NEW DEVELOPMENT TO RISE ABOVE THE BUSY DANG WANGI LRT STATION IN KL
BY Pavither Sidhu
Optimising the use of under-utilised land along the light rail transit (LRT) and monorail networks, Prasarana Malaysia Bhd has earmarked seven projects that will be built based on the transit-oriented development (TOD) concept representing a total gross development value (GDV) of RM4 billion.
Taking the lead is Latitud8, a mixed development that will be built above the Dang Wangi LRT station in Kuala Lumpur.
With a GDV of RM1.1 billion, the project is 49 per cent owned by Prasarana while the remaining 51 per cent is owned by Crest Builder Holdings Bhd unit, Intan Sekitar Sdn Bhd.
Construction on the 43-storey building started last month and is expected to be completed by end-2019.
The project will feature a lifestyle podium with businesses and convention facilities. In addition, it will consist of office spaces, small office-flexible office suites, residences, duplexes and a rooftop lounge and bar.
Crest Builders managing director, Eric Yong Shang Ming said, “We want to set a standard for TODs here and the Latitud8 tower is a significant benchmark.”
On the target market, the project hopes to attract 50 per cent ownership by international investors who will leverage the TOD and the project’s proximity to the city centre, and contribute to the tourism here.
Yong added that they are working towards providing safe and air-conditioning walkways for pedestrians.
The company also plans to sell up to 80 per cent of the retail spaces and maintain a portion of them.
“The retail areas are valued at between RM160 million and RM180 million,” he said.
Meanwhile, Federal Territories Minister, Datuk Seri Tengku Adnan Tengku Mansor urged developers to build more TODs in the city which would benefit the city dwellers.
He said many developed countries are now using this concept, especially Hong Kong, Japan and Australia, and he wants KL to be a business-friendly and a liveable city.
“Through TOD, people who live in the city can easily commute to their work places or any destination without having to worry about travelling along congested roads and highways,” he said.
He also hoped Latitud8 would serve as the ideal connectivity within KL and pave the way for other TOD projects in the Greater KL area.
Prasarana’s non-executive chairman Tan Sri Ismail Adam said the seven projects built on the TOD concept will integrate the LRT and monorail systems to encourage a higher volume of transit ridership.
Apart from Dang Wangi LRT stations, other LRT stations that would be developed into TOD projects are located in Ara Damansara, Awan Besar, Kelana Jaya and IOI Puchong Jaya and Brickfield’s Tun Sambanthan monorail station.
Another TOD-related project in Taman Tun Dr Ismail would be developed into a serviced apartment.