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Naza unfazed by current oversupply of office space Naza unfazed by current oversupply of office space
Share this on WhatsAppBY Roznah Abdul Jabbar The concern about oversupply of office space in the city and whether that will affect the sale... Naza unfazed by current oversupply of office space
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BY Roznah Abdul Jabbar
The concern about oversupply of office space in the city and whether that will affect the sale of new office projects will always be there but there are ways to address it, according to Naza TTDI Sdn Bhd’s deputy executive chairman and group managing director SM Faliq SM Nasimuddin.

He said Naza TTDI’s mixed-development KL Metropolis, which will feature mostly office components, will be launched systematically.

“For a mixed-development to be successful, it has to have several components and the company cannot be launching only the residential units,” he said.

Faliq added that when a project is launched, the supply has to be taken into consideration.

“There is no point in launching a project when the sentiment is poor. There are a lot of positive responses from our regular buyers about buying into KL Metropolis. That is why when we launched our first tower, it will be dedicated to our current database.”

He noted that there will be always challenges. It’s how they address the situation moving forward that is important.
“As the masterplanner, we will control whatever we can within the 75-acre of project. Some of the components will be delayed and some will be pushed. The units will be launched according to the demand,” he said.

Naza TTDI launched its KL Metropolis Show Gallery last week, with a gross area of 14,000sq ft in Naza Tower, Platinum Park.

The gallery has designated spaces for concierge, coffee bar, AV rooms, two show units, sales gallery, discussion area, and children’s play area.

Faliq said the launch is timely as MITEC (Malaysia International Trade and Exhibition Centre) will be operational next year and the KL Metropolis masterplan takes a firmer shape.

MITEC is the first component of KL Metropolis and Malaysia’s largest exhibition space. It has a 1 million sq ft exhibition centre with a total of 11 exhibition halls across three levels. MITEC is able to accommodate 40,000 visitors at any one time.

KL Metropolis, launched in 2011 with a gross development value of RM20 billion, has eight precincts – Met 1, Met 2, Met 3, Met 5, Met 6, Met 7, Met 8 and Met 9.

Met 1, consisting of two office towers, a destination mall and serviced residences, is expected to soft launch
in November and make its official debut in January 2017.

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