KL Metropolis expected to woo RM3.5b foreign investments

Foreign companies may invest that amount to build properties, either on their own or in partnership with Naza TTDI

Read more: KL Metropolis expected to woo RM3.5b foreign investments http://www.btimes.com.my/articles/NAZA25/Article/#ixzz1burls8JN

KUALA LUMPUR: The Naza Group's KL Metropolis project is expected to lure foreign investments of some RM3.5 billion over its 15-year development period. Foreign companies may invest that amount to build properties, either on their own or in partnership with Naza TTDI Sdn Bhd, the property arm of Naza Group. "While we can build the structures on our own, we want to give opportunities to others for transfer of technology and expertise," Naza TTDI group managing director SM Faliq SM Nasimuddin said af-ter the project's launch on Tuesday. The RM15 billion project is located next to the existing Matrade building off Jalan Duta and is touted as a new business district. It will feature 22 office and residential towers, which include a 100-storey building and three hotels, as well as the new one million sq ft Matrade centre and two retail centres with more than two million sq ft of space on 30 hectares. Launched by Datuk Seri Mustapa Mohamed, the Minister of International Trade and Industry (Miti), the project will be developed in three phases. Phase 1 will comprise the exhibition centre, two residential towers, two hotels, two office towers and a retail centre, worth a combined RM6 billion. Faliq said tenders to cons-truct the buildings will be called next month. It has appointed a local contractor to do the piling work. Naza TTDI will borrow from banks and use internal funds for the initial stages of development, after which it may raise more money from a bond sale. The company is expected to invest RM500 million on infrastructure alone. "We aim to complete Phase 1 by 2014/2015," he said. Naza TTDI is already in talks with several foreign investors to build the retail and com-mercial properties in a joint venture. It is also in discussions with a few five-star international hotels and mall operators to manage some of its properties. "We are seeking five-star hotel operators and good retail partners for the project. We want to make this a world-class business and tourist destination," Faliq said. Naza TTDI will announce several deals before the end of this year or early next year. Faliq said Phase 2, which will start in 2015, will have five residential towers, three office blocks, a boutique hotel, a healthcare centre and the 100-storey building, worth RM4 billion. Phase 3, worth RM5 billion, will start in 2019, consisting of three residential towers, three office buildings and a retail centre, he added. "We have attracted a lot of local and foreign interest for this project, repositioning Malaysia on the world map. We expect several en bloc deals coming in," Faliq said. KL Metropolis is designed to Malaysia's Green Building Index requirement and is also the first registered LEED for Neighbourhood project in Malaysia. The LEED certification is an internationally-recognised green rating system that incorporates the principles of smart growth, urbanism and green building.