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Monday, November 22, 2010

KL to get first vertical car park

PETALING JAYA: Kuala Lumpur see the city's first multi-storey automated car parking system in Times Avenue, a new 15-storey building to be developed by Takashimaya Construction & Development Sdn Bhd.

The company has no ties with Japan's Takashimaya Co Ltd, which is known for its chain of department stores.

The automated car parking system was based on South Korean technology and being used in Japan, South Korea and the United States, said the company's project director Kelvin Lee Seong Seng.

Kelvin Lee ... ‘We may replicate the project to give us recurring revenue.’

About 140 parking bays will be available in the project that also comprises 20 retail units on its first three floors and 36 office suites from the fourth to the nine floors. There will be two penthouse offices.

The narrow strip of land of about 13,000 sq ft along Jalan Imbi next to Berjaya Times Square was purchased a few years ago. Work on the project will begin by the year-end.

We wanted to go into property development. When that small piece of land came up for sale, we decided to buy it.

At 13,000 sq ft, it is a small piece of land. We wanted to have office suites and some basic retail facilities to serve the office units.

But with the size constraint and the need for parking facilities, we decided to put in an automated system to maximise the efficiency of the land and enable more cars to be stored, Lee said.

The system stacks up the cars vertically.

All the office and retail units will be sold but the company will operate and manage the car parking facilities.

This is a pilot project. We will see how it goes and may replicate it to give us a recurring revenue. The branding will be important, Lee said.

The plan is to fix parking charges at RM5 for the first hour and RM1 for every subsequent hour.

The project will have a gross development value of about RM130mil. Construction cost will total about RM70mil.

By The Star

MRCB, IJM Land up news report

Malaysian Resources Corp and IJM Land Bhd rose in Kuala Lumpur trading after the two property developers said they are considering various corporate proposals, responding to a Business Times report they may merge.

Shares of Malaysian Resources rose 1.4 per cent to RM2.15 at 9:05 a.m. local time, set for its highest close since Nov. 11.

IJM Land gained 3.7 per cent to RM3.08.

By Bloomberg