KUALA LUMPUR: UDA Holdings Bhd plans to redevelop the under-utilised Kompleks Niaga Utama (KNU) in Bangsar into fully furnished service apartments.
UDA said on Thursday the project would have a gross development value (GDV) of more than RM250mil when completed by 2019.
It would expand UDA's portfolio as one of the country’s leading sustainable property development and asset management organisation.
UDA’s group managing director Datuk Ahmad Abu Bakar said the 14 traders at the building would be given three months’ notice to shift to Pudu Sentral and Pertama Complex, instead of one month.
He said the decision for the extension of notice was reached after UDA considered their appeal and also to provide ample time for the traders to relocate.
“The land is worth around RM35mil and it is not fair for a property that is worth that much to have only 14 operating traders,” he was quoted saying.
Located within the affluent part of Kuala Lumpur and in the neighbourhood of Bangsar, the building is in a high yield property zone.
"Bangsar has always been known as a commercial suburb area that could attract people to come - whether they want to hang out or actually live here”.
"This shows that it has great attraction and good value which would definitely help to generate our economy. Likewise the redevelopment of KNU would help the country in the long run," he said.
Ahmad added the redevelopment project was timely and a viable move due to the high maintenance costs for an ageing building.
The new redevelopment will be an iconic residential landmark, with surrounding neighbourhoods and immediate vicinities comprising Grade A offices, high-end residential, the five star The Gardens hotel, Mid Valley Mall, retail shopping complexes such as Bangsar Village, Bangsar Shopping Centre, and also vibrant night life and entertainment avenues.
The development will have a rooftop swimming pool and a gazebo which is located Level 38 while other facilities include jogging track and children's playground on the lower tower of Level 27
Notably, the serviced apartment project also comes with a banquet hall, with its floor-to-ceiling windows and outdoor spaces.
Other amenities include 24 hours security personnel, security and CCTV services, cafes, and visitor parking. Incorporating new remote technologies, owners/tenants can manage their homes via their smartphones and mobile devices.
This redevelopment is the second residential tower that UDA will develop in Bangsar.
The first was in 2008 where 285 residential units next to Dataran Maybank where 95% of Gaya Bangsar was sold within a week of its pre-launch shows, ranging from 671 sq feet to 1,610 sq feet and priced between RM350,000 and RM900,000 each.
UDA achieved more than the Bumiputera sales quota of 40% for Gaya Bangsar with most of the units was taken up by locals, while 10% were bought by expatriates.