Protasco to hand over Phase 1 of RM10b De Centrum City in December

KUALA LUMPUR: Protasco Bhd will hand over its entire Phase 1 of the De Centrum City development in Kuala Lumpur South, comprising a shopping centre block with 29 retail units, a serviced apartment block with 320 units, a small office/home office block with 192 units and 54 shoplots to purchasers in December.

The property developer unveiled the RM10 billion new township in 2007. Spanning 100 acres (40.46ha), the new township would be developed in stages over a 15-year period.

The freehold tract of land where the township is being built, is currently the site for De Centrum Sales Gallery and the Infrastructure University Kuala Lumpur (IUKL).

“De Centrum City is possibly the first township in Malaysia to be built around an existing academic institution, and there is growth potential and opportunities not only for those involved with academia, but also for families looking to set up new homes, companies looking for a prestigious address outside the city, businessmen and investors,” said Protasco managing director of property and infrastructure Datuk Kenny Chong Ther Nen in a statement last Tuesday.

Protasco said Phase 1 of the project entails a shopping centre called Gallerie @ De Centrum, which is scheduled to open by February next year. 

To date, 70% of the shopping centre has been leased out to tenants, who will operate a fitness centre, convenience stores, pharmacies, bookshops, fast-food restaurants and a supermarket. 

Under Phase 1, the De Centrum City development also features two condominium towers (A & B) called De Centrum Unipark, which have been completed, while the remaining two blocks (C & D) will be completed by 2017. When fully completed, De Centrum Unipark will offer a total of 640 units.

Protasco said coming up next is a high-end residential development called Rimbawan Residences@De Centrum, which will feature 504 high-rise condominium units and 13 exclusive villas. 

“Given the location of De Centrum City in close proximity to [the] IUKL, University Putra Malaysia and other institutions of higher learning, it is envisioned that a knowledge community will grow and evolve from here — with start-up companies, technology incubators and other amenities to support an entrepreneurial ecosystem,” said Chong.

Protasco said most of the existing structures on the land will be demolished to make way for new ones to be built according to the master plan.

“The existing university campus will also be upgraded with green features added — from a network of elevated green bridges with public parks and water features to sheltered pedestrian walkways and bicycle paths. A shuttle bus service will be started to link commuters in De Centrum City to the Kajang mass rapid transit station, which is scheduled to be operational by July 2017,” it added.

The group said De Centrum City is expected to be a catalyst for growth for the Kuala Lumpur South corridor by providing investment opportunities and creating new jobs. The new township will cater to the existing population of 500,000 located within a 20-minute drive from De Centrum City.

On the prevailing slow economy, Chong said: “We own the entire prime land of De Centrum City, which is unencumbered, so there is less pressure on us to achieve unrealistic targets as we can pace our growth to coincide with general economic growth accordingly. We believe a sound long-term development will override any temporary fluctuations in the market,” he added.

This article first appeared in The Edge Financial Daily, on September 28, 2015. Subscribe here for your personal copy.