Sky­wheel developer look­ing for po­ten­tial land ac­qui­si­tion

New Straits Times - - Business -


KUALA LUMPUR bt@me­di­aprima.com.my

IN­TE­GRATED prop­erty developer M101 Sdn Bhd, the developer of M101 Bukit Bin­tang, M101 Dang Wangi and M101 Sky­wheel, is now eye­ing Rawang and Semenyih for po­ten­tial land ac­qui­si­tion.

Chief ex­ec­u­tive officer Datuk Seth Yap said the com­pany was look­ing at de­vel­op­ing town­ships in the two ar­eas.

“M101 is a ver­sa­tile developer, and we un­der­stand that the mar­ket is now also look­ing at town­ships. Hence, we are also open at build­ing town­ship projects in Rawang and Semenyih.

“We are look­ing at build­ing high-res­i­den­tial in­te­grated de­vel­op­ments in the city and town­ships in sub­ur­ban ar­eas,” he told NST Busi­ness re­cently.

Yap said M101 would eval­u­ate each op­por­tu­nity on a pro­jectby-project ba­sis to en­sure that ac­qui­si­tions and projects were in line with its busi­ness strate­gies. “We are also open to joint-ven­ture op­por­tu­ni­ties,” he said.

On the com­pany’s M101 Sky­wheel p r oject, Yap said out of 1,000 units avail­able at M101 Sky­wheel’s Phase 1, 80 per cent had been sold.

“To­gether with the en bloc sale of RM100 mil­lion with the seven top agen­cies in In­done­sia, we have signed and re­turned over 60 per cent of the sales and pur­chase agreement val­ued over RM400 mil­lion.

“We also at­tribute our suc­cess to the fact that we did not include any pre­mi­ums in our price and it starts af­ford­ably at RM999 psf (per square foot),” he added.

Yap said a study by Knight Frank showed pre­mium branded de­vel­op­ments could be priced 30 per cent higher.

Ad­di­tion­ally, de­vel­op­ments near mass rapid tran­sit are priced 30 per cent higher.

“We did not include both. Hence, our buy­ers are al­ready en­joy­ing an im­me­di­ate value ap­pre­ci­a­tion from their pur­chases.”

The M101 Sky­wheel project, a 52-storey mixed de­vel­op­ment sky­scraper, houses a Fer­ris wheel on the 52nd floor at its high­est van­tage point of 220 me­tres above the ground level.

It will also fea­ture the Sky Mall, the world’s high­est shop­ping ex­pe­ri­ence, from 50th to 52nd floor with more than 200,000 sq ft of space. Petronas has in­vested 600 mil­lion yuan (RM384 mil­lion) to ex­pand the plant’s foot­print to 21,000 square me­tres to now include an au­to­mated, hi-tech lu­bri­cant blend­ing line as well as ad­di­tional stor­age tanks.

“The plant’s an­nual out­put is ex­pected to in­crease from 45,000 to 150,000 tonnes, cov­er­ing a range of au­to­mo­tive lubri­cants, anti-freeze liq­uids, in­dus­trial lubri­cants and greases.

“The ex­pan­sion also saw an up­grade of the plant’s ware­house fa­cil­i­ties to en­hance ca­pa­bil­i­ties for stor­age, trans­porta­tion, lo­cal dis­tri­bu­tion and over­seas ex­port,” it said.

Petronas said im­prov­ing the ca­pa­bil­i­ties of the Shan­dong Plant not only allowed for in­creased pro­duc­tion ca­pac­ity to meet con­sumer de­mands, but was also tes­ta­ment to its com­mit­ment to the rapidly de­vel­op­ing Chi­nese mar­ket.

Aside from lubri­cants pro­duc­tion, Petronas was also grow­ing its liq­ue­fied nat­u­ral gas (LNG) busi­ness while look­ing to ex­pand the LNG sup­ply vol­ume to its ex­ist­ing buy­ers in the coun­try.


The M101 Sky­wheel project, a 52-storey mixed de­vel­op­ment sky­scraper, houses a Fer­ris wheel on the 52nd floor at its high­est van­tage point of 220m above the ground level.

Petro­liam Na­sional Bhd pres­i­dent and group chief ex­ec­u­tive officer Datuk Wan Zulk­i­flee Wan Arif­fin (cen­tre) launch­ing the newly ex­panded Petronas Lubri­cants In­ter­na­tional plant in Shan­dong, China.

M101 Sdn Bhd chief ex­ec­u­tive officer Datuk Set Yap

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