Federal Territories Minister Datuk Seri Zulhasnan Rafique said the project on the land owned by City Hall (DBKL), provides a balance, by taking into account the needs of local residents and that of the property market.
He said that the project comprises four main components,a 60-storey condominium tower with 392 residential units, 40 floors of office units, three floors for shopping and businesses as well as an integrated development for the Kampong Baru LRT station and business space or "Bazaar".
"The Puncak Baru project is expected to change and enhance the image of Kampong Baru into a modern village cum commercial centre with the same world status as that of the Kuala Lumpur City Centre or KLCC," he said at the ceremony to launch Puncak Baru in conjunction with the redevelopment of the Sunday market site here today.
The project was launched by the Prime Minister Datuk Seri Abdullah Ahmad Badawi.
Zulhasnan also hoped that the project would serve as the catalyst for the development of Kampong Baru as a whole.
Meanwhile, Naza TTDI chairman SM Nasarudin SM Nasimuddin said the project is expected to begin within three months and slated for completion in four or five years time.
By Bernama
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