MAYLAND PLANS PUTRA JAYA OFFICE TOWERS

Malaysia Land Properties Sdn. Bhd. (Mayland) is set to begin construction of an office tower on a 1.56 acre tract of land in precinct 3, Putra Jaya, writes Loo Pik Kwan of Propetyplus, in the Sun daily.  The office tower, with a gross floor area of 420,926 square feet, will be developed by Bliss Avenue Property, a wholly own subsidairy of Mayland.

Mayland vice chairman, Tan Sri David Chiu said that the construction would begin within the next four months. It has received good feedback from both the public as well as the private sector. The construction cost of the project is estimated to be around RM100 million and would be funded by the developer’s internal funds.

Mayland has a landbank of 500 acres in Selangor, Johore Bahru and Kuala Lumpur, on which the Group plans to develop 20,000 units of residential an commercial properties. It plans to launch properties wrth RM2.5 billion in the next 18 months.

Putrajaya holdings confirmed that the land acquisition is the third sale of commercial land in the 5,000 ha of the federal administrative capital. It has 300 ha of commercial land in Putra Jaya and plans to sell 10% of it. To date it has sold about 6 acres of land for between RM80 million to RM90 million. The previous two commercial plots were sold to TRW group, a Hong Kong international property investment company. Putra Jaya holdings is in talks with several local and foreign parties including those from Hong Kong and the United States of America, to sell off more plots of its commercial land. It wants to bring in services from third party developers to further boost commercial space and to attract private companies to set up more offices in Putra Jaya.

To date Putra Jaya holdings has completed 22,000 units of government quarters and 5,000 residential units. It has developed a builtup area of about 30 million square feet of government offices and six commercial buildings with a total gross builtup area of 4 million square feet. It is presently concluding talks to sell the 12 storey 26 boulevard office building which has a gross floor space of about 516,668 square feet for around RM200 million.