The premium serviced apartments with a GDV of RM333m is a part of the Met 1 integrated development in KL Metropolis

by FARA AISYAH/ pic by ARIF KARTONO

NAZA TTDI Sdn Bhd has inked a strategic partnership with Ascott Ltd for Somerset Kuala Lumpur (KL) Metropolis, to be managed by the operator upon its completion in 2022.

The premium serviced apartments with a gross development value (GDV) of RM333 million is a part of the Met 1 integrated development in KL Metropolis.

“We believe this partnership will add value to the stakeholders of both companies, locally and internationally,” Naza TTDI deputy CEO and group MD SM Faliq SM Nasimuddin said after the signing ceremony in KL yesterday. “We choose to work with Ascott due to the strength of their brand and services globally,” he added.

KL Metropolis is a 75.5-acre (30.55ha) mixed-use development with a GDV of RM20 billion, which is expected to play an important role as a key area of growth in the business tourism sector, especially in the Klang Valley. The development combines residences, hotels, retail, entertainment attractions and offices.

Meanwhile, Met 1 development consists of one office tower, one serviced residences tower, Met Galleria and Somerset KL Metropolis. The Met 1 Residences was launched in 2017 and has reached 90% of take-up rate.

As such, SM Faliq said the company has received a good response on the Somerset KL Metropolis.

“We have had pre-engagement with potential buyers and the response is quite positive, but we have to follow up on that. I think buyers would want to know more of the product because it is an investment product.

“We have also started the construction of an international brand hotel, we will launch it soon,” he added.

The anchor for the business tourism pillar of KL Metropolis is Malaysia International Trade and Exhibition Centre (MITEC), the largest exhibition centre in Malaysia.

MITEC is the first commercial component constructed at KL Metropolis boasting one million sq ft of exhibition space, 11 exhibition halls and the largest pillarless exhibition hall in Malaysia, with the capacity of hosting 40,000 visitors per day.

Other components of KL Metropolis include Met 2, Met 3, Met 5, Met 6, Met 7, Met 8, Met 9 and Arte Mont Kiara.

Naza TTDI has inked several partnerships for the components of KL Metropolis.

The developer has partnered Nusmestro Sdn Bhd to develop serviced residence, Arte Mont Kiara.

Naza TTDI has also worked together with Triterra Metropolis Sdn Bhd for Met 8, which is the Met Corporate Office Towers.

For Met 5, Naza TTDI has inked a joint venture (JV) with Hap Seng Land Development Sdn Bhd to build a mixed development including office tower, residential tower and a hotel.

SM Faliq said the group is in talks with several parties to establish JV companies for the other components of KL Metropolis.

“We are talking to a few (local and international) parties for now. There may be a few more JV partners to come in and develop parcels of KL Metropolis.

“There is a future plan of having a shopping mall, but it has to be in the right content. The other components will mostly be derived around commercial, retail, and maybe medical suites components,” he said.