“We are considering allocating eight acres of our land for the Rumah Selangorku project. This could be phase 2 of Ampang Ukay. Tentatively, it could be a 30-storey residential tower offering over 1,000 units,” Group CEO Datuk Tiong Kwing Hee told TheEdgeProperty.com.
Ampang Ukay carries an estimated gross development value (GDV) of RM5 billion and will be developed over 10 to 12 phases and take 10 to 12 years to complete. Its developer has dubbed it Little Hong Kong as it envisions a vibrant place that is active both day and night.
Tiong said the company may launch the Rumah Selangorku project by the end of the year. With the current challenging market conditions, demand for affordable housing remains strong, hence he expects this development to attract buyers.
Phase 1 called Liberty Arc @ Ampang Ukay was previewed last December. It consists of three towers of 1,632 Small-office Home-office (SoHo) units and 32 retail units. It has an estimated GDV of RM606.8 million.
The built-up size for the SoHo units is 450 sq ft, with the minimum selling price from RM300,000 or an average of RM750 psf. EcoFirst will keep and rent out the retail units.
“Surprisingly, we have received overwhelming response with 90% of Tower B and C as well as 30% of Tower A already taken up within two months,” he said.
Liberty Arc will be officially launched today (Friday, March 3) and the company expects Tower B and C to achieve 100% take-up within two months of the launch.
He noted that its location, easy accessibility and pricing are the main factors that attract buyers.
Located about 7km away from KLCC, Ampang Ukay is accessible via major highways such as the Middle Ring Road, Duta-Ulu Klang Expressway, Ampang-Kuala Lumpur Elevated Highway and the upcoming Sungai Besi-Ulu Klang Elevated Expressway.
On phase 3 of Ampang Ukay, Tiong said there are plans for a retail mall which could complement the first two phases as well as bring vibrancy to the community, thus realising the company’s vision in creating a Little Hong Kong in Malaysia.
“This piece of land, which comprises flat and hilly areas, has given us the advantage to build high-rise residential properties that could offer residents a great city view of Kuala Lumpur city centre.
“However, to turn it into Little Hong Kong, night life is an important element of the development,” he noted.
He explained that the proposed mall will be different from the traditional shopping mall and will mainly focus on F&B elements.
This story first appeared in TheEdgeProperty.com pullout on March 3, 2017. Download TheEdgeProperty.com pullout here for free.