Provided by The Star Online
M101 HOLDINGS Sdn Bhd has successfully launched its M101 Skywheel project in Kampung Baru, Kuala Lumpur with 80% of the development’ first phase sold.
“M101 is very pleased with our achievement today. Out of 1,000 units from M101 Skywheel’s phase 1, 80% has been sold,” said M101 chief executive officer Datuk Seth Yap.
“Together with the en bloc sale of RM100mil via the seven top agencies in Indonesia, we have signed and returned over 60% of the sales and purchase agreements valued at more than RM400mil on the day of the launch,” he added.
M101 Skywheel, which has a total gross development value of RM1.8bil and is scheduled for completion by 2020, will boast the world’s first Sky Ferris Wheel with a vantage point of 220m above ground.
With a SkyMall located on the 50th to 52nd floor offering over 200,000 sqft of retail space, it will offer the world’s highest shopping experience.
M101 Skywheel will have an MRT station right at its doorstep.
Yap said the development offered good value to buyers.
“We attribute our success to the fact that we did not include any premiums in our prices. It starts affordably at RM999 psf.
“A study by Knight Frank stated that premium branded developments can be priced 30% higher. Additionally, developments with MRT are priced a further 30%.
“We did not include either, so you can say that our buyers are already enjoying an immediate value appreciation from their purchases,” he said.
Apart from Indonesia, M101 Skywheel was also successfully launched in Shanghai, China. China Huashi Enterprises Co Ltd is the main contractor for M101 Skywheel.
Among the buildings in the Chinese company’s portfolio are Sichuan TV Tower (316m) and the Chengdu Global Center (243m).
During the signing ceremony, M101 revealed that China Huashi had undertaken the financing of RM50mil’s worth of construction cost, equivalent to the cost of M101 Skywheel’s substructure.
The company said it was on track to complete the sales of Skywheel’s phase by year end as it would be also be pitching in Taiwan, Singapore, Hong Kong, Vietnam, Sri Lanka and Bangladesh, in line with its property tourism initiatives.