News

SP Setia Sees Gradual Launch Of KL Eco City Over Next Three Years

Last update: 24/10/2017KUALA LUMPUR, Oct 24 (Bernama) -- Property developer, SP Setia Bhd, expects 40 per cent of the Kuala Lumpur Eco (KL Eco) City project comprising high-rise units and offices, to be launched in stages over the next three years, starting this year.

SP Setia Divisional General Manager, Tony Ling Thou Lung said to date, 60 per cent of the high-rise residential units, offices and retail segments had been fully taken up.

"In the retail segment, the take-up rate is 60 per cent, of which 20 per cent is taken up by the Jaya Grocer retail chain.

"We expect the take-up rate to register between 80 per cent to 90 per cent in the first quarter of 2018 after the mall opens its doors to the public," he added.

He said this after officially introducing the 'Bangsar Market by Jaya Grocer' programme here, today.

Ling said the Bangsar Market, will occupy the entire second level of the five-storey KLEC Mall, which is slated for opening in the first quarter of next year.

The Bangsar Market is inspired by the Camden and Borough markets in London and the Queen Victoria Market in Melbourne.

According to Ling, the group had invested about RM200 million to construct dedicated ramps and a bridge leading to the mall.

The mixed development project along Jalan Bangsar spans 10.12 hectares (ha), It has a gross development value (GDV) of RM7 billion and is the first integrated green luxury development to be anchored by prime commercial offices, high-end retail outlets, luxury serviced-residences and residential towers.

As of June 30, 2017, the SP Setia group had 31 ongoing projects with a remaining land bank of 2,206.35 ha with a total GDV of RM80 billion.

-- BERNAMA