RM2.2bil Star Boulevard planned in KL
BY CHERYL POO
THE Government’s efforts to cool the property market may deter investors temporarily. However, there’s no stopping the burgeoning new developments in Kuala Lumpur.
Currently, a property project that is gaining traction at the Central Business District is Star Development, a mixed development comprising three towers of residential condominiums, and its retail segment – Star Boulevard, five blocks of retail units – at Jalan Yap Kwan Seng.
The project with a gross developmental value of RM2.2bil is undertaken by Alpine Return Sdn Bhd, a 50:50 joint venture between established property playersSymphony Life Bhd (previously known as Bolton Bhd) and United Malayan Land Bhd (UM Land).
“This commercial development will complement KLCC and the surrounding malls in this shopping belt in KL,” Alpine Return chief operating officer Alan Koh tellsStarBizWeek.
The three blocks of fully-fitted condominiums will each comprise four categories – 1-bedroom, 1+1-bedroom, 3 bedrooms and 4 bedrooms – with Tower 1 averaging 650 sq ft, and the subsequent towers averaging 750 sq ft.
“Mostly bite-size units, for ease of renting out,” Koh says.
Each block to be launched over three phases, the first would be Tower 1 at 57 storeys – one of the tallest in the vicinity – and comprise 557 units.
The indicative starting price for units in this tower would be approximately RM1,500 per sq ft (psf).
The second and third towers will be launched in the fourth quarter next year and the third quarter in the following year, respectively.
Koh says that the pricing for those subsequent blocks will be higher, ranging between RM1,800 psf and RM2,000 psf.
“Our pricing is very affordable. For now, most developments in the KLCC vicinity cost between RM2,000 psf and RM3,500 psf. Note that Star Residences will be one of the tallest high-end residences in the area,” Koh says.
Star Development is being built over a four-acre car park and Koh attributes the affordability of the property to a “low acquisition of the land”.
Star Boulevard will be a six-storey signature retail food and beverages and entertainment hub with an approximate total net lettable area of 130,000 sq ft.
“It will be the first hub in the country featuring international specialty food outlets from all over the world. Imagine a famous cuisine house from Hong Kong, among many others. It would make an exciting treat,” Koh says.
Maintenance charge for the residential segment would be RM0.40 psf, and RM0.50 psf for the retail lots. In terms of concept and design, Koh intends for Star Residences to stand out like the Petronas Twin Towers.
Unique scultures, artefacts as well as water features and green landscaping are to enhance common areas, with special attention paid to the drop-offs at each tower and at the podium.
Working with the local tourism ministry, Star Boulevard will sport a 200m-long walkway.
Similar to the Hollywood Walk of Fame, Star Boulevard’s will feature local and international artistes.
“We’ve spoken to the authorities about it and they are excited about it. For now, final approvals are pending,” Koh says.
“We are still in the planning stages, following which, we will work with entities to see how we can collaborate.”
The development’s concept might seem reminiscent of the international chain of W Hotels, as Koh himself drew inspiration – literally – from the one in Taipei, Taiwan.
His mind brimming with the exuberant colours he saw in the public areas there, Koh committed his ideas onto a piece of paper one afternoon.
In his words, “plenty of colour in public areas” set his creativity ablaze.
“I sat down one and sketched out the flagship star design,” Koh says, displaying a photographed copy of the eponymous original on his iPad.
The design would be used as the development’s logo – an artistic dotted mapping of a star with a clover in the middle.
“It’s symbolic of luck,” Koh says of the design, which will be widely used in the architectural façade.
Star Development’s primary target group would be working- to middle-aged professionals, with a secondary market of expatriates, investors and suburban families who want a weekend respite in the city, Koh says.
The development will be well-connected with proximity links: a two-minute walk to the light rail transit and proposed mass rapid transit stations (both in KLCC), a 43-minute drive to the KL International Airport in Sepang and a 2- to 20-minute walk toAvenue K, Suria KLCC, Pavilion KL, Starhill and Lot 10.
Star Boulevard is slated for completion in the first quarter of 2018, and Star Residences, a year after.