By EUGENE MAHALINGAM
PETALING JAYA: Property developer Asian Pac Holdings Bhd expects to complete the construction of its KK Times Square mixed development in Kota Kinabalu, Sabah, by year-end.
Chairman Tan Sri Megat Najmuddin Megat Khas said the take-up for the residential units had been positive.
“The construction cost for the development is about RM700mil,” he told a press conference yesterday.
The development comprises 641 apartments, 36 exterior shops and over 200 retail units.
Megat Najmuddin said the apartments would be launched in five phases.
“We have already launched three phases and most of the apartments have already been taken up,” he said, adding that some of the buyers were foreigners.
The first phase of KK Times Square, consisting of 12 blocks of five- to eight-storey office units, was completed in 2007.
The second phase – service apartments and the Imago shopping mall – is currently under construction.
Megat Najmuddin said the company had secured Parkson as an anchor tenant for the mall.
“Kota Kinabalu is a great place for foreigners to live in. However, there are insufficient shopping malls there. Hopefully, Imago will change all of that and give them what they need,” he added.
He said the company’s next project was its Kepong B3 mixed development, which it expected to launch before the end of this year.
“It has a gross development value of RM250mil and is being developed on a three-acre piece of land,” he said.
Megat Najmuddin said the company currently had about 400 acres of undeveloped landbank in the country. “We have land in Johor, Negeri Sembilan, Kepong and Rawang. We are looking to acquire more land in Selangor,” he said.