Vanke committed to local flagship project

SHENZHEN-based China Vanke Co Ltd is looking at a long-term commitment and presence in the Malaysian property market and has invested overRM500 million since it set foot here in June 2017.

Managing director of Vanke Holdings (M) Sdn Bhd, Lang Cong said it is in the midst of working with relevant authorities to obtain the necessary approvals for its flagship property project in Kuala Lumpur.

The project will be developed on a 2.8ha tract, a former Serani Row plot, at Jalan Raja Chulan, close to the Bukit Nanas heritage zone and forest reserve.

Lang hoped Vanke could develop the land starting this year.

“We have invested over RM500 million in the project since our arrival in Malaysia as our commitment to the development here. We strongly believe the project will benefit Kuala Lumpur city in the long term,” he told NST Property.

Vanke bought the land in 2017 and is believed to have paid RM500 million, or RM1,600 per sq ft.

The land, owned by City Centre Sdn Bhd, was put up for sale in March 2016 by Deloitte Corporate Solutions Sdn Bhd.

It was reported that Vanke planned tobuild six towers, ranging between 60 and 80 storeys with over 4,000 serviced apartments on the site and a 13-storey podium. The estimated gross development value (GDV) is RM5 billion.

But there were concerns the high density development might have an impact on the Bukit Nanas heritage zone and forest reserve.

Lang said Vanke is working on the project planning to comply with the local authorities’ policies and regulation as well as meeting local market needs.

Early this year, when the media visited the Vanke Experential Hall (VEH) show gallery, Lang said the project will have residential, retail and commercial elements and that there may be changes to the GDV, subject to authorities’ approval.

Phase One will see Vanke building retail space, and apartments starting from 500 sq ft for studio to about 800 sqft for two-bedroom units, targeting city dwellers and expats.

Vanke will be working with Dutch architectural company UN Studio and local firm Veritas to add more iconic buildings in the already picturesque KL city skyline, said Lang.

During a media visit to Vanke’s development projects in China recently, Xie Dong, chairman of the Supervisory Committee of Vanke Group, said he expected the KL project to set a new benchmark in high-rise living in Malaysia as it will incorporate tech innovations and smart home features.

The tech innovations may include artificial intelligence, Internet technology, cloud computing, Internet of Things, and face recognition. Vanke projects in China also display efficient security surveillance system and the same may be applied in the KL project.

Executive director of Vanke Service (Hong Kong) Company Ltd, Log Lin said Vanke Property Management’s security system is the only system which connects property management with daily operations.

Source : NST