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Wednesday, November 14, 2007

Guocoland set to offer another niche development

KUALA LUMPUR: GuocoLand (M) Bhd is planning to offer another niche development
called The Nest in Kajang after successfully launching Cirrus, a bungalow and high-rise
condominium project located in Cheras, last month.

According to its annual report, The Nest will offer 36 bungalows with contemporary designs. The built-ups range between 3,810 sq ft and 5,236 sq ft, with prices starting from RM1.46 million. The developer completed the acquisition of the 8.76-acre freehold tract for a total cash
consideration of RM9 million recently.

For Cirrus, the developer has launched its bungalows first. Comprising 22 units, they have built-ups between 5,500 sq ft and 7,000 sq ft, with a price tag of RM2.7 million onwards. Situated on a 16-acre freehold tract, GuacoLand completed the acquisition earlier this year for a total cash consideration of RM66.7 million. The developer is still in the midst of planning
stages for the high-end condos.

An artist's impression of the Damansara City project

Another project expected to be launched early next year is the Damansara City development. Located on an 8.5-acre freehold tract next to Menara Milenium in Damansara Heights, the mixed project will offer some 2.2 million sq ft of residential, commercial and retail space.

GuocoLand group managing director Kwek Leng Seng said in its 2007 annual report, that Damansara City is envisaged to be an integrated commercial development that reflects the theme of “A city to Live, Work, Rest and Play”.

When completed in 2010, Damansara City will comprise a lifestyle retail mall, office towers, luxury condominiums, serviced apartments and a five-star boutique hotel that will be seamlessly integrated and incorporate state-of-the-art environmentally friendly and energy efficient architectural designs.

It is understood that construction has started on the basement levels and the luxury condominiums will be the first component to be launched. Meanwhile, Guocoland’s mixed
development along Old Klang Road in Kuala Lumpur, called Commerce One and Residence One, is moving along. Seven out of nine units of Commerce One have been sold. Commerce One comprises a block of five-storey shop offices with a lot size of 26ft by 77ft and priced from RM2.4 million. Two weeks ago, the developer completed a show unit for Residence One apartments to help boost sales. The leasehold project was opened for sale in April and is located on a 1-acre tract within Bedford Business Park, opposite Pearl Point shopping mall.

GuocoLand’s group revenue improved by 11%, from RM131 million to RM146 million,
following higher contribution from its residential projects. The results were based
on its financial year ended June 30.

By theSun (By Loo Pik Kwan)

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