WCT will develop 3 blocks of high rise condominium on a prime and exclusive freehold site in Mont Kiara, Kuala Lumpur.
The 3.14-acre residential site is located next to Pavilion Hilltop condominium developed by Permata Cermat Sdn Bhd, a joint venture between the Pavilion Group and Kuwait Finance House. Pavilion Group and WCT are both majority-owned by Tan Sri Desmond Lim. The site is currently occupied by Pavilion Hilltop sales gallery.
The hilltop development, to be built just off the Sprint Highway and on one of the highest points in expatriate-heavy Mont’ Kiara, has 430 units of condominium spread over three towers. The towers are 17, 25 and 26 levels high. The density of the proposed development is 548 person per acre.
WCT subscribed for 99.98% shares in Kekal Kirana Sdn Bhd (“KKSB”), the developer of the site, for a total subscription consideration of RM999.80 in April 2017. On 7 November 2016, KKSB had entered in a sale and purchase agreement (“SPA”) with Wealthy Resources Sdn Bhd to acquire the land for RM80 million (RM585 psf). The purchase of land was completed in May 2017. KKSB had previously obtained a development order (“DO”) from Dewan Bandaraya Kuala Lumpur (“DBKL”) for the proposed development of 336 units of serviced apartments, a clubhouse and 4 units of villas.
Developer: Kekal Kirana Sdn Bhd (company of WCT Berhad)
Lot no: Lot 67209, Jalan Changkat Duta Kiara, Mukim Batu, Wilayah Persekutuan Kuala Lumpur
Land area: 3.14 acres
Status: Development order submitted on 3 July 2018
1. Increase in density from 436 person per acre to 548 person per acre
2. Kekal Kirana Sdn Bhd acquired the land for RM80 mil in Nov 2016 from Wealthway Resources Sdn Bhd
Serviced Apartment/430 units
Block A/25-storey/174 units
Block B/26-storey/155 units
Block C/17-storey/101 units