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http://www.thestar.com.my/Metro/SMEBiz/New...draws-interest/A Square Deal in GombakGombak may likely not make many people’s list of good locations to own a property, but property developer SCP Group says that development is picking up in the area and Gombak is poised for a boom.
SCP is currently developing a mixed development, KL Traders Square, on a 6.8ha freehold plot in Jalan Gombak. The project is estimated to have a gross development value of RM1.6bil.
“Over the last few decades development was moving towards the Ulu Kelang area, but we are seeing growing attention in the Gombak area now. There is certainly a lot of potential here and we are in the thick of it,” says SCP executive director Calvin Low.
KL Traders Square will feature 97 lots of three-storey showroom shop offices and five 30-storey blocks of serviced apartments.
SCP recently launched the first phase of its residential component in two blocks.
Sneak peek: A showhouse of SCP’s KL Traders Square project.
Sneak peek: A showhouse of SCP’s KL Traders Square project.
A total of 1,170 units of serviced apartments are available for sale in two designs, the three-room unit (842sq ft) and the 3+1-room unit (940sq ft).
Prices of the units start from RM408,000 with average price per sq ft at RM530.
Some of the facilities available include a three-tier security access card system, a sky park, a multipurpose hall that doubles up as a badminton court and an Olympic-length pool.
Low said more than 700 units from its first phase had been taken up since the end of February, indicating good interest in the project as well as the Gombak area.
“We are targeting first-time homebuyers and new families. We see that they want to stay near the city centre and enjoy the lifestyle of the city but at an affordable price,” he said.
He added that a majority of the buyers were those from the surrounding area who were looking to upgrade but still wished to remain in the vicinity of Gombak.
The first phase is expected to be completed by 2019 with the remaining parts of the development by 2022.
Low believes the area surrounding KL Traders Square will be the new commercial hub in Gombak.
The retail portion of KL Traders Square is almost fully sold.
Seeing potential: Chuah (left) and Low feel there is interest in the project as well as the Gombak area.
Seeing potential: Chuah (left) and Low feel there is interest in the project as well as the Gombak area.
SCP assistant general manager Chuah Jin Teik said the commercial lots are mainly for food and beverage businesses and service providers such as banks.
Chuah said KL Traders Square’s selling points included its location and accessibility.
The project is accessible via the Duta-Ulu Kelang Expressway (DUKE), Middle Ring Road 2, Ampang-Kuala Lumpur Elevated Highway and Mahameru Highway.
“It has very good connectivity to the city centre.
It is 7.8km from the KLCC area once the DUKE2 highway is up around 2018. It is very convenient,” said Chuah.
“Neighbouring Setapak is booming and nearby pockets of land are being picked up for redevelopment. I think development will be quite quick here and I believe KL Traders Square will be the impetus for surrounding development,” added Low.
Apart from its development in Gombak, SCP has another 12.1ha in Balakong and 12.9ha in Kota Kinabalu which will keep the group busy for the coming few years.