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Wednesday, August 10, 2011

Asie: Two more property deals by year-end

Asie is in talks with several Malaysian and foreign developers on the Tamansari Riverside Garden City urban regeneration project in Kuala Lumpur

Kuala Lumpur: Asie Sdn Bhd expects to give out at least two more contracts by year-end to help develop properties worth over RM1 billion at its Tamansari Riverside Garden City urban regeneration project in Kuala Lumpur.

Its founder, Datuk Khalil Akasah, said Asie is in talks with several local and foreign developers which have expressed interest to undertake joint venture developments with the company.

"The Tamansari project will finally breathe fresh air after waiting so long to kick-start. We are upbeat about the project, which has garnered a lot of investors' interest," Khalil said in an interview yesterday.

The urban regeneration project was mooted some 30 years ago by Malaysia's second prime minister, the late Tun Abdul Razak.

On August 2, Asie gave out its first contract for the RM9 billion Tamansari project to Mah Sing Group Bhd, Malaysia's fifth largest property developer by revenue.

The contract given to Mah Sing entails it to undertake a niche development on 1.6ha. Called M Sentral, it will feature serviced residences and retail lots worth a combined RM900 million.

Khalil said the project will be undertaken by several developers to ensure its success.

"We are not going to depend on just one player such as Mah Sing to do the job. We will replicate what MRCB did for KL Sentral where it parcelled out the land development to several players," Khalil said.

Located on 23ha along Jalan Tun Razak-Jalan Pahang; the former site of the Tunku Abdul Rahman flats or Pekeliling flats, the 10- to 15-year project is envisaged to be bigger than Mid Valley City.

Asie signed the privatisation agreement in 1999, obtaining full rights and approvals to build residential and commercial properties, leisure, recreation and infrastructure facilities on 14 parcels of development land.

Under the deal, Asie is required to construct 3,500 units of public housing and facilities in exchange for the 23ha land. Asie has built and handed over 3,000 units in 2006.

By Business Times

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