Image sourced from M101 Skywheel
KUALA LUMPUR (Sept 2): The 1,200 SoFo units of the M101 SkyWheel development, by M101 Holdings Sdn Bhd, have received encouraging response as over 1,000 potential buyers have registered their interest since the project was previewed early this year, said M101 Holdings founder and executive director Datuk Seth Yap Ting Hau.
The M101 SkyWheel development comprises two 78-storey towers and a Ferris wheel, which is 60m in diameter, which will be built on the 52nd floor in between the two towers. The integrated development will be on a 2-acre site in between Jalan Raja Muda Abdul Aziz and Off Jalan Tun Razak in the Kuala Lumpur city centre. It has a gross development value (GDV) of RM1.5 billion.
Components of the freehold development include the SoFo units, a retail mall, office space and serviced suites, as well as a hotel.
According to Yap, the company will officially launch the 1,200 SoFo (Small Office Flexible Office) units in November this year. The units will have built-up sizes ranging from 400 sq ft to 800 sq ft with estimated selling prices ranging from RM1,200 psf to RM1,500 psf. He noted that the SoFo units can be used as an office or residence or for short rental accommodation.
“Response has been overwhelming since the preview early this year. We have received over 1,000 registrants showing their interest. Some of them even intend to book the penthouse unit of our Porsche Suites, which is under planning,” he told TheEdgeProperty.com. The group has partnered with Studio F A Porsche for the interior design of its 96-unit luxury suites which will have an estimated selling price of above RM3,000 psf.
The development also has a 4-storey 200,000 sq ft retail mall, high-end office suites and Asia’s first Planet Hollywood Hotel.
“The construction will start this year after the ground-breaking ceremony. The overall construction will take about six years,” he noted.
The company will hold a ground-breaking ceremony on Sept 8, 2016. Federal Territories Minister Datuk Seri Utama Tengku Adnan is expected to officiate the ceremony. “Once completed, this development will be another significant building which will draw tourists visiting Kuala Lumpur City Centre especially with its uniquely designed 20-storey Ferris wheel,” he said.
Yap explained that when the lights are on at night, lights on the 52nd floor and below will form the alphabet “M” while lights on the Ferris wheel between the two towers will form “101”, thus resembling the company’s name.
“We wanted to build an iconic building that will be remembered by everyone. Being tall is not iconic as others could surpass you with another taller building but a uniquely designed building with the company name on it will definitely be an everlasting building on the KL city skyline,” said the 37-year-old developer.
“There will be an MRT (Mass Rapid Transit) station built in front of M101 SkyWheel. The MRT construction is slated to be completed by 2022. We are also eyeing to hand over completed units to buyers in 2022,” he added.
Meanwhile, M101 underwent some corporate exercises in July which saw the departure of former executive director Datuk Chua Eng Pu to pursue his own interest while Yap emerged as the sole owner of the company.
“The corporate exercise and corporate restructuring will be completed in October, but the corporate exercises will not have any impact on the development nor our branding strategy,” he emphasised.