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Friday, May 2, 2008

UOA sells office towers for

UOA Group’s wholly-owned Paramount Properties Sdn Bhd has sold three proposed boutique office towers in its flagship Bangsar South City (BSC) project in Kuala Lumpur for RM131.35 million.

UOA said in a statement the en-bloc sale to Bangga Istimewa Sdn Bhd and Bidang Lagenda Sdn Bhd, which are owned by the Middle East’s Al Batha Group, reflects the confidence of foreigners in its projects.

Although BSC has yet to be officially launched, UOA pointed out that interest from prospective parties, locals included, has been strong.

Besides commercial properties, BSC will also feature residential units that will contribute to its projected gross development value of RM3.5 billion.

Located off the Federal Highway and New Pantai Expressway, the development is being planned as the “new vibrant city between KL, Petaling Jaya and Bangsar” and in an area UOA dubs as the country’s “golden triangle of real estate”.

The 60-acre BSC will be developed over six to 10 years to consist of three precincts: The Village, which will make the entrance statement for the entire development; the 30-acre Park Residences condominiums that will house units of 1,300sq ft to 2,100sq ft; and a 30-acre commercial precinct.

The latter will be made up of The Horizon, The Virtual and The Sphere office complexes. The Horizon will comprise 10- and 11-storey blocks to be sold en-bloc, with each tower having an average gross area of 54,000sq ft as well as penthouses complete with feature pools.

The Virtual will be made up of 10 blocks of 20-storey offices, while The Sphere will be a retail complex featuring food and beverage outlets and other amenities.

With a 20-year track record, UOA has developed some of KL’s landmarks such as Wisma UOA Centre, UOA II, UOA Damansara I and II, UOA Pantai, as well as residences such as Villa Mont’ Kiara, Prima Midah Heights, Villa Yarl and Desa Bangsar Ria.

By New Straits Times (by Zoe Phoon)

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