Three property projects are proposed for Section 13, a light industrial zone in Malaysia, with an estimated total gross development value (GDV) exceeding US$790 million (RM 2.5 billion). Two of the projects, with conditional approval pending their land-conversion application from industrial to commercial titles, be
Three property projects are proposed for Section 13, a light industrial zone in Malaysia, with an estimated total gross development value (GDV) exceeding US$790 million (RM 2.5 billion).
Two of the projects, with conditional approval pending their land-conversion application from industrial to commercial titles, belong to Fraser & Neave (F&N) and a joint venture between Sime Darby and IOI, respectively.
The F&N project, totaling 5.1 hectares and worth $470 million, will comprise 900 service apartments, 425 SOHO units, one 250-room hotel, two office buildings, and one four-storey shopping mall.
The second project, by Sime Darby-IOI joint venture, will be sitting on a 2.2-hectare parcel of land and include a nine-floor podium with shop, offices and service apartments totaling 758 units. The GDV of the project is pegged at around $180 million.
The third project, still under consideration for conditional approval, will be developed by Paramount, a property/education firm, and will be located near KDU College and Jalan Universiti, with an estimated GDV of $190 million.
The land conversion process requires six months to a year; once these projects are approved, the total number of ongoing projects will exceed 10, spreading across the 105-hectare leasehold neighborhood.