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Monday, August 22, 2011

Icon City with GDV of RM3.2bil taking shape at Federal Highway-LDP intersection

New landmark: Chua with a model of Icon City.

PETALING JAYA: The vacant plot of land that used to house Panasonic air-conditioner plant at the intersection of Federal Highway and Damansara Puchong Highway (LDP) will soon get a new landmark with the planned development of the Icon City project.

Built in the 1970s, the plant in SS9, Petaling Jaya, has been left vacant for the past four to five years since Panasonic relocated its factory to an industrial zone in Section 21, Shah Alam.

The 20-acre site was acquired by Mah Sing Group Bhd in 2009 from vendor, Panasonic HA Air-Conditioning (M) Sdn Bhd, for RM89mil or at RM104 per sq ft.

The parcel has a few advantages high visibility with direct frontage to two busy highways the LDP and Federal Highway; good connectivity to multiple highways; and proximity to the KTM stations in Seri Setia, Setia Jaya and Kelana Jaya.

“The plot is sizeable enough for a comprehensive masterplan to optimise the potential of the land for a well-planned and designed integrated commercial development,” Mah Sing Properties Sdn Bhd chief operating officer Andy Chua told StarBiz in an interview.

However, he conceded that one of its main shortcomings was the traffic congestion at the intersection of Federal Highway and LDP.

To improve traffic flow at the junction, Chua said Mah Sing had engaged traffic consultants, who came out with a proposal for a comprehensive traffic dispersal system that would involve about 13 new ramps, two tunnels and road widening work to eliminate the need of traffic lights for cars travelling in and out of the two major highways.

“We are looking at spending RM200mil in infrastructure work with various access points for traffic dispersal,” he said.

On the Icon City development, he said: “It will be the ultimate integrated development in Petaling Jaya, offering an interesting mix of versatile components for a trendy destination for live, work and play under one roof.”

“It will be an architectural marvel within a green and sustainable development and is poised to be among the first in South-East Asia to be certified by Leadership in Energy and Environment Design, USA; Green Building Index, Malaysia; and Green Mark of Singapore,” Chua added.

The project, with a gross development value of RM3.2bil, will be undertaken in two phases over seven to eight years.

The first phase was launched last month and includes 30 units of seven and eight-storey shop offices dubbed the “Jewels”; 46 single and double-storey retail shops, two towers of 411 units of small office-versatile offices (SoVos), two towers of 570 units of serviced residences; and a block of boutique office tower. These properties are expected to be completed in three to four years.

The remaining phase will comprise a hotel, corporate office towers and a retail mall.

There will be three levels of basement parking with 3,800 parking bays in phase 1 and 5,000 bays in the subsequent phase.

Chua said the company also planed to have a green park on top of a four-floor parking podium as open space for recreation.

“The service residences and commercial properties comprising SoHos and SoVos have highly versatile designs to cater to the needs of those in the 30s and 40s age groups. The main focus will be convenience.”

Chua is confident that the properties will be popular due to the affordable pricing and lack of such properties in the vicinity.

“The market catchment is extensive, including matured and affluent neighbours such as Kuala Lumpur, Subang Jaya, USJ, Shah Alam and Damansara,” he said.

Since the launch of Icon City on July 17, close to RM430mil sales have been recorded.

For the current financial year ending Dec 31, Mah Sing has targeted sales of RM2bil, of which Icon City is estimated to contribute RM460mil.

By The Star

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