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Friday, July 24, 2009

RM4.77b GDV for Taman Sari waterfront city project

The first phase of an ambitious Taman Sari waterfront city project at the former Pekeliling flats area in Kuala Lumpur is expected to generate RM4.77 billion in gross development value (GDV), its owner said.

The owner, Asie Sdn Bhd, expects to spend nearly RM1.5 billion to develop the phase, which will include a centrepiece 60-storey revolving tower costing RM1.1 billion.

Asie chairman Datuk Khalil Akasah said works on the first four parcels sprawling 3.24ha should start in early September, with the entire first phase expected to be completed in 48 months.

The whole project itself, encompassing 24 parcels on 23.08ha at the intersection of Jalan Pahang and Jalan Tun Razak, should be fully developed in seven to 10 years.

"We will work on parcel K first. After six months, parcels X and L will be simultaneously launched. The following six months, we will launch parcel M, which will boast the 60-storey revolving tower.

"Each parcel should take about 36 months to complete," Khalil told reporters after signing an agreement with Thailand's CH Prosper Co Ltd in Kuala Lumpur yesterday.

Prior to this, Asie has tied up with another Thai firm, Saha Regal Best Co Ltd, to provide some funds for the project.

The latter will also own a 20 per cent share in the joint-venture company, Taman Sari Development Corp, which was set up to develop the project.

Other Thai investors in the project include Virginia Corp and Islamic Bank of Thailand.

A RM417 million loan has been secured from Bank Pembangunan Malaysia Bhd, while some other fundings came from the sale of condominium units under parcel K, Khalil said.

"We have sold 30 per cent of the 178 units of condominiums under parcel K," he added.

Asie won a 99-year concession about 10 years ago to redevelop the one-room Pekeliling flats area built in the 1970s. In return, it will provide new houses for the affected owners at new locations.

The company had so far built about 3,000 units, or 40 per cent of the total houses required, costing RM150 million.

Parcel M with the unique tower, will be built on the banks of the Gombak River. Other parcels within the Taman Sari project will include hotels, condominiums, office and commercial blocks, government and public housing and a medical centre.

Asie is controlled by Khalil, who was an aide to the late Tun Abdul Razak Hussein, Malaysia's second prime minister.

By Business Times (by Zuraimi Abdullah)

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