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Triple Towers to alter Shah Alam skyline
(Business Times (Malaysia) Via Thomson Dialog NewsEdge) SELANGOR will build its very own version of the Kuala Lumpur City Centre (KLCC) Petronas Twin Towers by 2010 with a gross development value (GDV) of RM500 million.
However, it will have three towers instead of two, incorporating a shopping mall, serviced apartments and offices. The project will be developed by property developer Lebar Daun Bhd.
Lebar Daun executive director Noorazhar Mohamed Nurdin said the triple towers, of 25 storeys each, will not be as tall as the Petronas Twin Towers but will make an impact on Shah Alam's skyline and landscape.
"The development at Section 14, Shah Alam, will be called Selangor Triple Towers. We have submitted our building plans to Majlis Bandaraya Shah Alam and are waiting for approval by the middle of this month.
"Construction cost will be at RM600 million and we hope to start construction by year-end," Noorazhar told reporters at the company's headquarters in Shah Alam over the weekend, in conjunction with the company's 20th anniversary.
Noorazhar said the company will borrow RM200 million for the project while the remaining RM400 million will be from its own pockets.
Lebar Daun's another executive director Razali Hassan, meanwhile, said the company is also talking to Government-owned public trustee agency Amanah Raya Bhd to become its business partner.
"Amanah Raya could come in with the funds ... however, we are still negotiating on the nature of the partnership. It will not involve equity ownership," said Razali.
The shopping complex will be spearheaded by its anchor tenant, France's Carrefour, which will bring significant recurring income for the group through monthly rental payments by its over 100 business tenants.
"Out of the three towers, one will be owned by the Selangor State Government. For the second tower, we are finalising with a buyer to sell at RM3.50 per square ft," said Razali.
He said all the 250 studio and serviced apartments will be sold, which will bring a gross development value of RM250 million for the group, while the retail shops will be rented out.
The five-level shopping complex and three podium projects are expected to attract some 500,000 shoppers from as far as Klang, Meru and outside of Selangor.
Razali said Selangor Triple Towers also hopes to open cineplexes in the future, subject to approval by the Selangor State Government, which has strict laws on the opening of cinemas and bars.
Malaysian Resources Corp Bhd has already been given the nod to open six cineplexes at Plaza Alam Sentral by the authorites, but it has yet to do so.
Copyright 2007 The New Straits Times Press (Malaysia) Berhad. Source: Financial Times Information Limited - Asia Intelligence Wire
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