Symphony Life Berhad plans to develop a mixed development comprising of serviced apartment and shop offices known as illi @ Kuala Lumpur with Gross Development Value (GDV) of RM600 mil at Jalan Cheras. The development will be built on a leasehold 99 years land measuring 3.36 acres, that Symphony Life acquired in 2015. The land, located across Mah Sing’s M Vertica project at Jalan Cheras, was occupied with a commercial building known as Kompleks MAKSAK with Courts Mammoth as its tenant. The building will be demolished to make way for the project.
The proposed development comprises of 2 serviced apartment blocks with total of 767 units sitting on top of a 8-storey car park podium. The unit sizes of the serviced apartment will be ranging from 650 – 1,300 sf (single and dual key units with 1 bedroom, 2 bedrooms and 3 bedrooms) and selling price to start from RM400,000. The development will also have 10 units of retail shops located at ground floor with selling price starting from RM5 mil.
In Oct 2015, Symphony Life Berhad entered into a development agreement with the landowner – Majlis Kebajikan DanSukan Anggota-Anggota Kerajaan Malaysia (MAKSAK) for a total consideration of RM100.081 mil. Under the agreement, Symphony Life will help MAKSAK to acquire a piece of land for a total consideration of RM15.52 mil and build MAKSAK’s new headquarters at a cost of not more than RM7.36 mil on the land. Upon completion of the proposed development, Symphony Life will also transfer a portion of the development of not less than 35,000 sqft with a GDV of not exceeding RM45 mil to MAKSAK. It will also pay upfront compensation of RM9 million and rental compensation of RM16 million as compensation for loss of rental earnings and a further RM7.2 million as rental returns.
Developer: Kejora Harta Development Sdn Bhd (company of Symphony Life Bhd)
Lot no: Lot 51867, Jalan Cheras, Wilayah Persekutuan Kuala Lumpur
Land area: 3.36 acres/13,595 sqm
Tenure: Leasehold 99 years (expiring in June 2084)
Type: Mixed Development
Status: Development order submited on 23 Mar 2018
Serviced Apartment/31-storey/356 units
Serviced Aparment/34-storey/411 units
Retail Shop/10 units
8-storey car park podium
You may register your interest of the project here: illi Kuala Lumpur
photos source: Symphony Life