KUALA LUMPUR: With its Naza Tower near completion, Naza TTDI Sdn Bhd is looking to launch its first residential tower in the RM4bil Platinum Park development by year-end.
The tower is part of the phase involving two towers of 1,000 units of apartments worth a gross development value (GDV) of RM1bil, according to the group.
Naza TTDI deputy executive chairman and group MD SM Faliq SM Nasimuddin said the first tower would likely be launched in the fourth quarter this year, while the second one in the middle of next year.
“The first tower, with 500 units, should take around five years to complete,” he said after a topping-up ceremony at the Naza Group’s future corporate tower, Naza Tower.
The serviced apartments will between 600 sf and 1,000 sf in size, but Faliq said the prices had not been finalised. The two serviced apartment blocks would take up about three acres of the remaining five acres of undeveloped land in Platinum Park.
The RM4bil GDV for the entire development would probably need to be revised upwards as well, Faliq said.
The group is confident that Naza Tower, the third corporate block built in the entire development can be completed by April 2015. The office tower for which construction started in 2009 is now 70% complete, according to a company executive.
Platinum Park has two completed office towers, Menara Felda and Menara Lembaga Tabung Haji.
“We will likely take 10 years to complete the balance of the project, depending on the response of the market,” Naza Group CEO SM Nasarudin SM Nasimuddin said, estimating each tower to take an average of four years to complete.
The last phase of the development would be a mixed development, Faliq said, adding: “It will be an office and hotel in one tower but the plans are in a preliminary stage.”
Naza TTDI’s assets total about RM1bil, which the company was confident would triple to RM3bil in five years.