Property developer Paramount Property is set to launch the commercial component of its Atwater development, which comprises two office towers and a retail component by the end of this month.

Atwater is a mixed development located at Jalan Universiti, Section 13 in Petaling Jaya. The project’s residential component, which consists of 493 units of serviced apartments, was launched earlier this year and is currently 85% sold.

Paramount Property CEO Beh Chun Chong, speaking to EdgeProp.my, said that Tower A will comprise nine storeys (19 units) while Tower B will comprise a total of 17 storeys (53 units). Connecting the two towers will be a six-storey retail block.

The commercial portion of Atwater has a gross development value of RM350 million and is slated for completion at end 2021.

“Our headquarters (Paramount Corporation Bhd) which is currently located at Damansara Uptown will move here once the development is completed. But we definitely can’t occupy the whole space. We understand the economy of scale and the affordability factor, so our product ranges from 1,400 sq ft to 30,000 sq ft to cater to all sorts of businesses.

“There are four floors with a total floor plate of 30,000 sq ft to cater to organisations that wish to optimise the layout as such expansive spaces may not be so easily available in the Klang Valley,” said Beh, adding that Co-labs Coworking, a subsidiary of Paramount Corp Bhd, will also operate a co-working space here, to serve business start-ups.

The office towers will have a direct lobby drop-off area which will be served by dedicated and independent banks of lifts. The office towers also feature garden terraces and roof gardens. The offices will be priced from RM1 million onwards, or an average psf price of RM800.


Meanwhile, the retail block is akin to a tropical-themed neighbourhood mall. It will feature multiple decking levels with giant green canopies to allow as much natural ventilation as possible.

The 5.09-acre Atwater is accessible via several highways including the Federal Highway, North South-Central Link, New Klang Valley Expressway and New Pantai Expressway.

“We feel that this is the right time to roll out the commercial part of Atwater. The location is strategic and is among the most established and prestigious prime locations in Petaling Jaya. A successful project needs to offer a complete eco-system, with catalysts that stimulate demand such as educational institutions, healthcare, banks and the critical mass of residential units.

“We are located next to a light industrial area (Section 13), residential areas (Section 17, SS2, SS1), commercial areas (Section 12, Section 14) with schools and markets which make this place a bustling economic and social hub,” Beh noted.

He also pointed out that as Paramount will be an anchor occupier in the development, it will participate actively after the Management Corporation is formed.

The developer is targeting healthcare related businesses and pharmaceutical companies as tenants, since the surrounding area is considered the medical belt of Selangor and Petaling Jaya.

Meanwhile, Paramount Property is on track to achieve its sales target of RM1 billion by the end of this year, said Beh. As of September, it has already achieved RM750 million in sales. A similar sales target for FY2019 has been set, backed by several launches in the pipeline.

“We will be launching a new mixed development called Berkeley Uptown Klang in Klang after Chinese New Year, kicking off with over 200 units of serviced apartments priced below RM500,000. The built-ups will range from 800 sq ft to 1,600 sq ft,” said Beh, adding that back in the 1970s, Paramount had developed one of the earliest housing estates in the area called Taman Berkeley.

“The 33-acre Berkeley Uptown will be anchored by our Sri KDU International School with a capacity for 1,500 students. In fact, we have finished the foundation works for the school and we are upcycling a building for our sales gallery” he said.


Other upcoming launches include a new phase of double-storey starter terraced homes with built-ups of 1,600 sq ft to 1,800 sq ft, priced around RM500,000 at its Greenwoods township in Salak Tinggi; Rumah Selangorku homes at Kemuning Utama, Kota Kemuning; and a new phase of serviced apartments at Utropolis Batu Kawan, Penang.


This article is refer from www.edgeprop.my

Mammoth Empire Holding Sdn Bhd (MEH), developer of Empire City Damansara, an RM5 billion project launched 2011, is making moves that will raise rM800 million, enable the paring down of debts, complete long-delayed projects and take the group to sound financial-footing by the middle of 2019.

The Edge reports that at the top of the list of measures is the sale of a 65-acre tract of land that was meant for Empire City Damansara 2 (ECD2) in Petaling Jaya, Selangor. 

Located along Lebuhraya Damansara Puchong, it is horizontally across from the 28-acre ECD1 project.

Citing sources, the publication reports that the ECD2 land was divided and sold to two parties, a 45 acre tract went to a yet-to-be-announced joint venture (JV) between Exsim Development Sdn Bhd and Binastra Construction Sdn Bhd.

The remaining 20 acres has gone to property developer Aset Kayamas Group. 

Two separate sources have been reported as saying that the two parties in the JV have a complicated collaboration. The JV is reportedly expected to be involved in a land purchase and completion as part of ECD1. 

The JV is also said to be buying a 4.55-acre undeveloped land, in ECD1, originally planned for a Ritz Carlton to be developed on it. 

Already having a development order for a 53-storey tower that will include 288 luxury guest rooms and suites. 

MEH executive director Datuk Danny Cheah, when contacted, confirms MEH has sold the ECD2 land along with the plot in ECD1, but did declined to reveal their names.

"We are undertaking an exercise to have things in place so that by the middle of next year, we can start afresh, and embark on a new journey," Cheah says. 

Neither of the JV partners would comment when contacted.

The publication reports that Aset Kayamas paid RM236 million for the 871,200 sq ft plot, or RM270.90 per sq ft. 

As for the JV, the amount is not known, but sources cited by the publication say the deal may be worth between RM460 million and RM530 million. MEH purchased the land in 2011 for RM187.53 million. 

For the 4.55 acres in ECD1, industry sources are cited as saying that with its development order, the land is worth RM90 million. 

Asked about the debt of ECD1's developer Cosmopolitan Avenue Sdn Bhd, Cheah is quoted as saying "As at October, its total liabilities were only RM165 million."

Having taken an RM300 million loan from AMBank (M) Bhd three years ago for the Empire City Mall, the wholly owned subsidiary of MEH has now settled RM135 million of the amount. 

"The sales proceeds will (also) be used to complete the mall, and for working capital," Cheah said. The mall is to be fully completed next year, he says. 

MEH is also negotiating to sell to hotels in ECD1, the Autograph Boutique Hotel and the Marriot Hotel. 

"We have not finalised the terms and conditions. Negotiations are still ongoing," said Cheah. 

MEH is also interested in letting go of the McGuffin Hotel if it receives an attractive offer. 

It is also in talks to sell Wolo Bukit Bintang, and has settled issues relating to the Empire Remix project.

"We will have the mall, a hotel block in ECD1, some RM100 million of commercial and office space in Empire Damansara and 10 acres of development land in Empire REsidence, (which) is good enough for us. All these assets will be free of encumbrances," he says. 

MEH still plans to link ECD1 and ECD2, which will be called Sky Parade Garden.

"This will be completed in two stages - stage 1 by the end of next year, and stage 2 by 2020," says Cheah. 

Above News Refer from www.edgeprop.my