Thursday 28 Mar 2024
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KUALA LUMPUR: Property developer Acmar Group is reviving its landmark high-rise condominium development in Ampang by awarding a construction job worth RM1.065 billion to the main contractors for the project, China Railway Engineering Corp (M) Sdn Bhd (CREC) and Bismark Construction & Engineering Sdn Bhd today. The project has been stalled since 2008.

The project, called D’Rapport Residences and has a gross development value of RM3.5 billion, was originally launched in May 2008 as a profit-sharing venture with the Selangor government via Permodalan Negeri Selangor Bhd.

“Our selection of CREC and Bismark as the main contractors was made based on the strength of CREC as a subsidiary of China Railway Group Ltd, which is listed on the Shanghai and Hong Kong Stock exchanges and is a Fortune 500 company,” Acmar group managing director Datuk Steven Tee told The Edge Financial Daily recently.

“CREC is a well-known Asian name, therefore, we believe our D’Rapport Residences will be delivered on time and that it would be of the highest quality,” said Tee.

Tee said the design of the project is backed by a team of international consultants and designers, and that the design is based on an integrated township living concept.

Tee said Acmar has also secured a construction financing facility of RM476 million from Malaysia Building Society Bhd for the project, which will be situated on a 25ha plot of leasehold land on Jalan Nipah, off Jalan Ampang.

The signing ceremonies to mark the appointments of the project’s main contractors and the credit facility that it has obtained will be held today.

Tee said the contract, valued at RM1.065 billion, comprises the construction of five blocks of 38-storey condominium units, with a podium for recreational and sports facilities, and parking bays. The development has a gross floor area of over four million sq ft.

CREC and Bismark will be paid via a RM476 million financial guarantee issued by Sabah Development Bank Bhd. Tee said the two will be paid upon the issuance of the certificate of practical completion (CPC) for the project. The balance RM589 million will be paid via units in the project.

Tee said that D’Rapport will be an “awe-inspiring” vertical high-rise, with all the features and conveniences of an integrated township.

“We aim to create a city-within-a-city lifestyle for the residents, with 1,099 residential units across five towers and retail outlets at the podium, with 280,000 sq ft of recreational space,” he said.

Located approximately 3km from the Kuala Lumpur City Centre, Tee said the development will offer an unobstructed view of the Petronas Twin Towers.

Tee said the five blocks are only the first phase of the project, which covers less than 4ha of the total 24ha that belongs to Acmar at the site.

“The first phase will see the towers marking their presence at the embassy enclave of Ampang. The remainder of the plot will be developed later with another residential high-rise comprising six towers, a commercial/retail mall, and an office complex,” he said.

The minimum price for a fully-fitted unit is expected to be about RM1.2 million. Tee said Acmar will only start selling its units after the second quarter of the year.

Asked about why the project was delayed for almost seven years, Tee declined to go into details, only saying that it was problems with the previous main contractor which caused D’Rapport to be stalled.

He stressed that the group did not want to see any further delays to the project, which was initially projected to be completed in 2011.

On when the project would be relaunched, Tee said many expect that the property market will continue to cool this year, but noted that Acmar has the capacity to hold on to the units and sell them at a more favourable time.

He said D’Rapport is part of the group’s rejuvenation as it had earlier restarted its RM350 million five-star hotel project, named Acmar Hotel and Residences, in Klang. The hotel is expected to open its doors to the public in the last quarter of this year.

 

This article first appeared in The Edge Financial Daily, on February 11, 2015.

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