PROPERTY NEWS: TH Properties and MRCB Joint Venture to Develop RM3.1 Billion GDV Project in Kota Semarak

Jan 27, 2023

Key takeaway: The Kota Semarak mixed development project has been resumed by 59 Inc Sdn Bhd with a targeted total gross development value (GDV) of RM3.1bil.

Kuala Lumpur, January 15 - TH Properties and MRCB (George Kent) Sdn Bhd, a joint venture company, announced their plans to develop an RM3.1 billion gross development value (GDV) project in Kota Semarak, Selangor. The project, named "Residensi ADANYA," will consist of a mix of residential, commercial, and retail components.

According to TH Properties group CEO Azman Ibrahim, the 11-hectares Kota Semarak project in Jalan Sultan Yahya Petra would be constructed in three phases.

The initial phase is referred to as 1A. Four buildings totaling 1,226 serviced apartments will make up this phase. This includes 87 shop offices and 100 units of the Federal Territories Affordable Housing Project, also known as Rumawip.

Phases 2 and 3 will be built on parcels measuring 3.7 hectares and 4.4 hectares, respectively.

With a GDV of RM850 million and a 2.9-hectare land area, Phase 1A is slated to be completed in February 2027. The starting price of the housing units will be RM570,000 onwards.

“We are looking at RM650 per square foot and this price range is much lower than what we can find in the surrounding high-rise developments. We are confident in the early part of launching to secure at least 50 percent (of bookings),” Azman said after the Kota Semarak groundbreaking and memorandum of understanding signing ceremonies with the panel of end-financiers on 15 January 2023.

About Residensi ADANYA @ Kota Semarak