EDGEPROP.MYFebruary 06, 2021 | Updated 1 week agoKUALA LUMPUR (Feb 6): A property developer company within the Jakel Group “is planning to build a 74-storey-tall building within the Golden Triangle near the Petronas Twin Towers in Jalan Pinang”, The Edge Malaysia reported this week.
Sources told the weekly that the gross development value (GDV) of the development is estimated at RM2 billion and “when completed, it may be as tall as Four Seasons Place.” The report added that the site of the building is “adjacent to the Kuala Lumpur Convention Centre and next to the Grand Hyatt Kuala Lumpur”.
“Located along Jalan Pinang with a KLCC address and with a plot ratio of 1:10, this prime site is ripe for development. It is hoped that when the proposed office tower and hotel are completed by 2025, the economy and property market would have recovered, and the oversupply of offices and hotels would have eased,” VPC Alliance (M) Sdn Bhd managing director James Wong told the business publication.
The Edge managed to view the submitted building plans by the developer for Lot 195, Jalan Pinang, to Dewan Bandaraya Kuala Lumpur (DBKL) for approval and it reveals that “Plans for the freehold parcel, measuring 57,447 sq ft, include three floors of retail and four floors of exhibition space. Other components include a hotel, office and serviced apartment”.
Savills Malaysia deputy managing director Nabeel Hussain said that the plan is “an interesting scheme, to be sure”.
“Most single-tower developments won’t have so many different uses, but perhaps it’s an attempt to utilise all the allowable gross floor area in a market where most sectors are feeling the strain from oversupply,” he added.
Another source told the weekly that will “only likely to commence in three years.”
“And depending on the demand at the time, the components may be tweaked to include small office suites and/or smaller units of high-end apartments measuring around 500 sq ft,” said the source.
Also, should the hotel be built, the developer “will look at bringing in” an established operator from the Middle East to run it as a shariah-compliant hotel”, he added.