Naza TTDI Sdn Bhd is strengthening its presence in Shah Alam, this time with another integrated development with a gross developmental value (GDV) of RM2.5bil.
The 38.8-acre business lifestyle hub in Section 13, TTDI Gateway, comprising offices, serviced apartments, retail components, a hotel and a hypermarket, will be built over three phases from now until 2020.
Phase one, comprising a block of business suites, retail units and serviced apartments with a GDV of RM295mil, is slated for completion by the third quarter of 2017, while phase two (GDV of RM1.2bil), comprising office and retail spaces, serviced apartments, a home improvement store, office tower, retail mall and a four-star hotel, will be ready by the final quarter in 2020.
The retail mall will be slightly bigger than Empire in Subang. These two phases have a combined investment value of RM900mil.
Speaking at a press conference, Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said the home improvement centre would see an Asian brand opening its first store in Malaysia.
“You might liken it to a competitor to Ikea. We’re in the midst of finalisation with them and the store will be launched by the third quarter of 2015. It will add value to the Section 13 area,” Faliq said.
Phase three will entail a 13-acre development with a hypermarket, serviced apartments, offices and small office home office (SOHO) units with a total GDV of RM1bil. It is expected to be ready by 2020.
Other projects by the property developer were on track, Faliq said, including the KL Metropolis and two office towers in the RM4bil development Platinum Park.
The Lembaga Tabung Haji office tower in Platinum Park was handed over last month.
The first phase of the residential component of Platinum Park, a serviced apartment tower with over 500 units, will be launched in June.
Overall, Naza TTDI’s projects launched in 2014 have a total GDV of RM1.7bil while the sales target for the year is RM1.5bil.
“We are on track to hit that target as we did for last year’s target of RM1.3bil-RM1.4bil,” Faliq said.
With some 1,100 acres of undeveloped land bank in the Klang Valley and Penang, Naza TTDI is looking to build an 850-acre township in Bertam in the northern state.
Faliq said they would focus on mid-sized projects in prime and strategic locations within the peninsula while keeping watch for opportunities in Indonesia and Singapore.
Currently, Naza TTDI’s assets total about RM1bil, which Faliq was confident would triple to RM3bil in five years.
“That would position us to list as a real estate investment fund when our assets mature. The group has invested in Platinum Park as well as Sentralis, which has a net lettable area of 150,000 sq ft,” Faliq said, adding that Naza TTDI might list in two years if all went well.
“Although there is competition, there is demand for office spaces in prime locations. In light of current challenges of the property market, we are safe as long as we get our model and location right.”
