Naza TTDI Sdn Bhd, the property arm of Naza Group has secured a new joint venture (JV) agreement for KL Metropolis, a prime masterplan development project at Jalan Duta, Kuala Lumpur.
The agreement is between its wholly-owned subsidiary TTDI KL Metropolis Sdn Bhd and EXSIM Development Sdn Bhd to develop MET 6, comprising premium serviced apartments and retail worth RM800 million.
This is the fourth JV agreement for Naza TTDI in the past four years.
It has also inked JV agreements with Hap Seng Land Development Sdn Bhd, a wholly-owned subsidiary of Hap Seng Consolidated Bhd, Triterra Metropolis Sdn Bhd, and Nusmetro Property Sdn Bhd.
Hap Seng Land signed the shareholders’ agreement and development rights agreement with TTDI KL Metropolis in 2016 to jointly develop the RM3.8 billion KL Midtown mixed commercial development.
Triterra's deal with TTDI KL Metropolis is to develop The MET corporate office towers, while Nusmetro is developing Arte Mont Kiara featuring three iconic towers comprising serviced suites, serviced residences and managed residences with a total of 1,706 units.
The latest agreement was signed between Naza TTDI deputy chairman and group managing director SM Faliq SM Nasimuddin and EXSIM group managing director Lim Aik Hoe.
Under the agreement, Ivory Interpoint Sdn Bhd, a subsidiary of EXSIM, will be granted the rights on the 0.75-hectare land to develop the apartments and a retail podium.
Faliq said KL Metropolis is set to become a well-balanced development as a paragon of luxury living with a peace of mind in the pulse of the vibrant city.
"With EXSIM’s impressive track record and a vision that complements ours, we are positive that upon its completion KL Metropolis will become a coveted address for many city dwellers due to its futuristic and socially convenient living space," said Faliq in a statement.
Development planning is in progress, he said.
Both Naza TTDI and EXSIM are confident that MET 6 would be a masterpiece, that blend in perfectly into the entire concept of KL Metropolis.
KL Metropolis is a 30.55-hectare mixed-use development with a GDV of RM20 billion, which is strategically located just 15 minutes away from the KL city centre.
The development comprises residences, hotels, retail, entertainment attractions, offices and the Malaysia International Trade and Exhibition Center (MITEC) as its nucleus.