KUALA LUMPUR (Sept 3): UDA Holdings Bhd intends to redevelop Kompleks Niaga Utama (KNU) situated in Bangsar into a fully furnished service apartment, with a gross development value (GDV) of more than RM250 million.
In a statement today, UDA said it has given a three-month notice (before initiating the project) to all 14 traders that are currently operating in KNU to be relocated to Pudu Sentral and Pertama Complex. It added that the redevelopment is expected to be completed by 2019.
“The land is worth around RM35 million and it is not fair for a property that is worth that much to have only 14 operating traders,” said UDA's group managing director Datuk Ahmad Abu Bakar said, adding that the decision for a three-month notice instead of one month is to provide ample time for the traders to relocate.
“Bangsar has always been known as a commercial suburb area that could attract people to come — whether they want to hang out or actually live here. This shows that it has great attraction and good value, which would definitely help to generate our economy. Likewise the redevelopment of KNU would help the country in the long run,” he said.
Ahmad also opined the redevelopment project by UDA is timely, as maintenance costs for KNU is high.
UDA said the new redevelopment will be an iconic residential landmark, with surrounding neighbourhoods and immediate vicinities comprising Grade A offices, high-end residential, a five-star hotel, a mega mall, and retail shopping complexes, coupled with vibrant night life and entertainment avenues.
“Due to its location, the apartment units will enjoy magnificent views towards Kuala Lumpur skyline to the east and Bukit Bandaraya to the north. Both offer breath-taking views without obstruction,” UDA said.
This redevelopment is the second residential tower that UDA will develop in Bangsar. The first was in 2008, which called “Gaya Bangsar”.
Gaya Bangsar comprises 285 residential units, located next to Dataran Maybank, said UDA, adding that 95% of the project was sold within a week of its pre-launch shows, ranging from 671 to 1,610 sq ft and priced between RM350,000 and RM900,000 each.
UDA said it achieved more than the Bumiputera sales quota of 40% for Gaya Bangsar, with majority of units having been taken up by locals, while 10% of nits were bought by expatriates.