Gaya Bangsar is a 34-storey full-service luxury condominium tower that comprises 285 residential units ranging in size from 671 sq ft to 1,610 sq ft.
LUXURY LIVING: A model of Gaya Bangsar
The units are priced between RM350,000 and RM900,000 each.
Managing director Datuk Jaafar Abu Hassan said at a briefing last Friday that UDA was looking at a gross development value (GDV) of RM157 million from the development, which it hopes to complete by 2011.
Jaafar said the units were mostly bought by locals, while expatriates living in the country bought less than 10 per cent.
"We have also achieved the Bumiputera sales quota of 40 per cent. This is a positive indicator and an encouraging development in Bumiputera ownership in real estate properties," he said.
UDA expects to begin construction on the 0.5ha site next to Dataran Maybank in July.
"The market rate for such units in this area is currently averaging around RM550 per sq ft. We expect prices to appreciate by 20 to 30 per cent in three to four years," Jaafar later told Business Times.
Gaya Bangsar is the second of a series of high-end condominiums that UDA will develop in Kuala Lumpur over the next five years.
Its maiden project was Sinaran TTDI in Taman Tun Dr Ismail, the units of which were sold within six months of its launch.
The project, which achieved sales of around RM175 million, is due for completion in 2010.
In the pipeline is a residential and commercial development on 1.8ha near the Sheraton Imperial Hotel.
The project, comprising a condominium block, two office towers and retail outlets, will have a GDV exceeding RM300 million.
"We have not given the project a name. We hope to launch it by the third quarter of this year," Jaafar said.
UDA also plans to build shophouses in Jalan Pantai and a four-star hotel in Jalan Petaling on land it owns.
"As we move forward, we will develop more high-end properties," Jaafar said.
By New Straits Times (by Sharen Kaur)
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