JKG Land unveils retail portion of The Era @ Duta North
KUALA LUMPUR: JKG Land Bhd has launched the retail portion, known as rain3rain, of its flagship project The Era @ Duta North in Segambut here.
Managing director Datuk Teh Kean Ming said the retail development would have a total net lettable area of 277,000 sq ft, which would be built in four phases.
“The rain3rain development will be complementing the residential portion. It will be the destination for the retail as well as food and beverage industry in the area,”
“The surrounding landscape will have lush greeneries and patrons can walk through a boulevard of mature raintrees and canopy of half-a-century-old forest trees,” he told reporters at the launch of rain3rain here yesterday.
While Teh is aware of a large supply of retail space coming into the Klang Valley, the development of rain3rain is one of its kind and will transform the area.
“The trend now is to incorporate the ‘nature-inspired’ concept,” he said.
The ERA @ Duta North would have a gross development value (GDV) of RM2.5bil, the development features six residential blocks on a landscaped deck above a three-storey retail podium.
The residential towers would range between 53 and 63 stories, offering 2,900 units of service apartments with built-ups of 614 sq ft to 2,928 sq ft.
The mixed development, located north of Jalan Duta and spanning six ha of freehold land, is the company’s first property development in the Klang Valley.
JKG Land, previously known as Keladi Maju Bhd, has about 30 years of experience in the property market and is known in the northern states of Peninsular Malaysia.
“We have always been in the northern region but the Klang Valley is also a strategic location to grow the business,” Teh said.
The company has some 1,011 acres of remaining landbank which have yet to be developed, mainly in Kedah.
Teh said the retail portion of The ERA @ Duta North would be JKG’s first foray in retail space that would provide recurring revenue.
The firm is currently in talks with various parties to be potential tenants for rain3rain.
The first phase of the residential portion was launched last year with about 70% takeup rate, Teh said. The first phase included two residential towers with a potential GDV of RM600mil while the GDV of the retail portion is RM700mil.