Buoyed by positive reaction to its M101 SkyWheel project located at Kampung Baru in the capital city, developer M101 Holdings Sdn Bhd is eyeing sales of up to RM700 million by the end of the year.
The RM1.5 billion mixed development project has been making waves with its unique concept that will see a Ferris Wheel located at its highest vantage point on the 52nd floor and also boast shopping facilities unusually place at its highest floor levels.
The twin-tower project located on a 2-acre site will also comprise a Planet Hollywood Hotel and residential components.
The company’s executive director Datuk Seth Yap Ting Hau said the M101 SkyWheel project will be able to break even once it achieves 50 per cent sales, which is why it is an important target for the group.
Yap said M101 is confident about selling its products because there is a mixed range of properties that will appeal to a wide scope of buyers.
At the ground breaking ceremony for the project held last week, it was revealed that among the first components that will be marketed are small office flexible office (SoFo) units which are indicatively priced between RM1,200 and RM1,500 per sq ft.
Yap was quick to point out that this represents relatively affordable pricing for the area and that the units would come in sizes that range from 400 sq ft to 800 sq ft. The SoFos are expected to be officially launched in November.
Adding lustre to its products are tie-ups with renowned brands in design, such as Studio FA Porsche, which will be working on the look of project’s luxury units.
“The brand helps in selling our luxury suites, especially to foreign buyers. They don’t know about M101, but they do know Studio FA Porsche,” Yap said.
The project will feature 96 luxury suites targeted at well-healed buyers, and these are expected to be priced over RM3,000 per sq ft.
The well-known Veritas Architects Design Group will be working on the architecture of the Planet Hollywood hotel.
On the retail mall, Yap said it will span across five of the top floors – from the 48th to the 52nd — and offer over 200,000 sq ft of commercial space.
About 16,000 sq ft of the project site has also been voluntarily surrendered to provide for an MRT station under the MRT Line 2 project. The station will be located directly in front of M101 SkyWheel.
Yap said the company is currently on the lookout for more underdeveloped pieces of land in the city centre to undertake future high-impact projects.
M101 Holdings also plans to expand its markets such as Langkawi in Kedah and Indonesia, he said.