RM450M DEAL: Singapore-owned developer to build 41-storey residential-cum-hotel tower in Brickfields
SINGAPORE-owned Keystone Land Developments Sdn Bhd is launching its maiden project in Kuala Lumpur. The deal, worth RM450 million, comprises a 41-storey residential-cum-hotel tower.
Dubbed "The Establishment", the project in Brickfields will be launched by May or June, says its business development manager Joshua Chua.
Keystone Land is a new lifestyle boutique developer established by investment bankers from Singapore.
Chua is bullish on the development, adding that the five elements - serviced suites, hotel, facilities, carpark and a bridge linking to the Bangsar LRT station - will make the property a valuable investment.
The residential portion, called The Establishment, will feature 646 serviced suits compressed into 26 floors. Crowning the property will be the hotel, Alila Bangsar@The Establishment, which will have 124 rooms over four floors, said Chua.
He said Alila Bangsar, which will have its own lobby and facilities, will be managed by Singapore-based Alila Hotels & Resorts. It is the group's second property under management here. The first is in Kota Kinabalu.
"We will retain the hotel rooms and sell all the serviced suites. We are bullish on sales thanks to the location and market demand," Chua said yesterday after unveiling the property.
As an indication, the project, which is expected to start construction by June this year, is located directly opposite UOA Bangsar.
There will be studio units with sizes ranging from 450 sq ft to 500-odd sq ft, and 2 + 1 bedroom units of around 830 sq ft.
"We are finalising the selling price. Rest assured that by the time the property is ready in 2016, it will set a new benchmark price for Brickfields. This is a freehold property and, furthermore, it will be linked to the Bangsar LRT station," Chua said.
Chua said The Establishment will be cheaper when compared to the KL Eco City project behind the Abdullah Hukum LRT station, where the first residential tower was launched at around RM1,250 per sq ft (psf), and the Sentral Residences at KL Sentral, which are selling at more than RM1,200 psf.
Alila Hotels & Resorts vice-president for development, Arjan De Boer, said the estimate for a standard room a night at Alila Bangsar will be about RM400 to RM480.