News: Yong Tai and KOF Holdings to Jointly Develop RM200 Million Project in Jalan U-Thant

Apr 17, 2018

 
Tourism and cultural property developer Yong Tai Berhad (“Yong Tai” or the “Company”, Bloomberg: YTB:MK, Reuters: YONG.KL), in collaboration with KOF Holdings Sdn Bhd and RISDA, will be developing a high-end low-density condominium Impression U-Thant in the heart of Kuala Lumpur.

Impression U-Thant, which later will be officially known as “Residensi Mutiara U-Thant”, will be Yong Tai’s maiden high-end development bearing its signature Impression trademark amid the lush greenery.

With an estimated gross development value (GDV) of about RM200 million, the 1.2-acre freehold Impression U-Thant comprises 10-storey condominiums.

The built-up of the condominiums ranges from 782 sq ft to 1,632 sq ft for 108 units of six different types of layout priced from RM1.3 million.

Yong Tai’s Chief Executive Officer Datuk Wira Boo Kuang Loon (巫光伦) said there is a growing trend of higher-end buyers who appreciate living within a low-density green enclave while at the same time seeking the exclusivity.

Impression U-Thant captures the essence of a traditional lifestyle with a modern twist, in the form of the innovative architectural designs, dual-key features and amenities.

“Impression U-Thant is a significant property development for Yong Tai in its pursuit to offer unique lifestyle experiences to home buyers. We are confident it will set a benchmark in the property development market with its unique and brand new offering,” he added.
The facilities of Impression U-Thant include a barbeque pavilion, community farming garden, foot reflexology, convenience shop, poolside party pavilion, indoor and outdoor gym, aqua gym, swimming pool, jacuzzi, social and picnic terrace, sunset bar, pilates and yoga deck make living in Impression U-Thant refreshing and exciting. This concept encourages residents to enjoy both outdoor and indoor recreation activities.

The development is strategically located along Jalan U-Thant overseeing Royal Selangor Golf Club and near the embassy row. It is well connected by major city roads such as Jalan Tun Razak.

The development of Impression U-Thant is expected to be completed by 2021.

Interested buyers of Impression U-Thant will enjoy a special 7% rebate. There is also waiver of legal fees for sales and purchase and loan agreements for a limited period.

The Groundbreaking Ceremony at the site today was officiated by Her Royal Highness Sultanah of Pahang, Duli Yang Maha Mulia Sultanah Hajjah Kalsom and accompanied by Yang Amat Mulia Tengku Fahad Mua’adzam Shah Ibni Sultan Haji Ahmad Shah as the Chairman of KOF Holdings Sdn Bhd.

Also presence at the event was the Chairman of Yong Tai Dato’ Indera Syed Norulzaman Syed Kamarulzaman, Deputy Director General of RISDA Encik Abdullah bin Zainal and the Senior Deputy Director of City Planning Department DBKL Puan Nor Fajariah binti Sulaiman representing The Mayor of Kuala Lumpur.

For the first half ended 31 December 2017, Yong Tai recorded a profit before tax of RM10.42 million, up 252% from RM2.96 million in the previous corresponding period.

Its revenue jumped 861% to RM67.98 million from RM7.07 million previously.

Underpinning the improved financial performance was the progress development within the Impression City project such as the Amber Cove serviced apartment, Terra Square retail mall and The Dawn condominium hotel.

The Company also benefited from progress billings from the advanced construction of the mixed development project, The Apple and “Courtyard by Marriott” 4-star hotel.

The Apple development comprises 32-storey serviced apartments with 361 units adjacent to hotel.

Yong Tai’s unbilled sales as at 31 December 2018 stood at RM1.07 billion which Datuk Wira Boo said would support the Company’s performance for the next three years.
 

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Shaiful Safar
Real Estate Negotiator
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True Vest Property Consultants Sdn. Bhd.
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