PETALING JAYA: WCT Land Bhd is in talks with foreign and local parties for possible en bloc sales of the properties it is developing under its first high-rise commercial project, The Paradigm.
Chairman Datuk Chua Soon Poh said the group was “constantly” in talks with various parties for possible en bloc sales of the project's corporate towers and office suites.
“We are targeting foreign and local institutional investors,” he said during a preview of The Paradigm on Wednesday.
The Paradigm consists of four corporate office towers, a block of office suites and a retail mall, with an estimated total gross development value of RM1.26bil with net lettable area (NLA) of about 2.4 million sq ft.
The project has three main components - The Escalade corporate office towers, The Ascent corporate office suites and The Paradigm Mall.
Chua said WCT Land would first launch the 30-storey Ascent office suites with NLA of 350,000 sq ft by year-end.
He noted that construction work for the project commenced last year and would take about six to seven years to complete.
The mall, which has an NLA of 700,000 sq ft, was anticipated to be ready by 2010, added Chua.
WCT Land had a total land bank of 1,369 acres of which half had been developed, he said.
Chua added that the company planned to expand its land bank, especially in the Klang Valley.
Presently, WCT Land has five on-going projects - three residential projects in Bandar Bukit Tinggi and property development projects in Klang and Sutera Harbour in Kota Kinabalu - that should keep the company busy until 2013.
“We are confident of (a high) take-up rate of The Paradigm as it is located at the Petaling Jaya business hub with high accessibility to multiple ingress and egress points, such as the Federal Highway, North Klang Valley Expressway, Sprint Highway and Penchala Link,” said Chua.
He noted that the commercial properties in Petaling Jaya had an occupancy rate of 89%.
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