KUALA LUMPUR, Oct 1(Reuters) -
Tan & Tan Developments Bhd, a wholly-owned unit of IGB Corporation Bhd, together with Mitsubishi Jisho Residence (MJR) will be jointly developing 1.48 acres (0.6ha) of freehold land along Jalan Stonor, Kuala Lumpur, with a planned gross development value (GDV) of 617 million ringgit.
The proposed developments will be undertaken by Cipta Klasik (M) Sdn Bhd (CKSB), which Tan & Tan owns a 70 percent interest in, while MJR Investment Pte Ltd (MJRI), a company formed by MJR, holds the remaining 30 percent.
Located in the KLCC vicinity, the project, called Stonor 3, will consist of a 41-storey upscale residential tower comprising 400 serviced apartments. The development is planned for completion in 2018.
"The unit sizes range from 688 sq ft to 1,313 sq ft, with prices starting from about 1.1 million ringgit [per unit], and averaging at about 1.45 million ringgit," said Teh Boon Ghee, executive director of Tan & Tan, at the joint venture (JV) signing agreement yesterday.
"That's our initial estimate but we are likely to refine the unit prices further when we launch the project - likely to be the middle of next year, after the goods and services tax is implemented [in April]," Teh added.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (1 US dollar = 3.2840 Malaysian ringgit)