Brisk Sales of KL Eco City First Phase

KUALA LUMPUR: SP Setia Bhd recorded sales worth RM2.5 billion under the first phase of its RM6 billion KL Eco City integrated property development project here.

SP Setia president and chief executive officer Tan Sri Liew Kee Sin said the company has sold 90 per cent of its condominium and other residential units, strata offices (100 per cent) and eight out of 12 boutique offices.

"The buyers are mostly Malaysians and we expect to launch phase two by the end of next year ... we also expect to sell the remaining unsold 10 per cent within the next two to three months," Liew told reporters here yesterday at the launch of its Setia International Centre sales office.

KL Eco City, which is a joint venture between SP Setia and Kuala Lumpur City Hall, has a gross development value of RM6 billion and is spread over four phases with construction period spanning over 10 years.

Situated across the Mid Valley City behind the Kampung Abdullah Hukum light rail transit station, the 9ha green project comprises of three residential towers, three corporate office towers, serviced apartments, a retail mall, 12 boutique office blocks and strata offices. 

The project is SP Setia's largest property project in Malaysia.

Malaysia's most valuable property company by stock value is also investing RM150 million to build four dedicated interchanges to directly link KL Eco City to all major expressways coupled with an internal two-tier road system as part of its efforts to solve traffic congestion.

On another note, Liew said SP Setia will hold a media briefing on December 12 to talk about its plans for next year.

Also present at the launch was Minister of Federal Territories & Urban Wellbeing Datuk Raja Nong Chik Raja Zainal Abidin.

By Business Times Online

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/SETCO/Article/#ixzz2MioFVUO8