THE landscape of Kuala Lumpur’s Chinatown precinct of Jalan Petaling is set to change with a new condominium development that may start this year.
Singapore-listed regional property developer
GSH Corp Ltd has inked an agreement with Tradewinds Corp Bhd to acquire a 50 per cent stake in Aspirasi Kukuh Sdn Bhd.
Aspirasi Kukuh is a special purpose vehicle which owns about 1.4ha prime land in the Chinatown precinct. Tradewinds is a diversified conglomerate with key interests in property development and hospitality.
GSH, via its wholly-owned unit, GSH Properties Pte Ltd, will acquire the 50 per cent stake for RM164.5 million and it will be funded by a combination of the group’s internal resources and borrowings.
According to GSH, the condominium development will feature about 1,700 premium units.
The location of the 99-year leasehold site is about 300 metres from M101 Skywheel building ― tipped to be the tallest in Kuala Lumpur and a new icon for the city with its unique ferris wheel perched at 220m above ground and on the 53rd floor of the building.
GSH chief executive officer Gilbert Ee said: “Given its strategic location in the famed Petaling Street area ― known for its rich history, and as a shoppers’ and foodies’ heaven ― our project will target a different market that appreciates the conveniences of urban living within a rich, historical and cultural area.
“The site is also well-served by various modes of transportation, such as the mass rapid transit (Pasar Seni station ― just 100 metres away), light rail transit (Pasar Seni or Masjid Jamek stations), KTM Komuter (Kuala Lumpur station) and the Monorail (Maharajalela station).”
The Jalan Petaling project will be GSH’s second residential project in Kuala Lumpur after the successful launch of Eaton Residences at Jalan Kia Peng. Since the launch in 2016, almost all of Eaton Residences’ 632 units, exluding units allocated for Bumiputera buyers, have been fully sold.
GSH executive chairman Sam Goi said having won the “Best Luxury High-Rise Development” for Eaton Residences in 2016, the group had managed to build a strong brand profile in the Kuala Lumpur market within a short span of time.
“We are pleased to embark on our second residential project after our valuable experience in launching Eaton Residences. We are confident that our next project in Chinatown will be well-received,” said Goi.