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Thursday, July 12, 2012

Naza eyes more joint projects with Prasarana

The Naza Group of Companies, developer of the RM15 billion KL Metropolis project in Kuala Lumpur, is bidding for more joint-venture developments with Syarikat Prasarana Negara Bhd.

Yesterday, the group's flagship property development arm, Naza TTDI Sdn Bhd, inked its first joint-venture agreement with Prasarana, to build a 26-storey condominium tower on a 0.4ha site in Taman Tun Dr Ismail.

The land cost for the project is around RM12 million and it is expected to generate a gross development value (GDV) of RM153 million.

Prasarana, a public transport provider, has about 8.4ha of undeveloped land along its Ampang and Kelana Jaya light rail transit (LRT) lines.

It is awarding contracts on an open tender basis to help develop its land. This is to increase its non-fare revenue.

According to Prasarana group managing director Datuk Shahril Mokhtar, the company will award soon a contract to develop land in Ara Damansara.

Shahril said tenders to redevelop an abandoned building near its monorail at Jalan Tun Sambanthan will close on July 21.

Prasarana has land in Taman Melawati and Putra Heights and the tenders will be called soon.

The joint venture with Naza TTDI is the second for Prasarana.

The first was a deal it had entered into in March this year with a joint venture between Crest Builder Holdings Bhd and Detik Utuh Sdn Bhd to redevelop the Dang Wangi LRT station into a mixed commercial development worth RM1.04 billion.

Meanwhile, Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said the tower will house 186 condominium units, ranging between 650 sq ft and 1,200 sq ft.

Faliq said the project will be launched early next year and each unit will be priced at more than RM950 per sq ft.

He is bullish on the property market outlook and expects the project to be well received by young executives and investors.

Faliq added that the construction will be completed by the first quarter of 2016.

"We hope this will be a long-term partnership with Prasarana. We are looking at more land to develop with them and will put in our bid when they call for a tender," Faliq said.

The project will be developed on a profit- sharing basis with Naza TTDI Ventures Sdn Bhd taking 70 per cent.

Naza TTDI Ventures is a wholly-owned subsidiary of Naza TTDI, and the company will be undertaking the bulk of the development work.

By Business Times

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