Naza TTDI Sdn Bhd's initial public offering (IPO) is also expected to be among the largest property IPOs on Bursa Malaysia, joint group executive chairman SM Nasarudin SM Nasimuddin told Business Times.
"Now that we have launched KL Metropolis, the next step is to take Naza TTDI to new heights and to do that, we will need the IPO," he said on Tuesday after the launch of the project by Minister of International Trade and Industry Datuk Seri Mustapa Mohamed.
Business Times first reported that Naza TTDI wanted to list in 2008 but this was postponed due to weak market conditions and also because it wanted to build its asset base.
It had hired CIMB Investment Bank Bhd to arrange the IPO and planned to raise more than RM1 billion.
"With the KL Metropolis development, Naza TTDI is a step closer to becoming a sizeable property group," Nasarudin said.
Naza Group, founded by the late Tan Sri Nasimuddin Amin in 1974, is well-known as an automotive player. It ventured into property development by acquiring Naza TTDI more than five years ago.
Meanwhile, Naza TTDI is well-known for the development of Taman Tun Dr Ismail in Kuala Lumpur.
KL Metropolis is currently the single biggest integrated mixed development in Kuala Lumpur for Naza TTDI and piling work has started.
The RM15 billion development is almost four times bigger than Naza TTDI's ongoing Platinum Park project in the Kuala Lumpur city centre, which is worth RM4 billion.
KL Metropolis will have 18 40-storey office and residential towers, a 100-storey building and three hotels, as well as the new one-million-sq-ft Matrade centre and two retail centres with more than two million sq ft of space.
By Business Times
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