Vanke to focus on Jalan Raja Chulan mixed-use development project this year

We want to move steadily and sustainably, not too fast, according to the company’s MD


Vanke Holdings (M) Sdn Bhd is expected to focus on its mixed-use development project on its Jalan Raja Chulan prime tract this year.

Vanke Holdings MD Lang Cong said the previously reported 80-storey project is an old plan, and the company has yet to obtain approval from the relevant authorities.

“We are still in the planning phase and we need to follow the authorities’ policy. The land is also rather big, so we want to put everything, our energy and workforce, into this project first.

“For our first project, we want to combine our expertise and techno- logy from mainland China with local culture, policy and standards,” he said at the Vanke Experiential Hall preview last Friday.

Lang added that the company targets to launch in phases — the first being a residential development, and retail coming in close as the second.

“The rest will be according to the market’s demand. We want to move steadily and sustainably, not too fast,” he said.

The project’s gross development value (GDV) is currently unknown, as it is subject to authorities’ approval.

A local financial daily previously reported that industry estimates put the project’s GDV at between RM1.5 billion and RM2.5 billion — which was subject to vary depending on various factors such as the target market, launch timing and plot ratio.

It was also reported earlier that the prime tract owned by Vanke Holdings is situated close to the Bukit Nanas heritage zone and forest reserve.

Lang said the company has contacted the Forestry Department in order to protect the forest reserve, even with the development plans on the cards.

“We consider it as a treasure that should remain next to our work, and I think being close to the reserve makes a good selling point.

“We are also discussing with the department to work on how we can do more for the forest with our project,” he said.

The prime tract is made up of 16 lots and shaped oddly, surrounding a parcel of land which belongs to another owner.

Meanwhile, Lang believes the relationship between Malaysia and China is not strained, and that the property market has a stable environment.

“Malaysia is stable in many terms, and we came in for business. We invested here and we want to make products to serve their demands,” he said.

Vanke Holdings is a subsidiary of Shenzen-based property developer China Vanke Co Ltd, which was established in June 2017.

China Vanke is listed in the Hong Kong Stock Exchange and ranked 332nd in the Fortune Global 500 last year, posting US$35.12 million (RM143.79 million) in revenue.