AMID the steep downturn in the country’s property market due to the COVID-19 pandemic, two upcoming skyscraper projects in the capital city – which boast a whopping RM2 bil in gross development value (GDV) – had found themselves on the real estate radar.
The Alfa Bangsar and Bukit Bintang Gateway projects are developed by the relatively unknown Sri Seltra Sdn Bhd, the property development division of City Motors Group (CMG).
While Alfa Bangsar is a 42-storey mixed development project, the Bukit Bintang Gateway is a 51-storey twin-tower project located along Bintang Walk at Bukit Bintang in Kuala Lumpur.
According to Sri Seltra Sdn Bhd CEO Terence Chia, the two projects are part of CMG’s expansion into the luxury property segment and the hospitality industry.
“Our commitment and confidence are a well calculated risk underpinned by the company’s strong fundamentals. We are poised to seize the opportunity as the economy rebounds,” he told FocusM.
Both are mixed development projects comprising upscale hotels, luxurious serviced apartments and commercial offices with wellness hubs.
The Alfa Bangsar project represents the group’s signature entry into the luxury market and it promises to set a benchmark in higher property valuation of affluent Bangsar, a neighbourhood noted as a vibrant entertaining and food haven.
The next Bukit Bintang Gateway project, meanwhile, will be the single highest complex with hotel, serviced apartments and commercial podium minutes away from two nearby MRT3 stations that are being constructed.
Chia said the Alfa Bangsar was named after the group’s two-decade involvement as the sole distributor of Alfa Romeo cars that ended in 2020.
“We are currently halfway through construction and looking at a mid-2023 completion. We are confident of completing it on time even with the constraints caused by the current movement control order,” he said.
Chia went on to point out that the Alfa Bangsar serviced apartments with RM450 mil in GDV are modest in floor sizes but exude luxury and afford creature comfort to its owners.
The project, he said, is a short walk to Bangsar Village, the food haven and entertainment hub where owners will be spoilt for choices where to dine and chill out.
CMG will start work to construct the Bukit Bintang Gateway project in the first quarter next year now that the company has received development approval from the Kuala Lumpur City Council.
Similar to Alfa Bangsar, the Bukit Bintang Gateway – which will comprise a five-star hotel alongside residential, commercial and retail blocks – is also on freehold land and is by far a bigger project, both in scale and GDV.
This future project will have a RM1.5 bil in GDV and be the home of the high net-worth owners of 318 units of serviced apartments and 69 serviced suites.
It is located within walking distance between two MRT stations along the popular Bintang Walk promenade.
“Both these two projects form part of the group’s long term plan to make inroads into the hospitality industry,” Chia noted.
“We plan to grow our real estate’s recurring income as a sustainable revenue stream that will run parallel with the future growth potential of our property development business.” – Sept 22, 2021