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Monday, August 18, 2008

Making Setapak a vibrant hub

Property developer Crystalville Sdn Bhd, which already has a number of projects within Sri Hartamas, aims to turn Setapak into a vibrant business hub with the development of Plaza Crystalville @ Setapak.

Comprising four blocks of three-storey shop offices, the development is targeted at business operators rather than conventional purchasers, said chairman Datuk Azman Mahmood.

From left: Crystalville general manager Baharom Kadir, Datuk Azman Mahmood and marketing manager Thomas Tom viewing a model of Plaza Crystalville.

“The principle is to have the Sri Hartamas lifestyle in Setapak. We hope to get buyers who are owner-operators rather than investors because the former will move in and start businesses there and make the area more vibrant,” he told Starbiz.

“There is a tendency for investors to purchase the property but not move in. We want the area to be buzzing with commercial activities to make the place more attractive.”

Built on 7.5 acres of leasehold land, Plaza Crystalville @ Setapak will comprise 52 shop office units with a starting price of RM1.4mil each. The development will also have 400 parking bays.

Plaza Crystalville @ Setapak is located at Jalan Genting Klang, intersecting Jalan Langkawi and Jalan Taman Ibukota. It is accessible from the Kuala Lumpur city centre via North-South Expressway and Middle Ring Road 2.

The project has a gross development value (GDV) of about RM100mil. Construction will begin next month and the project is slated for completion by end 2010.

To date, about 54% of the shop offices have been taken up since its launch in June. Azman said he was confident of a full take-up by October.

“Thus far, about 97% of purchasers comprise restaurateurs and other business operators.

“Although construction costs have gone up 18% and 25% in the past few months, we are not increasing the price of the shop offices,” he said.

Azman added that Setapak was an up and coming location and could be the “next Sri Hartamas”.

“Lots of amenities such as hypermarkets and departmental stores like Parkson and Tesco are coming up in Setapak. There is even a medical centre there. Plaza Crystalville @ Setapak will definitely add value to the area,” he said.

On another note, the company is confident of a full take-up for Phase 4 of its Subang Alam residential development project by year-end. The development, which has a GDV of about RM35mil, comprises 30 units of two-storey semi-dees and five units of two-storey bungalows.

Since having a private launch last month, almost 40% of Phase 4 has already been snapped up. Azman said two of the bungalows had also been booked.

Subang Alam is located in Taman Bunga Raya, which is within the fringe of Subang Jaya/USJ and Shah Alam. It is accessible via all the major highways.

Azman said the majority of purchasers were from the USJ area.

Prices of the semi-detached homes begin at RM960,000 while the prices of the bungalows start from RM1.1mil.

The Subang Alam project is being developed by Subang Alam Sdn Bhd. Crystalville and Subang Alam have common shareholders.

Crystalville specialises in shop office development while Subang Alam’s core business is in residential projects.

By The Star (by Eugene Mahalingam)

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