PETALING JAYA: Naza TTDI Sdn Bhd, the property arm of the Naza Group of Companies, is kick starting the ambitious RM15bil KL Metropolis development by collaborating with Australia-based Lend Lease to develop 4.43ha within the project.
In a statement, Naza TTDI announced that it had signed a heads of agreement to develop the land with a potential gross development value of RM4bil.
Both parties had set the project scope and commercial principles for a mixed-development which includes a regional retail centre, office, hotel and residential components.
Launched in October last year, KL Metropolis is located in the Jalan Duta area, spanning 30.55ha with matured townships like Damansara Heights, Sri Hartamas, Mont' Kiara and Bangsar surrounding it.
Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said the collaboration augured well towards its aspiration and vision to position KL Metropolis as an international trade and exhibition district, where a hub for retail and commercial activities as well as residences will be created to complement the new Matrade Exhibition Centre that is expected to take shape in 2015.
He said that the collaboration would bring together the resources and experience of both parties in their respective areas of expertise and hopes to see the realisation of the joint venture by the end of the year.
Listed in Australia, Lend Lease is a Sydney-based integrated property and infrastructure group.
“Having operated in Malaysia for over 30 years, Lend Lease is delighted to be presented with this opportunity to partner in a landmark project in the country that helps to shape the city skyline, regenerate urban space and is setting new benchmarks in community creation, leaving a positive legacy for generations to come. KL Metropolis is a unique site in a unique city,” said Lend Lease chief executive officer for Asia Rod Leaver.
Naza TTDI recently awarded a RM555.9mil superstructure works contract to Daewoo Engineering and Construction Co Ltd for the new Matrade Exhibition Centre.
The superstructure works, which follow the completion of the foundation works in August, will commence in October and are expected to be completed by mid-2015.
The new development is expected to be the impetus for the development of other parcels of land within KL Metropolis in line with their target for the overall completion of the development by 2025.
CIMB Investment Bank Bhd is the financial adviser to Naza TTDI for the KL Metropolis project.
It was reported that the project was inspired by Naza Group founder Tan Sri SM Nasimuddin SM Amin and was the realisation of his vision, which was mooted 5 years ago.
The project design will draw inspiration from renowned international business districts such as Park Avenue in New York and Champs Elysees in Paris.
By The Star