Roughly 125 mil back in 2008. Land was idle since then until now.

Federal Avenue — a vibrant mixed-use development
With a total land area of 25.25 acres and fronting the Federal Highway, Federal Avenue will have an estimated GDV of RM2.6 billion. “We bought the land in 2008 when there were not many developments happening in the area. Subsequently, other developers started to come in to develop the pieces of land [including Tropicana Metropark] near ours, so we have collaborated with them to improve the ingress and egress of the place,” says Christopher.

Due to its size, Federal Avenue will be divided into two plots — Plot 1 (6.83 acres) and Plot 2 (5.82 acres), while the remaining 12.6 acres will be surrendered to Subang Jaya City Council (MPSJ) for a park and infrastructure (8.7 acres) as well as to Tenaga Nasional Bhd (3.38 acres) and Indah Water Konsortium (0.3 acre), and to build an on-site detention pond (0.22 acre).

While plans for Plot 2 have yet to be drawn up, Plot 1 will comprise four phases — Phases 1A and 1C (serviced apartments) and 1B and 1D (office suites and retail). “We will have about 1,100 serviced apartment units in Plot 1,” says Christopher.

The first launch at Federal Avenue will be that of Phase 1C, (Luminar Residence) which will comprise 751 serviced apartments over two blocks and have a GDV of RM455 million. The apartments will come in five layout types with built-ups of 550, 720, 865, 1,070 and 1,390 sq ft.

The smallest unit — at 550 sq ft — will have 1+1 rooms and 1 bathroom, while the largest — at 1,390 sq ft — will have 3+1 rooms and 2 bathrooms. The units are priced at RM690 psf or from RM350,000 and the monthly maintenance will be around 35 to 40 sen psf.

Phase 1C (Luminar Residence) targets investors, first-time homebuyers, young couples, professionals, frequent travellers as well as small and mid-sized families. “We have priced this on a slightly lower side to make it more accessible to new buyers, especially the younger generation, and to create value for them.