Naza TTDI Sdn Bhd says it has received enquiries from investors interested in purchasing the Somerset KL Metropolis serviced residences, which is located within the 75.5-acre KL Metropolis in Segambut, Kuala Lumpur.
Negotiations with investors are nearing completion, according to the company’s chief executive officer, Daniel Lim.
“We hope to complete the transaction in the current quarter. If we are successful in closing the transaction this year, the sale proceeds will be recognised in our current fiscal year’s revenue,” he told NST Property.
In 2019, Naza TTDI signed a strategic collaboration with Ascott Ltd for Somerset, which will be managed by the operator upon completion this year.
The premium serviced residences with a gross development value (GDV) of RM300 million is a part of the Met 1 integrated development in KL Metropolis.
The Somerset development, according to Lim, is 90 per cent complete.
He said that the building construction will be completed in the current quarter, and that the interior fit-out will begin in February.
Lim said that the Somerset-branded serviced apartments, along with the Hyatt Regency Hotel, due to open in 2024, will complement the Malaysia International Trade and Exhibition Centre (MITEC), the country’s largest exhibition centre.
MITEC is the first commercial component built at KL Metropolis, with one million square feet of exhibition space, 11 exhibition halls, and Malaysia’s largest pillarless exposition hall, with a capacity of 40,000 visitors per day.
Other components of KL Metropolis include Met 1, Met 2, Met 3, Met 5, Met 6, Met 7, Met 8, Met 9, and Arte Mont Kiara.
KL Metropolis is a 30.55-hectare mixed-use development with an RM25 billion GDV that includes apartments, hotels, retail, entertainment attractions, and workplaces.
“More commercial buildings and retail centres will be developed and functioning within KL Metropolis to support MITEC next year,” Lim said.
Lim also said that Naza TTDI is looking to invite other investors to co-develop specific pockets of land in KL Metropolis in order to further boost the development.
“KL Metropolis is a massive undertaking. We will approach them about becoming equity partners. We will be selective because we want to discover the appropriate fit for this international development,” he said.
