Set for launch in mid-2017, The Octagon property project in Ipoh saw around 75 percent of its 138 residential units snapped out, while its 21 commercial units received robust interest.
The RM70 million mixed development project is nestled on the site of the former Yau Tet Shin Bazaar and is set to be fully operational by Q2 2017.
To better manage and control security, all floors from level eight up will be strictly residential, while the commercial floors will be situated at the bottom three levels of the project, said One Octagon Sdn Bhd Managing Director Datuk Liew Sew Yee.
He noted that the commercial units will only be leased out and are not for sale.
“This is important so we can manage the types of businesses that open in the project,” said Liew after witnessing the presentation of the project’s Certificate of Completion and Compliance by State Executive Councillor Datuk Dr Mah Hang Soon to One Octagon Chairman Datuk Lim Kok Cheong.
He revealed that the company plans to have the ground floor for food and beverage business, and the first floor for restaurants and local products.
“The second floor will be for cultural-related businesses, maybe like a bookstores,” he said, adding that there will also be 350 parking bays spread across four floors.
With Ipoh and Perak gaining recognitions as a tourist destination, The Octagon is poised to be a landmark within the city, and could be a tourist attraction.
“The area surrounding the development will also be developed as a cultural district,” said Dr Mah. “I foresee there will be a lot of visitors coming here. We need to be prepared to welcome them.”
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
