SCP Group’s The Societe almost 70% sold

This article first appeared in City & Country, The Edge Malaysia Weekly, on December 17, 2018 - December 23, 2018.
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Car park operator-cum-developer SCP Group has sold almost 70% of small office/home office development The Societe in Desa Sri Hartamas, Kuala Lumpur.

The freehold development — a 33-storey SoHo tower — was officially launched on Sept 22. It will sit on a 0.54-acre former open-air car park at the junction of Jalan 19/70a and Jalan 27/70a.

The project, which has a gross development value of RM240 million, will offer 334 SoHo and 16 duplex SoHo units on top of an 8-storey retail and car park podium.

The SoHos will have built-ups of 498 to 643 sq ft and the duplexes, 801 to 1,044 sq ft. They are priced from RM508,000 or RM1,020 psf.

“The majority of buyers are investors, aged 30 to 55, who are attracted to the location. They are mostly businessman and young entrepreneurs,” says general manager Chuah Jin Teik.

“The response is encouraging and it’s within our expectation.”

He adds that construction started last year and has reached Level 19 as at Nov 30. It is scheduled for completion by the end of next year.

There will also be four shops on the ground floor, which the developer will retain for recurring income. Two of them are being turned into a sales gallery for the project.

The car park will have more than 400 bays, which will not be bundled with the SoHos. Instead, the car park will be owned and managed by the group and be open to the public.

The facilities will include a swimming pool, sky deck, gymnasium and business lounge.

Formerly known as Systematic Corporate Parking Sdn Bhd, SCP Group is one of the country’s largest car park operators. Established in 1999 in the aftermath of the Asian financial crisis, its parking division — SCP Parking — controls more than 14,000 parking bays nationwide.

It launched its property development division in early 2011, banking on the experience of the directors. It has since completed Inanam Capital and Ashton Tower in Kota Kinabalu as well as Lido Residency in Jalan Loke Yew, Seasons Garden in Wangsa Maju and KL Traders Square in Jalan Gombak in Kuala Lumpur.