Dubbed "8trium", the commercial development comprises a two-storey 100,000 sq ft retail podium and 260 units of office suites contained in two blocks.
The development has a gross development value of RM160 million and makes up 90 per cent of L&G's unbilled sales.
"Tower 2, which was officially launched this July, is over 90 per cent sold. Meanwhile, 30 per cent of Tower 1, which was launched 10 days ago, has been taken up," L&G managing director Low Gay Teck told reporters after the 8trium groundbreaking ceremony yesterday.
The project is slated for completion by the first quarter of 2012.
The developer is also looking to develop another 16.18ha in Bandar Sri Damansara.
"We have submitted the necessary documents for the approval of the relevant authorities for a residential development there," said Low.
L&G is also in talks with landowners to pursue land deals in the Klang Valley, for either residential or commercial developments.
"We don't have a target landbank size, but what we look for is valuable land. Our business direction is to consider areas that are sought after," he said.
The land purchase will be financed via bank borrowings and cash reserve.
L&G also has undeveloped land in Sungai Petani and Johor.
By Business Times (by Jeeva Arulampalam)
"Tower 2, which was officially launched this July, is over 90 per cent sold. Meanwhile, 30 per cent of Tower 1, which was launched 10 days ago, has been taken up," L&G managing director Low Gay Teck told reporters after the 8trium groundbreaking ceremony yesterday.
The project is slated for completion by the first quarter of 2012.
The developer is also looking to develop another 16.18ha in Bandar Sri Damansara.
"We have submitted the necessary documents for the approval of the relevant authorities for a residential development there," said Low.
L&G is also in talks with landowners to pursue land deals in the Klang Valley, for either residential or commercial developments.
"We don't have a target landbank size, but what we look for is valuable land. Our business direction is to consider areas that are sought after," he said.
The land purchase will be financed via bank borrowings and cash reserve.
L&G also has undeveloped land in Sungai Petani and Johor.
By Business Times (by Jeeva Arulampalam)
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