KUCHING: Weida (M) Bhd, which will launch its maiden high-rise residential project in Ara Damansara, Petaling Jaya today, is in negotiations to acquire a piece of prime land in Kuala Lumpur for mixed development.
Managing director Datuk Lee Choon Chin said the 2.84ha-land would be ideal for residential, retail and office development with potential gross development value (GDV) close to RM1bil.
“Negotiations with the landowner is currently into mid-way and a deal could be struck within six months,” he told StarBizWeek after the company’s AGM.
Lee said the Ara Damansara project – Urbana Residences – with a GDV of RM231mil would comprise 356 service apartment units in a 15-storey block.
He said the units would be priced from about RM500,000 to RM1.2mil (penthouse) with floor area between 807sq ft and 1,200sq ft.
“Their designs and layouts are efficiently done. Even for the smallest units, you will find them to be spacious.
“Urbana Residences will have various recreational facilities and amenities with a green environment living setting,” he added.
Construction work for the project is expected to start next month and the units would be ready by 2016.
According to Lee, Urbana Residences is well-connected to highways, shopping complexes and golf courses. It will be sited next to an upcoming convention hall and hotel project.
He said about 3,000 potential buyers had registered when pre-booking for the apartment units opened three weeks ago.
The developer is targetting both foreign and local buyers, particularly the younger group.
Lee said Weida group was expected to launch its second residential development – a high-rise condominium project – with GDV of RM330mil in Mont’ Kiara next year.
The group is expected to borrow RM114mil, including bridging loans, for the two projects. The other source of financing will be internal fund estimated at RM51mil.
With the group’s diversification into property development, he said the new business was forecast to contribute about 30% to group revenue by the fifth year.