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PETALING JAYA (May 21): Contractor turned property developer CK East Group is looking to officially launch Rencana TTDI, a commercial project on a two-acre Malay reserve parcel in Taman Tun Dr Ismail, Kuala Lumpur, within two months.
CK East is the project manager for the RM380 million project, which showcases a “co-working” concept. The project will offer 627 units of smart offices, flexible offices, 2-storey garden terraced units, retail lots, studio offices, duplex offices and corporate suites, as well as two facility floors for businesses.
The facilities include meeting rooms, a theatre, barbecue area, gym and prayer room. Some 90% of units have been booked since last year, and more than 30% of those who had booked the units have signed the sale and purchase agreement.
Sixty percent of the units measure 472 sq ft, while the largest unit is 4,296 sq ft. The average price is RM580 psf. CK East managing director Ng Chong Kiat said the company is looking for a single buyer to purchase the retail podium – which measures more than 100,000 sq ft – in entirety so that there is better control of the tenancy mix.
“We will have an agreement with the buyer that the retail lots cannot be sold individually,” he adds. “If we cannot find a suitable buyer, we will manage it ourselves. It is a very important component that will determine the value of the project in the future.”
For the full story, read the May 23 issue of City & Country, the property pullout of The Edge Malaysia. Subscribe here for your personal copy.
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