Local developer TA Global plans to defer the launch of three property projects in Kuala Lumpur amidst lacklustre market conditions, reported The Edge.
“Market is soft now. Oversupply of certain properties in the city centre is another concern. We don’t want to launch all our projects at the same time,” said the company’s Chief Executive Tiah Joo Kim.
“Generally, market sentiment is positive but the majority of buyers are taking a wait-and-see approach as there are still uncertainties in the market.”
More: Check out Kuala Lumpur Market Trends
These three developments, which were supposed to be unveiled this year, consist of the TA 3 & 4 at the heart of the capital, the Annexe at Damansara Avenue in Bandar Sri Damansara and a condominium in Dutamas.
Located on a 2.47-acre site near Suria KLCC, the TA 3 & 4 have a combined gross development value (GDV) of RM2.8 billion. They comprise a 10-storey podium, on top of which are a 62-storey and 66-storey tower with a five-star hotel and serviced apartments.
As for the 4.55-acre luxury condominium in Dutamas, it features a 38-storey and a 25-storey tower with 364 units in all, but approval is still pending. On the other hand, the Annexe consists of a shopping centre, retail units and strata offices
TA 3 & 4 as well as the Dutamas project are expected to launched in early-2019, while Annexe will be rolled out at the end of next year.
Moreover, the developer intends to unveil the first phase of a gated-and-guarded housing project in Kluang, Johor by Q2 2019. The 95-acre development will contain 524 landed residences with a GDV of about RM450 million.
At present, the company has total landbank of 720 acres in Malaysia, of which 162 acres are earmarked for developments collectively valued at RM14.2 billion.
Asked on its offshore projects, TA Global Executive Director Kimmy Khoo revealed that its Little Bay development in Sydney, Australia is soon to be completed this year.
Pavither Sidhu, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email pavither@propertyguru.com.my
Image sourced from Edge Property
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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