The Quill Group of companies is selling serviced apartments at its Quill City integrated development in Kuala Lumpur for more than RM1 million each, or at an average RM1,700 per square foot (psf).
The serviced apartments, called Quill Residences offers a total of 552 units with up to 35 layout choices and three tiers of security.
The construction for the long-overdue 36-storey residential tower started last year and is expected to be completed in 2021.
Previously known as Vision City, the Quill City development was originally undertaken by RHB Daewoo Sdn Bhd and subsequently abandoned. Quill Retail Malls Sdn Bhd took over the freehold development in 2007 for RM430 million.
Quill City sits on a 2.87-hectare site on Jalan Sultan Ismail, fronting Sheraton Imperial Hotel Kuala Lumpur. The development includes Quill City Mall which opened six years ago and a 40-storey office tower.
The Quill group's newly appointed group chief executive officer Koong Wai Seng told NST Property he is confident Quill Residences will garner strong interest from home buyers despite the sluggish market conditions.
He said, the project is in a good location and situated adjacent to Quill City Mall which is undergoing some changes in the tenant mix in view of the challenging retail environment.
Quill City Mall is coming out this year "refreshed" with more exciting ideas and new tenants. The mall will transform as a place to relax and rejuvenate to boost its occupancy rate and shopper traffic.
"Quill City Mall is one of the stops for the KL Hop On and Hop Off. After a long day of sight-seeing and under the scorching hot sun, the tourists can definitely use some self-pampering moments when they get off the ride at the mall," said Koong.
Koong, who was formerly the CEO of Sunsuria Bhd said the centre will specifically target the health and wellness group and the tourist market.
Quill City Mall was hit in 2018 when Aeon Co (M) Bhd vacated a huge portion of the mall. Another major blow was when Asia Music City Sdn Bhd decided to close the shop at the mall.
By December 2018, the mall's occupancy rate fell to 47.1 per cent.
The mall has a net lettable area (NLA) of 777,967 sq ft.
"This year several new tenants are moving in, which will bring back up the occupancy rate," said Koong.
New tenants include JDX Presto, which operates the largest cashless concept store in ASEAN, utilising a total of 50,000 square feet in the mall. The store's opening helped push up the mall's occupancy rate to 60 per cent.
JDX Presto offers products from a host of brands covering categories such as electrical appliances, gadgets, health & beauty, home & living, fashion, and food & beverages, with a total of up to 3,000 stock-keeping units.
The mall's “permanent residence” is Universiti Kuala Lumpur (UniKL), which will open in July this year. UniKL will occupy 77,000 sq ft of space and is targeting about 2,500 students. This is in addition to the 3,000 students already at the campus next door.
"With the potential of 5,500 students this year in one location, new tenants in the mall and the connection to the monorail station we anticipate there will be a strong interest in Quill Residences.
"We are selling the units at an average RM1,700 psf which is before the early birds discount. It is value for money and an ideal spot for investment. The units are well furnished and fit for short stay purpose," said Koong.