Crest Builder Holdings Bhd may launch three new property development projects, worth around RM2.5 billion collectively, within the Klang Valley.
Among them is Latitud8, a joint-venture (JV) project with Prasarana Malaysia Bhd and Detik Utuh Sdn Bhd that is set for launch in the second half of this year.
Crest Builder entered into the JV for the development of Latitud8 in 2016.
Company sources said Crest Builder eyes to launch the mixed commercial project towards the end of 2020, subject to market conditions and the outcome of the Covid-19 situation, reported New Straits Times.
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It will be developed atop the Dang Wangi LRT station at Jalan Ampang, Kuala Lumpur, with a gross development value (GDV) of around RM1.1 billion, marking the first billion-ringgit property project of Crest Builder.
Touted as the city’s first transit oriented development (TOD), the 44-storey single tower will feature 17 floors of office space, a lifestyle retail mall and 418 units of small office/flexible office (SoFo), duplexes and small office/home office (SoHo).
The residential units have an estimated selling price of RM1,359 per sq ft (psf) to RM1,650 psf.
Crest Builder partnered T7 Kemuncak Sdn Bhd, a unit of T7 Global Bhd, to jointly construct the tower in September 2018. However, a Bursa Malaysia filing dated 8 November 2019 showed that there was no material development on Crest Builder and T7 Kemuncak’s collaboration relevant to the construction of Latitud8.
“There have been some changes to the original development plan, factoring in the demand and supply of residential and commercial offerings in Kuala Lumpur,” said the source.
“Crest Builder and its JV partners want Latitud8 to be a luxury and unique development as it sits on top of a transport hub, to attract foreign property buyers. They will be setting a new price for the residential units, which have multiple sizes.”
Sizes of serviced residences at Latitud8 will range from 582 sq ft to 1,221 sq ft, while duplexes start from 927 sq ft to 2,178 sq ft, showed the company’s website.
Meanwhile, a mixed development project with a GDV of around RM1 billion in Kelana Jaya is Crest Builder’s second launch.
To be developed on 1.98ha site around the Kelana Jaya LRT Station, the project will include offices, serviced residential suites and retail units and is set for launch in the middle of 2021. It is also a JV project with Prasarana.
The third launch is a RM450 million residential project in Klang. The project will occupy a 2.646ha site in Bukit Tinggi that Crest Builder acquired for RM55 million in December 2019. It is slated for launch in Q1 of its financial year 2021, subject to market conditions.
“The focus currently is on selling the remaining unsold units within its existing development. The company is also looking to acquire more land to expand its property development division to improve future earnings,” said the source.
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