City Motors Group launches Alfa Bangsar

TheEdge Thu, Jan 13, 2022 07:10pm - 4 months View Original


PETALING JAYA (Jan 13): City Motors Group of Companies has officially launched its RM450 million Alfa Bangsar in Kuala Lumpur and its sales gallery. The project is a mixed-use development, anticipated for completion in mid-2023.

During the launch at Kompleks Wan Kien on Thursday, City Motors Group announced that the 42-storey project's construction has almost reached its 20th floor.

Present at the launch were Works Minister Datuk Seri Fadillah Yusof, Deputy Education Minister Datuk Dr Mah Hang Soon, former Perak menteri besar Datuk Tajol Rosli Ghazali, City Motors Group chairman Datuk Dr Foo Wan Kien, City Motors Group chief executive officer Terence Chia and City Motors Group director Foo Yit Tung.

Fadillah said that City Motors Group is "bucking the trend" by developing a high-end mixed-use development, something most developers are avoiding.

"I am pleased to hear that your company has recently obtained a development order to commence the construction of yet another high-rise mixed-use development project in Bukit Bintang. The two projects (Alfa Bangsar and the Bukit Bintang project) have a combined gross development value of RM2 billion [and they are] expected to help revitalise the country's economy while the [spillover] effects can benefit over 140 supporting industries," Fadillah said.

Alfa Bangsar sits on the few remaining freehold land in Bangsar, with only 178 serviced apartments offered for sales, said Chia.

"Our business point of view, as we study the pandemic, is to seek out its positive flip side that people imprisoned within their homes for about two years are now yearning to travel. The hotel will elevate the hospitality services in this entertainment precinct," he added, sharing that the name Alfa takes on the renowned Alfa Romeo brand.

Chia also said that the company has plans to develop over 300 acres of landbank in Penang, Kuala Lumpur, Cheras, Perak and Pahang. The projects in Penang and Cheras, spanning over 60 acres, will be unveiled next year.

Wan Kien mentioned that the company is also doing charity and making donations.

"Because of Covid-19, we are pretty slow [in terms of construction progress]," Wan Kien said at the press conference after the launch, adding that there is a need for the government to come up with a better system to avoid delays in project constructions.

Yit Tung, who is also Wan Kien's grandson, said that City Motors Group is seeking opportunities to maximise its prime freehold landbank.

"[We] may be lesser known in the business circle, preferring to play a tactical low profile but our portfolio of over RM600 million of real estate in Taman Nirwana in Ampang speaks for itself," he stated.

Alfa Bangsar is located near amenities, namely Mid Valley City, Bangsar Village, Nu Sentral, Bangsar Shopping Centre, Bukit Bintang, KLCC, Pantai Medical Centre, Universiti Malaya Medical Centre and Assunta Hospital.

It is also accessible via the Mid Valley KTM Station, Bangsar LRT station and KL Sentral.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

KLCC 6.730

Comments

Login to comment.