Executive director Ku Hwa Seng said the company was now working on the details of the project and was hoping to submit its plans to the relevant authorities soon.
He said it planned to build a 10-storey building on its land in Jalan Madge off Jalan U-Thant. The condominium block will comprise 50 units, each with a built-up area of between 334.45 sq m and 464.51 sq m with its own private lift.
“The indicative selling prices start from RM3mil to RM5mil per unit and the project has a gross development value of RM200mil,” he told StarBiz recently.
It would take two years to complete the project, expected to be named D’Embassy, in view of several foreign embassies being located within the vicinity, Ku said, adding that the company was confident that the project would attract interest from the rich, businessmen and expatriates due to its good location in the Golden Triangle area.
“We can also benefit from the spill-over effect of the KLCC and the redevelopment projects in certain parts of Kuala Lumpur.”
The project will be KSL’s second outside Johor for the Johor-based developer. The first is in Klang.
Phase one of the Klang project would be launched toward the end of the year with 100 units of mixed residential units comprising double-storey link cluster, semi-detached and bungalows priced from RM500,000 each, he said.
With the company taking bigger steps out of Johor, Ku said it would be looking for more land in the Klang Valley for future projects.
He said after the Klang Valley, the company would probably go north to Penang as demand for houses, especially high-rise living, in the land-scarce state was good.
For the financial year ended Dec 31, 2009 (FY09), KSL recorded net profit of RM91.38mil on revenue of RM186.17mil compared with RM90.50mil and RM216.24mil respectively in FY08.
By The Star
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