the country up north to Bangkok and down south to Singapore. Situated on 9.3 acres of land, the main building has a gross floor area of half a million square feet. Its facilities sit above 28 tracks, 12 platforms and the old KTM depot.
Plaza Sentral (first phase completed and sold in 2001), comprises three blocks with a gross floor area of 785,000 square feet. Plaza Sentral (second phase completed in 2006), comprises four blocks with a GFA of 849,790 square feet. Suasana Sentral will include two blocks of 400 units of luxury accommodation, with a multinational appeal, as about 40% of the buyers coming from the international community. Suasana Sentral Loft (completed in 2006) will be a development of the 37 and 38-storey apartment towers with a total of 600 units. All 600 units have been fully sold.
Two world-renowned hotel chains– Hilton and Le Meridien have also opened in 2004 that offer a total of 934 luxurious rooms and an array of international cuisine and world-class facilities.
Another much anticipated development is the 180,000 sq ft six-storey lifestyle centre which will house a fitness and spa centre, business centre, food court, restaurants and alfresco dining facilities. This development is in progress and is expected to be the lifestyle pulse of KL Sentral, as well as cater to the growing work population within the development once it is in full operation in 2007.
Meanwhile, construction works are set to begin on the massive 1 million sq.ft shopping mall and a 500,000 sq.ft service apartments. The shopping mall will integrate with Stesen Sentral through the KL Monorail, earning the rank of being the first rail-connected shopping mall in the city and offering customers easy access and shopping comfort.
“Both the local and international communities have responded enthusiastically to the investment opportunities as evidenced by the sales figures and high take-up rates. There are distinct benefits from investing in KL Sentral,” said Chan. “It is prime freehold property, its location is excellent, being just 1.5 kilometres from KL’s city centre, and it is unrivalled by accessibility and connectivity with direct access to six rail systems and links to major highways gives it a competitive edge.”
By 2012, when the entire development is completed, the total value of this development would be in the region of US$2 billion.
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