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Thursday, December 24, 2009

Expo centre a start for Naza in iconic projects

An artist's impression of the Matrade Centre in Kuala Lumpur.

PETALING JAYA: Naza TTDI Sdn Bhd is expanding its property business and building its brand image by venturing into more iconic projects in Kuala Lumpur and other parts of the country.

The construction of Malaysian External Trade Development Corp (Matrade) Centre building, located off Jalan Duta, will pave the way for such projects by the company.

The Naza group, well known for its automotive business, has a number of prominent projects including the KLCC Platinum Park and other residential and commercial developments in Ampang, Shah Alam, Kajang and Taman Tun Dr Ismail.

Last November, Naza TTDI signed a privatisation agreement with the Government and Syarikat Tanah dan Harta Sdn Bhd to build the Matrade Centre in exchange for 62.45 acres of prime land in Mukim Batu, off Jalan Duta, Kuala Lumpur.

The exhibition building will have a gross floor area of one million sq ft.

According to a company spokesman, construction of the Matrade Centre is expected to begin in the second quarter next year with completion scheduled for 2014.

He said the centre, with three floors to house 12 exhibition halls, would be linked to the existing Menara Matrade building.

Phase one of the project will comprise a 90,000-sq-m expo centre on 13.1 acres that is set to be the largest exhibition and convention centre in the country.

It will consist of the main exhibition centre, multi-purpose hall, auditorium, meeting rooms and display arena. There will also be a hotel, shopping mall and office tower.

On Tuesday, Kumpulan Jetson Bhd and TTDI KL Metropolis Bhd, a wholly-owned subsidiary of Naza TTDI Sdn Bhd, entered into a shareholders agreement to facilitate a joint-venture arrangement to plan, design and construct the Matrade Centre.

Kumpulan Jetson said in a note to Bursa Malaysia that a special-purpose vehicle – TTDI Jetson Sdn Bhd – would be set up, with Kumpulan Jetson and TTDI KL taking up 49% and 51% stakes respectively.

Besides the Matrade Centre, it will also develop the 62.45 acres which will be transferred from the Government to TTDI Metropolis in exchange for building the expo centre.

The mixed development, provisionally known as Naza KL Metropolis Development, will be developed over 15 to 20 years and will have a gross development value of RM15bil.

Based on a preliminary projection, the total project costs for the Matrade Centre is RM628mil.

It is understood that the company is talking to potential investors in the hotel and retail sectors.

By The Star (by Angie Ng) (Posted on 24th December 2009)

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