(From left) Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin, Naza World Group of Companies group executive chairman and group chief executive officer Datuk Wira SM Faisal Tan Sri SM Nasimuddin and Naza Corporation Holdings Sdn Bhd SM Nasarudin SM Nasimuddin at the launch of KL Metropolis Show Gallery.
KUALA LUMPUR: Property developer Naza TTDI is expecting the Malaysia International Trade and Exhibition Centre (MITEC) to be fully operational by the first quarter of 2017.
Speaking at the launch of the KL Metropolis Show Gallery on Tuesday, Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said MITEC, the first component of the 30ha KL Metropolis master development, had been completed.
“We’re confident that MITEC with its capabilities to host international events will encourage further growth to the business tourism and MICE (Meetings, Incentives, Conferences, and Events) industry in Malaysia,” he said.
With a gross development value (GDV) of RM810mil, MITEC, the country’s largest exhibition space with a gross exhibition floor area of 92,903 sq m and 11 exhibition halls, will be able to accommodate up to 40,000 visitors at a time.
Launched in 2011 with a total GDV of RM20bil, KL Metropolis has eight precincts with Met 1 consisting of two office towers, a destination mall and a serviced residences which is expected to make its soft launch in November and the official debut in January.
Met 2 will highlight a hotel and an office tower, Met 3 will have a lifestyle mall, a signature tower, a luxury condominium, a five-star hotel and class A office towers, while Met 5 will include a four-star hotel and feature a joint venture project with Hap Seng Land Sdn Bhd to build residential blocks and offices.
There will be a standalone class A office tower in Met 6, luxurious wellness suites in Met 7 to promote and develop medical tourism in Kuala Lumpur, another two office towers which will be jointly developed by Triterra Metropolis Sdn Bhd in Met 8 and a six-star hotel in Met 9 to cater to MITEC exhibitors and participants.
Meanwhile, KL Metropolis’ Arte segment will have three towers of simplex and duplex suites and serviced apartments with a GDV of RM1.2bil to be be built in collaboration with Nusmetro Property Sdn Bhd.
“We understand that the market is very soft at the moment but a project is about future projections. There will always be challenges moving forward but it’s about how we address them.
“For instance, we’ll launch the residences first and when the demand for offices picks up again, we’ll release more office towers,” Faliq shared, adding some precincts and components may be delayed or changed depending on the market scene.
“Right now, it’s critical for us to bring investors in for the hotel component. We have spoken to a handful of regional and local investors and we hope to secure something soon, hopefully by the first quarter of next year,” he said.
The precincts are expected to be fully launched by the second quarter of 2022 and completed by 2026.
With the gross area of 1,300 sq m, the KL Metropolis Show Gallery was designed with spaces for a concierge, coffee bar, audiovisual rooms, two show units, a discussion area and a children play area.
