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Wednesday, January 23, 2008

TTDI Dev mulls more en bloc sales

TTDI Development Sdn Bhd, the property arm of the Naza Group, may do more en bloc sales of its development due to strong interest from Middle East and Singapore investors.

TTDI is building seven iconic towers in Platinum Park, its first high-end integrated residential and commercial project on a 3.64ha site.

Group managing director Datuk Johan Ariffin said the foreign investors plan to house their corporate offices at the towers. More deals may be concluded this year or by early 2009.

JOHAN: TTDI expects the gross development value of Platinum Park to hit RM4 billion

"The reason we go for en bloc sales is to mitigate market risk. It's safer to lock in sales, eliminate market risk and see what to do next," Johan told Business Times at a media briefing on Monday.

"Based on current market value for properties in Kuala Lumpur, TTDI expects the gross development value of the project to hit RM4 billion from earlier estimations of RM3.5 billion," Johan said.

TTDI on Monday agreed to sell a 50-storey office tower, dubbed the Felda Tower, to the Federal Land Development Authority (Felda) for RM640.7 million.

Platinum Park will be developed over five to eight years. It will comprise two 42-storey high-end condominium towers with 164 units and one 30-storey condominium block with 123 units.

The units will be priced from RM2,000 to RM2,500 per sq ft with sizes ranging from 2,200 to 5,500 sq ft and penthouses with built-up areas of between 8,000 and 13,000 sq ft.

The project will also consist of 50-storey, 38-storey and 33-storey Grade A office towers and a five-star 30-storey serviced apartment tower.

Construction of the buildings will start this year except for the 42-storey blocks, which will start in 2009, being the final phase of the development.

It is learnt that the new Naza headquarters will be housed at the 33-storey office tower.
Platinum Park will be complemented with a RM20 million 0.6ha park and a "necklace" of niche lifestyle retail offerings spread over 80,000 sq ft.

The Felda Tower will have a net lettable area of 689,000 sq ft and a banquet hall when completed in 2012.

Deputy Prime Minister Datuk Seri Najib Tun Razak performed the ground-breaking ceremony for Platinum Park yesterday.

By New Straits Times (by Sharen Kaur)

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