KUALA LUMPUR | Aurora Tower | 280m | 62 FLOORS

[afiqnadzir]

Sunrise to set KLCC land price record

By Presenna Nambiar Published: 2008/05/28
The developer plans to pay RM179 million, or RM2,588 per sq ft, for the Kuala Lumpur City Centre land, higher than what YTL Corp paid for 0.4ha in Jalan Stonor

SUNRISE Bhd has proposed to buy a piece of prime land in the heart of Kuala Lumpur, a deal that will set a new record for land prices in the Kuala Lumpur City Centre (KLCC) area.

The freehold 69,171 sq ft land houses the 29-year old Wisma Angkasa Raya, and is a stone's throw from the Petronas Twin Towers.

Sunrise plans to buy the land for about RM179 million, or RM2,588 per sq ft (psf), higher than what YTL Corp Bhd paid for 0.4ha in Jalan Stonor earlier this year.

"The price is undoubtedly a new record for Kuala Lumpur," Aseambankers analyst Ong Chee Ting wrote in a report yesterday, adding that it is a fair price.

The deal reflects the bullishness of Malaysian developers as the capital grapples with a shortage of office space.

The land "has potential to be redeveloped into an upmarket commercial development", Sunrise said in a statement to Bursa Malaysia on Monday.

The main risk to the project is that Kuala Lumpur may have too much office space by 2010.

Nevertheless, that risk is offset by the fact that the site is a good location, Ong noted in his report.

Under the deal, Sunrise is buying all of Tanah Tuah Development Sdn Bhd for RM27 million cash from Reliance Pillar Sdn Bhd and Lembaran Segimaju Sdn Bhd.

Tanah Tuah has an interest in the land as it signed a deal on January 14 this year to buy the property for RM152 million.

However, that deal is not completed yet. Sunrise did not identify the original landowner.

In addition, Sunrise will settle a RM30.4 million loan given to Tanah Tuah by Reliance Pillar and Lembaran Segimaju.

Ong calculates that if Sunrise's new property can be sold at RM1,300 psf, there is still a hefty 30 per cent margin to be made.

"This translates into potential gross development value and development profit of RM900 million and RM208 million respectively," he said.

Reliance Pillar and Lembaran Segimaju bought into Tanah Tuah this month for about RM40 million.

[afiqnadzir]

[Jonovision]

That tower is incredible!

[afiqnadzir]

[afiqnadzir]

another proposal

[afiqnadzir]

demolishing work begun

[O-tacular]

Awesome! The first proposal is amazing! Who's the architect?

[afiqnadzir]

that one design by zaha hadid

[afiqnadzir]

demolishing almost finish,the old angkasaraya building is already gone.
last month


last week

[RobertWalpole]

This is an awesome project for KL!

[SkyscrapersOfNewYork]

Holy Shit....stunning architecture actually getting built????? Someone pinch me...

[afiqnadzir]

UPDATES

[afiqnadzir]

BREAKING NEWS:

TheEdge Property in collaboration with Malaysia Property Inc. weekend pullout reveals:


UEM-Sunrise has appointed Ole Scheeren of Buro Ole (Beijing office) as the architect.

The project consist of 2 iconic towers - one office and one residential.

The architect was formerly with the Office for Metropolitan Architecture who designed the new CCTV HQ in Beijing.

FYI, Sunrise has over 70 acres of land in Mont' Kiara yet to be developed.

[Travis007]

Wow! That original design (on first post) looks spectacular and innovative. The second design looks cool too. Hopefully the final design will be just as awesome.

[afiqnadzir]

Sunrise unveils RM1.3 billion project in city centre
By E Jacqui Chan of theedgeproperty.com
Wednesday, 09 November 2011 11:40

KUALA LUMPUR (Nov 9): Sunrise Bhd, a wholly-owned unit of UEM Land Holdings Bhd, has unveiled plans for its new landmark project, Angkasa Raya, which has an estimated gross development value of RM1.3 billion and is poised to be the group's new flagship development.

Situated at the intersection of Jalan Ampang and Jalan P Ramlee, directly across the Petronas Twin Towers, the building will be on the 1.59-acre site of the former Wisma Angkasa Raya, which was demolished in August 2011.

"There are obviously challenges in the world and the property market now but we believe that this building will not only be iconic in Malaysia but also the world over. Everywhere in the world, the primest of prime properties will always be sought after," said Datuk Tong Kooi Ong, chairman of Sunrise at the unveiling of the building's design on Tuesday.

Tong, who is also on the board of UEM Land, added that the development is scheduled to be launched in the fourth quarter of 2012. At a construction cost of more than half a billion ringgit, work will start early next year and the development is expected to complete in 2016.

Despite the global economic uncertainty, Tong is confident Angkasa Raya will perform well.

Standing at 268 metres with 65 floors, the development will integrate a Grade A premium office, a luxury hotel with over 200 five-star suites, over 280 high-end serviced residences, signature retail spaces and three sky levels.

"With the unobstructed view of the Petronas Twin Towers and the KL skyline, it offers a unique dinning experience," said Sunrise general manager of projects Ong Chou Wen.

[afiqnadzir]

[scalziand]

Did the name change form 'Aurora Tower' to 'Angkasa Raya'?

Or is it just thetranslation?

[Complex01]

I liked the original better. Oh well...

[afiqnadzir]

[colemonkee]

The facade treatment, if executed well, could end up being a very interesting, modern take on some 50's designs that used stone or concrete for the prisms around the windows. And I like the cantilever at the center point of the tower, along with the height.

But the first design was far better, in my opinion, even if it was a bit like the cocoon tower in Tokyo, the name of which escapes me right now. I'm sure that design proved to be far too expensive. What we're getting may end up to be very nice indeed, but those in the know will always have that "what could've been" feeling when looking at this tower.