KUALA LUMPUR | Eco city kl ( Mid Valley City ) | 56F, 2X50F, 2X46F, 42F PREP

[afiqnadzir]

KL Eco City to be launched by April
By Racheal Lee of theedgeproperty.com
Wednesday, 23 February 2011 14:15

SHAH ALAM: Top property developer S P Setia Bhd is planning to launch the first phase of the long-awaited RM6 billion Kuala Lumpur Eco City (KLEC) in Bangsar by April.

Speaking to reporters after the company's AGM and EGM here on Wednesday, Feb 23, president and managing director Tan Sri Liew Kee Sin said Phase 1 will consist of one block of a high-rise strata office tower with 232 units, as well as 12 blocks of boutique offices.

These blocks, he added, will be priced at about RM1,000 psf. The boutique offices, for example, will be sold en-bloc at RM70 million, as it covers a space of 70,000 sq ft.

The residential component will then be launched six months after the launch of Phase 1.

KLEC is an urban redevelopment joint-venture project between S P Setia and Dewan Bandaraya Kuala Lumpur on a 20-acre plot, which was formerly known as Kampung Abdullah Hukum, located opposite Mid Valley City.

The project, according to Liew, is designed to include four high-rise office towers, four condominium blocks, a serviced apartment block and 12 blocks of boutique office. The project is targeting at an accreditation for a Green Building Index (GBI) rating.

GBI is a green rating tool for buildings to promote sustainability in the built environment.

"We will purchase a 48-storey office block and the 3-storey retail podium located below the boutique offices for our recurring income in the future. Nevertheless, we won't be moving our corporate office there," he added.

He expects the office tower in KLEC will fetch rental similar to those in The Gardens at RM8 psf.

This project signifies that the developer is moving to integrated commercial development, from township development alone.

Several links will be built to connect the existing accesses like Federal Highway, New Pantai Expressway, Jalan Bangsar and Jalan Maarof.

The proposed Mass Rapid Transit (MRT), to be built jointly by Gamuda Bhd and MMC Corporation Bhd, will also have a station on the site. Currently, the plot is accessible via the Light Rail Transit (LRT) and KTM Komuter services.

[afiqnadzir]

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[afiqnadzir]

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[afiqnadzir]

clearing construction site
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[colemonkee]

This looks to be right next to KL Central. That area has really been built up in the last 5 years.

[scalziand]

Man KL is booming.

[afiqnadzir]

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[afiqnadzir]

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[afiqnadzir]

S P SETIA BERHAD (“S P SETIA” OR “COMPANY”)PROPOSED ACQUISITION BY S P SETIA OF 40% EQUITY INTEREST IN KL ECO CITY SDN BHD FROM YAYASAN GERAKBAKTI KEBANGSAAN (“YGK”) FOR A TOTAL CONSIDERATION OF RM75,000,000 TO BE SATISFIED THROUGH THE ISSUANCE OF 19,379,845 NEW ORDINARY SHARES OF RM0.75 EACH IN S P SETIA (“S P SETIA SHARES”) AT AN ISSUE PRICE OF RM3.87 PER S P SETIA SHARE (“PROPOSED ACQUISITION”)
Description

We refer to your announcement dated 25 July 2011, in respect of the aforesaid
Proposed Acquisition.In this connection, kindly furnish Bursa Malaysia Securities Berhad with the
following additional information for public release:-(1) Justification for the premium paid for the Purchase Consideration over the
range as appraised by CIMB.
(2) Justification for embarking on the new issuance of shares rather than other
available option.
(3) The following or a negative statement:-
(i) Number of units in the commercial and residential development
of the KL Eco City Project;
(ii) Total development cost; and
(iii) Expected profits to be derived.Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.Yours faithfullyKHOO KAY KWAN
Head, Issuers
Listing Division
Regulation

KKK/MZM
cc: General Manager & Head, Market Surveillance Department, Securities
Commission (via fax)
Announcement Details/Table Section Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the announcement dated 25 July 2011) Reference is made to the announcement dated 25 July 2011 in relation to the above matter. On behalf of S P Setia, we set out below additional information on the Proposed Acquisition as requested by Bursa Securities via its letter dated 26 July 2011.

1. Justification for the premium paid for the Purchase Consideration over the range as appraised by CIMB

The premium paid for the Purchase Consideration over the valuation range reflects the Board’s confidence in the prospects of the KL Eco City Project after taking into consideration, amongst others, the development potential and strategic location which is next to an established commercial and retail hub near the affluent Bangsar area and its ease of accessibility.

2. Justification for embarking on the new issuance of shares rather than other available option

After evaluating various alternatives to fund the Purchase Consideration, the Company is of the view that the issue of the Consideration Shares for the Proposed Acquisition would be most appropriate as it will allow the Company to conserve cash for the development of projects and also enable YGK to participate in the equity of the Company, as negotiated between the parties, which shares are traded on the Main Market of Bursa Securities.

3. The following or a negative statement:

(i) Number of units in the commercial and residential development of the KL Eco City Project

The proposed KL Eco City Project consists of:

(a) Three (3) blocks of residential towers ranging from 44 to 56 storeys;

(b) Three (3) blocks of corporate office towers ranging from 32 to 42 storeys;

(c) Three (3) blocks of boutique office towers ranging from 15 to 17 storeys;

(d) One (1) block of strata office tower of 31 storeys;

(e) One (1) block of service apartment of 46 storeys; and

(f) One (1) four-storey retail podium.

The initial gross development value for Phase 1 of the KL Eco City Project comprising three (3) blocks of boutique office towers and one (1) block of strata office tower is estimated at about RM1.1 billion.

(ii) Total development cost and expected profits to be derived

The detailed development costs and the expected profits of the KL Eco City Project cannot be ascertained at this juncture.



This announcement is dated 27 July 2011.

[afiqnadzir]

site updates
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[Travis007]

This is going to be quite the impressive complex when complete.

[afiqnadzir]

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[afiqnadzir]

new design
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[afiqnadzir]

construction site
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[afiqnadzir]

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[afiqnadzir]

http://farm9.staticflickr.com/8339/8172071142_85d9cc01cd_b.jpg (http://www.flickr.com/photos/atifnadzir/8172071142/)
20121109_143510 (http://www.flickr.com/photos/atifnadzir/8172071142/) by atifnadzir (http://www.flickr.com/people/atifnadzir/), on Flickr

http://farm9.staticflickr.com/8208/8172071272_f4538db078_b.jpg (http://www.flickr.com/photos/atifnadzir/8172071272/)
20121109_143359 (http://www.flickr.com/photos/atifnadzir/8172071272/) by atifnadzir (http://www.flickr.com/people/atifnadzir/), on Flickr

[afiqnadzir]

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[MolsonExport]

the quantity and pace of highrise construction in KL staggers the mind.

[Urbannizer]

As of October 2015:

https://www.facebook.com/kldevelopmentconstruction/

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[Urbannizer]

https://farm1.staticflickr.com/841/28551920097_09675daf58_h.jpg (https://flic.kr/p/Kv347r)
Untitled (https://flic.kr/p/Kv347r) by Izz _R (https://www.flickr.com/photos/100204172@N05/), on Flickr

https://farm1.staticflickr.com/855/29816603258_5221a061d2_h.jpg (https://flic.kr/p/MqMTmw)
Untitled (https://flic.kr/p/MqMTmw) by Izz _R (https://www.flickr.com/photos/100204172@N05/), on Flickr

[Urbannizer]

https://www.jerde.com/thumbs/1275x0/files/wonly/gallery-2_92860.png

https://www.jerde.com/thumbs/1275x0/files/wonly/gallery-4_92860.png

Appears to be complete

https://www.jerde.com/news/8576/jerde-designed-kl-eco-city-earns-top-honors-in-fiabci-awards