Gamuda Land in RM600mil commercial project in Kelana Jaya

PETALING JAYA: Gamuda Land Sdn Bhd, the property arm of Gamuda Bhd, has purchased 4.86-acre freehold land in Kelana Jaya for RM95mil.

It intends to develop the commercial plot into a mixed project of retail and office suites for RM600mil.

“The average selling price for the residential component is RM750 per sq ft while the retail shops are estimated at an average selling price of RM800 per sq ft.

“The planning and content of this development is anticipated to be revealed in early 2014,” said Gamuda Land managing director Chow Chee Wah.

The site is located behind the Giant hypermarket, and in front of Dataran Glomac. Other notable developments within a 500m to 1km radius are the newly-opened Paradigm Mall, Parklane Commercial Hub, Zenith Corporate Park, Kelana Square, Kelana Centre Point and Tiara Kelana.

The group's other projects included Bandar Botanic in southern Klang, Jade Hills in Kajang and Horizon Hills in Johor Baru.

“Two significant developments which we have added to our recent portfolio are Madge Mansions in Jalan Ampang, Kuala Lumpur and The Robertson Suites in Pudu, Kuala Lumpur,” said Chow.

For the nine months to April 30, Gamuda Land has recorded 30% increase in new property sales of RM1.3bil. Total unbilled sales remain at RM1.3bil.

Kelana Jaya is the new hotspot in Petaling Jaya and has recently seen the influx of developers along the Lebuhraya Damansara-Puchong stretch.

Property developers who have made inroads included Mah Sing Group Bhd, Glomac Bhd, WCT Engineering Bhd and the SIMA Group.

With 1.7 million sq ft of retail space, the Paradigm Mall by WCT has so far achieved 90% occupancy rate and a blended rental rate of RM6.

Hwang DBS said that occupancy rate could rise to 95% when a key retailer occupies 20,000 sq ft.

The mall, which has a gross development value of RM500mil is part of a 12-acre RM1.4bil mixed development. The other components of the development would comprise office towers, serviced apartments and a 350-room hotel which would be developed over the next few years.

Paradigm Mall is managed and operated by Jelas Puri Sdn Bhd, a subsidiary of WCT.

Mah Sing's RM3.2bil neighbourhood development of Icon City sits on a 20-acre site of the former Matsushita factory.

The Sima group's Parklane Commercial Hub@ Kelana Jaya on a nine-acre plot is nearing completion. With a gross development value of some RM300mil, Parklane consists of shopoffices, retail units and small office home office suites.

By The Star