SM Land set to launch NZX Commercial Centre

The second phase of NZX is set for launching next month

SM Land Sdn Bhd is launching the second phase of its freehold NZX Commercial Centre project in Ara Damansara next month. This will comprise 34 units of 3-storey semidee shop lots, 24 units of 5-storey shop lots and a 150-room boutique hotel. Prices start at RM2.5 million onwards for the units with lot sizes of 30ft by 70ft to 25ft by 85ft.

SM Land’s director, Eric Ong, said the development has been receiving a tremendous response since it was opened to the public last month. “We are averaging about 3,000 to 4,000 visitors a day, with more during the weekends.

We are hoping to continue drawing in the crowd by organising yearround events there,” he told PropertyPlus.

To date, all 186 units of 3- and 5-storey shop offices have been sold and handed over to purchasers.

Prices range from RM1.7 million to RM2.5 million for the units with built-ups of between 6,000 sq ft to 9,000 sq ft.

Within the project is Niu Ze Xui, an open-concept pedestrian mall featuring Malaysia’s largest covered boulevard and first-ever climate control system. The 300 kiosks available there have also been tenanted out for rental rates of RM1,500 to RM1,800 per month.

Ong said the second phase is expected to do well, similar to the units in the first phase that were quickly taken up after they were launched. About 20% of the secondphase units have been taken up so far. “The units in the development have a low density and come with an al-fresco design,” he said. It has a gross development value (GDV) of RM200 million and is targeted for completion by 2011.

SM Land is the development arm of Dragon Group, whose core businesses include manufacturing optical media. Their previous developments include the revival of Section 14’s Digital Mall and Pertama Residencies, a condominium project in Cheras.

The developer recently completed its other ongoing project, USJ Nineteen, which is scheduled for launch by the forth quarter this year. It is located on a 4.4-acre tract in UEP Subang Jaya and consists of a 3-storey shopping mall with a net lettable area of 240,000 sq ft as well as 1,064 units of serviced apartments.

On the group’s immediate future projects, Ong said it would include a high-end residential development comprising 70 units of semi-dees in Serdang, as well as an integrated commercial project in Bukit Jalil.

“The project in Bukit Jalil is exciting for the group as it will have a GDV of about RM1 billion. It will consist of a hotel, retail outlets, a shopping complex, offices and serviced suites,” he said, adding that the group will be focusing on more niche projects in the future.

It has an undeveloped landbank in prime locations in the Klang Valley and Penang.

SM Land also has a track record of successfully reviving abandoned or stalled projects to realise their full potential. These developments include Digital Mall, NZX, and USJ Nineteen. “We might be embarking on another upmarket abandoned project located within the Golden Triangle. We are currently in negotiations and hope to finalise the deal by this year,” he said.

By theSun - PropertyPlus (by Yap Yew Jin)