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Thursday, July 21, 2011

Another KLCC Prop mixed project in the works

Kuala Lumpur: With the completion of Lot C by the end of this year, KLCC Property Holdings Bhd will be looking at the development of Lot D1, another 0.6ha plot of land adjacent to Hotel Mandarin Oriental.

A development plan for the area is only expected to be finalised in about a year.

"As usual, this is a mixed development and the trend for us is to have a mixed component of retail and service apartment or retail and office, depending on the demand at that time," its chief executive officer Hashim Wahir said after KLCC Property's annual general meeting yesterday.

As part of its risk management measures, KLCC Property only begins building once tenancy and clients for a development have been firmed up.

KLCC Property expects to complete the development of the office tower in Lot C year-end.

Petroliam Nasional Bhd (Petronas), which will be the sole tenant of the office tower with a net lettable area of 840,000 square feet (sq ft), is likely to move in early 2012. The tower will be known as Petronas Tower 3.

The retail component of the development has already been handed over to Suria KLCC Sdn Bhd and some 22 tenants have already signed up.

Full occupancy of the 140,000sq ft net lettable area is likely by September this year.

The retail and office components of the development are set to contribute about RM100 million a year to the group once fully occupied.

KLCC Property is also undertaking a refurbishment exercise of Menara Dayabumi, a 26-year-old and 36-storey office building. Between RM30 million and RM40 million will be spent for the two-stage refurbishment work which is expected to be completed by the end of the year.

Another plan in the works is the redevelopment of City Point, a six-storey office-cum-retail-podium annexed to Menara Dayabumi.

"We hope to redevelop it to have additional office space and make the retail space more exciting," Hashim said.

By Business Times

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