LOW Yat Group will soon have two integrated commercial cum mixed developments in Kuala Lumpur, under its plans to make a bigger foray into the property development and investment arena.
The groups latest development will be Rivercity, located along 3½ mile Jalan Ipoh, featuring a five-in-one development comprising condominiums, a retail podium, offices, a hotel and serviced residences. The second development will involve the expansion of the Plaza Low Yat in Jalan Bukit Bintang.
Having pioneered the integrated commercial development in the country, we are ready to venture into other ambitious schemes featuring multi-integrated projects to ride on the return of market interest for such developments, executive director Low Su Ming said in an interview with StarBiz.
Its first integrated commercial development was the 11-storey City-Square Shopping Complex, the 62-storey Empire Tower and the 550-room Crown Princess Hotel, which were later sold to Asia Pacific Land Bhd.
The development won two awards from the International Real Estate Federation (FIABCI), Malaysia Chapter, under the commercial development category and for its chairman Tan Sri Low Yow Chuan as The Property Man Of The Year in 1994.
Plaza Low Yat is an ambitious integrated mixed development with plans for a retail shopping complex, office tower, hotels and entertainment outlets. The development will be later renamed BB Central. The first phase of retail shopping complex and the entertainment park called Bukit Bintang Park (BB Park) has been completed.
Located within walking distance to Bintang Walk, BB Park has become a destination for culture, entertainment and dining in outdoor cafes and restaurants as well as shopping for souvenirs, art and craft.
Low said the Rivercity development is an initiative by the Low Yat Group to rejuvenate Jalan Ipoh in line with the call by the KL City Hall to promote city living with all its conveniences and facilities.
Jalan Ipoh used to be the commercial and retail hub of this part of the city but there have not been much development in this area in the past, especially integrated development of this size.
This will soon change with the many infrastructure developments planned or underway. With construction of more infrastructure linkages such as the KL North East Expressway and the Latar-Kuang Expressway underway, it will create bigger catchment market for our development, she said.
According to group director Wee Beng Sang, the main access links include a proposed dedicated link from the Duta Flyover into the heart of the development and a new link near the Jalan Kuching-Segambut interchange.
He said the place's accessibility has been greatly enhanced with the completion of infrastructure projects such as the Sprint highway, which opens up north Kuala Lumpur and kick in its development potential.
In the next three to five years, there would be more than 30,000 families residing in the area and the absence of a proper integrated retail complex further reinforced the potential of the development.
Low said Rivercity had set out to develop an urban oasis that would be a landmark lifestyle destination catering to the fast growing city dwellers.
It will be the new focal point of activity in Jalan Ipoh offering opportunities in retail, commercial and hospitality sectors.
We hope to inspire a natural progression to upgrade the current retail and business culture in the vicinity by creating an environment that is conducive, cleaner and more secure in line with modern day lifestyle. It will have all the necessary facilities to meet the fast changing lifestyle of the people, she added.
The nine-acre site where Rivercity is located has great sentimental and fond memories for the group as it was here that the late founder, Tan Sri Low Yat, laid the foundation for the future growth of the Low Yat business empire.
Starting out as Low Yat Construction back in 1947, it soon prospered and expanded into other profitable ventures in property development, hotels, banking, cement manufacturing and saw milling.
The group saw the potential to unlock the value of the land now that the whole area is ripe for redevelopment.
The launch of Rivercity is most timely as there is good demand for residential properties in well located addresses. It will be a quality lifestyle development for those seeking conveniently located residential properties at affordable prices. The project has created a lot of excitement among the folks here as they see it as a viable investment opportunity, Low said.
With a total built-up of 3.6 million sq ft, Rivercity would be among the largest integrated lifestyle cum commercial developments in Kuala Lumpur that is within the reach of the mid- and mid-upper market segment.
The commercial component will occupy 2.3 million sq ft, while the residential segment will occupy 1.4 million sq ft. There will be 572 condominium units with total gross development value of RM180mil.
Phase one of the condominium precinct comprising a 28-storey block of 191 condominium units will be launched early next month. The condominium units, with built-up from 1,135 sq ft to 1,581 sq ft, have a price tag from RM220,000 to RM370,000.
The commercial precinct, which is currently under planning, will feature a 600,000 sq ft retail mall, three office towers with gross built-up area of 1.9 million sq ft, a 230-room hotel tower, a block of 200 serviced apartments and 2,000 car park bays.
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