Aikbee Group, the owner/developer of Pearl Point Shopping Mall and Pearl Suria at Old Klang Road, plans to develop a mixed development with GDV of RM1.4 billion near Pearl International Hotel at Old Klang Road. The development will have 1,600 units residential units in total.
The project sits on a 6.5 acre freehold land that the group acquired in 2012 for RM340 psf. The seller was Tan Sri Lee Yan Lian Foundation. The location of the development is still speculative and we will share more once we confirm the exact location.
Phase 1 of the development, targeted to be launched in 2Q2019, will have 2 residential towers with a total of 650 units. Phase 2 will also have 2 residential towers with 650 units, while the last phase will have one residential tower with 300 units and some supporting retail lots. The towers will be from 34 to 54 storey s high, making it one of the tallest towers in Old Klang Road. Built-up of the residential units will be from 700 – 1,000sqft. The developer plans to price the residential units at between RM700 psf to RM900 psf, and the maintenance fee with sinking fund is estimated to be at RM0.30 – 0.40 sen psf.
Developer: AikBee Development Sdn Bhd
Lot no: Lot 941, 942 and 943, Mukim Petaling, Wilayah Persekutuan Kuala Lumpur
Land area: 6.5 acres
Type: Mixed Development
Status: Conditional development order approval obtained in Nov 2017
Note: Land purchased from Tan Sri Lee Yan Lian Foundation in 2012 for RM340 psf
Phase 1: Serviced Apartment/650 units
Phase 2: Serviced Apartment/650 units
Phase 3: Serviced Apartment/300 units
Source: part of the article is adopted from TheEdge Weekly issue 1207.