Gamuda Land Sdn Bhd is acquiring a freehold plot in Jalan Pudu for RM105 million for a mixed commercial development with an estimated gross development value (GDV) of RM600 million.
Its managing director Chow Chee Wah told theedgeproperty.com that Gamuda Land had last month entered into a sale and purchase agreement to acquire the 2.94-acre (1.18 hectare) parcel of commercial freehold land, located at the intersection of Jalan Pudu and Jalan Robertson, for RM820 psf from Wearne Brothers Properties Pte Ltd.
“The biggest advantage of the development is that it is near the LRT (Plaza Rakyat station) and Puduraya bus terminal. The project is also within walking distance to the Bukit Bintang shopping area,” said Chow.
He said plans for the site included shop offices and serviced apartments.
The project is the developer’s second development in the central business district after Madge Mansion in the U-Thant area. With a GDV of RM300 million, Madge Mansion comprises 52 low-rise condo units. The project is scheduled for a soft launch next month.
Gamuda Land’s other upcoming launches include Ambang Botanic 2 in Klang next month following overwhelming response to its Ambang Botanic 1, which has been fully sold. First to be launched in Ambang Botanic 2 will be semi-detached homes and superlink homes.
The developer also plans to open the construction of a free-toll ramp from Lebuhraya Shah Alam (Kesas) into its township development Bandar Botanic in Klang by the end of next month. The construction cost of the ramp is close to RM40 million.
For more details, read the July 19 issue of the City & Country pullout in The Edge Malaysia.
This article appeared in The Edge Financial Daily, July 15, 2010.
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