KOTA BARU: The first phase completion of a RM300mil mixed development project in Jalan Raja Dewa here in 36 months will transform the skyline of the state capital.
The Dataran Raja Dewa project was hailed as an iconic real estate boost for Kelantan with the building of a twin towers of 31 storeys, said developer Petraz Holdings Sdn Bhd managing director Datuk Dr Stanley Chew.
Datuk Dr Stanley Chew (right) exchanging documents with Kelantan State Secretary General Datuk Mohd Aiseri Alias after the signing ceremony. With them is Deputy Mentri Besar Datuk Ahmad Yaakob.
Sited on 6.3ha, the project would showcase Islamic architecture, he said after signing a memorandum of understanding between the Kuala Lumpur-based Petraz and the Kelantan government last Wednesday.
Dr Chew said Petraz had 23 years' experience in the property market with its niche in the warehousing industry in Klang, Selangor.
On Petraz’s foray into Kelantan, he said real estate was reaching saturation levels in other states while Kelantan was an emerging market.
“There is potential here so we have come to seek the opportunities while bringing about modern development to the town,” Dr Chew said.
He said the developer was discussing with potential anchor tenants including five-star hotel operators, hypermarket operators and shopping mall operators about the commercial aspect.
The shophouses would likely be leased by state government departments and local merchants, he said, adding that the first phase would be ready in 36 months and the second by 2014.
Besides bringing in new commercial enterprises and investments, the project is set to become a new landmark for Kota Baru.
The project comprises 40 units of three-storey shophouses, four blocks of five-storey office lots, twin 31-floor office lots, an eight-storey building which can house trade exhibitions and a three-storey car park.
There are also two 12-storey service apartments and 126 town houses in the project.
By The Star (by Ian Mcintyre)
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