Property developer Titijaya Land Bhd has teamed up with CREC Development (M) Sdn Bhd (CRECD) to develop a mixed development on a 6.06-acre site at the Embassy Row in Jalan Ampang, Kuala Lumpur. The land is valued at RM403 million (RM1,592 psf) and will be paid over 7 years to the vendor.
CRECD is a wholly owned subsidiary of China Railway Engineering Corporation (M) Sdn Bhd, which is a wholly owned subsidiary of China Railway Group Limited. CREC is one of the shareholders of IWCH-CREC Sdn Bhd, which is a 60:40 joint venture company between CREC and Iskandar Waterfront Holdings Sdn Bhd (IWH), that will spearhead the development of Bandar Malaysia at the former Royal Malaysian Air Force Base in Sungai Besi.
The mixed development named 3rdNvenue will have an estimated gross development value of RM2.1 billion. 3rdNvenue will comprise four blocks with a total of 2,400 units of Small-office Home-offices, serviced apartments and retail lots. The selling prices for these units will range from RM500,000 to RM1.2 million.
The project will be carried out in four phases over a period of seven years. The construction is expected to start in the first half of 2017.
Title no: PN51538
Lot no: Lot 104, Seksyen 88, Bandar & Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur
Land area: 6.06-acre
Tenure: Leashold 99-year expiring on 20 May 2113
Category of land use: Building
Zoning: Approved mixed-use development with a Plot Ratio of 1:8
Land valuation: RM403,600,000 (RM1,529 psf)
source: TheEdge, Bursa Malaysia