KUALA LUMPUR: Melaka-based property developer Yong Tai Bhd, in a collaboration with KOF Holdings Sdn Bhd and the Rubber Industry Smallholders Development Authority (Risda), will be developing a high-end condominium along Jalan U-Thant here, which will have an estimated gross development value (GDV) of about RM200 million.  

In a statement on Saturday, Yong Tai said Impression U-Thant, which will later be renamed Residensi Mutiara U-Thant, will be the company’s maiden residential development in the Klang Valley bearing its signature Impression trademark.

Spanning 1.2 acres (0.48ha), the freehold project features a 10-storey condominium block housing 108 units with built-up areas ranging from 782 sq ft to 1,632 sq ft. Prices of the units will start from RM1.3 million or RM1,700 per sq ft.

Yong Tai chief executive officer Datuk Wira Boo Kuang Loon said there is a growing trend of higher-end buyers who appreciate living within a low-density green enclave while at the same time seeking exclusivity.

“Impression U-Thant is a significant property development for Yong Tai in its pursuit to offer unique lifestyle experiences to homebuyers. We are confident that it will set a benchmark in the property development market with its unique and brand-new offering,” he added.

The development is expected to be completed by 2021.

Yong Tai’s unbilled sales stood at RM1.07 billion as at Dec 31, 2018, which will support the company’s performance for the next three years.

Yong Tai shares closed up three sen or 2.03% at RM1.51 last Friday, giving it a market capitalisation of RM727.18 million.