Latest news with #KualaLumpurLocalPlan2040
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
MUI sells Corus KLCC Hotel site to Mah Sing for RM260m; RM1.3b redevelopment planned
MAH SING Group Bhd has acquired a 1.485-acre freehold parcel in the heart of the Kuala Lumpur City Centre (KLCC) from The MUI Group for RM260 million, paving the way for a premium serviced apartment project with an estimated gross development value (GDV) of RM1.28 billion. The land, currently housing the Corus KLCC Hotel along Jalan Ampang, is within walking distance of key city landmarks including the Petronas Twin Towers, Suria KLCC, and KLCC Park. It will be redeveloped into a high-end residential development with units indicatively priced from RM898,000. The deal forms part of MUI Group's asset rationalisation strategy. 'It is the right time for our group to divest the hotel property as part of our rationalisation strategy. We have found Mah Sing the right organisation to lead the redevelopment of this project and to create an iconic, landmark project that will maximise the full potential of the land,' said MUI chairman and CEO Andrew Khoo in a statement today. 'In view of our long 40 years' association with this property starting from Ming Court Hotel opening in 1984 and subsequent rebranding to Corus KLCC, we envisage that this redevelopment will enhance the KLCC skyline and add to the current vibrancy of this prestigious locality,' he added. Mah Sing's founder and group MD, Tan Sri Datuk Sri Leong Hoy Kum, said the acquisition fits the group's urban development strategy. 'This acquisition aligns with our strategy of unlocking value in prime urban locations with strong demand fundamentals. More than just a redevelopment, it's an opportunity to create a prestigious address in the heart of Kuala Lumpur. We are excited to reimagine this prime site into a landmark development that complements the KLCC skyline. With its rare freehold status, unrivalled connectivity, and prime city-centre location, we believe the project will have strong international appeal and deliver long-term value to our homebuyers and stakeholders,' he said. The redevelopment supports the goals outlined in the Kuala Lumpur Local Plan 2040 (KLLP-2040), which promotes compact, accessible, and liveable urban spaces. Mah Sing also views the project as a contribution to the city's broader urban renewal agenda. 'We see this as a key opportunity to contribute meaningfully to Kuala Lumpur's ongoing urban evolution — not only through high-quality homes but also through the economic multiplier effect that vibrant, well-integrated developments bring,' said Leong. This marks Mah Sing's second land deal of the year, reinforcing its strategic push into high-demand urban locations. — TMR
The Star
5 days ago
- Business
- The Star
KL strata residents fear redevelopment under URA
A Pangsapuri Bukit Ria resident says many owners there have yet to receive their strata titles. — Photos: KAMARUL ARIFFIN and LEW GUAN XI/The Star Pangsapuri Cantik owners relayed concerns during authorities' visit SEVERAL residents in three city strata properties have voiced worries over possible redevelopment under the proposed Urban Renewal Act (URA) and Kuala Lumpur Local Plan 2040 (KLLP 2040). Pangsapuri Cantik and Pangsapuri Bukit Ria in Taman Bukit Ria as well as Flat Taman Kobena in Taman Kobena, all in Cheras, are among 139 sites identified as having potential for redevelopment under KLLP 2040. Pangsapuri Cantik resident Lee Cheok Seng said a recent site visit by Town and Country Planning Department (PlanMalaysia) and Kuala Lumpur City Hall (DBKL) on July 24 was URA-related. 'The visit gave us the opportunity to tell the authorities why we don't want our apartments redeveloped,' he said. Lee told StarMetro that a company had approached residents in May last year with a redevelopment proposal that would significantly increase density. 'It proposed redeveloping Pangsapuri Cantik, which currently has four storeys and 87 units, into a 46-storey Cantik Residence with 465 units. 'However, all Pangsapuri Cantik needs is refurbishment. 'We hope the government can provide an interest-free loan for this to be carried out,' said Lee. Another Pangsapuri Cantik resident, Sukhdev Singh Cheema, raised concerns about worsening traffic in the area if the high-density redevelopment project proceeded. 'The traffic situation has worsened through the years following several nearby projects,' he said. 'Motorists from various residential areas pass through here to access Jalan Loke Yew, especially during peak hours. Lee (left) and Sukhdev are against redeveloping Pangsapuri Cantik. They say the four-storey apartment building only needs refurbishment. 'Imagine if several nearby strata properties were redeveloped into high-density apartments with about 500 units each. Traffic would be a nightmare.' Echoing Sukhdev's sentiments was Flat Taman Kobena Management Corporation (MC) chairman Sathivel Kathiraveloo, who said traffic congestion was a daily affair in the area. 'DBKL should address this issue, not approve more high-density developments that could worsen the traffic situation,' he said. Pangsapuri Bukit Ria resident Jeremy Kong called for the government to resolve strata title woes at his apartment building before considering any redevelopment proposals. 'The owners here have not received their strata titles since moving into the apartment in the 1980s,' he said. 'Without strata titles, we don't have legal ownership rights and can't vote for any proposals, including redevelopment.' At a forum organised by Kuala Lumpur Residents Action for Sustainable Development Association (KLRA+SD) last month, stakeholders raised their concerns over the consent threshold under URA. Under the draft Bill, a consent threshold of 80% has been set for properties under 30 years and 75% for those over 30 years. Sukhdev said maintaining the current 100% consent threshold was important to avoid gentrification in redeveloped properties. 'Without it, a minority of owners who oppose redevelopment will be forcefully displaced. 'They wouldn't be able to afford higher maintenance costs that would come with the new project,' he said. National House Buyers Association secretary-general Datuk Chang Kim Loong had also said the 100% consent threshold must be kept. However, Taman Desa resident James Tan Kok Kiat said it would be very challenging to achieve 100% consent in renewal projects, and keeping that threshold was not practical. KLRA+SD chairman Tan Booi Charn urged the government to prioritise owner-initiated renewal projects.
Malaysiakini
5 days ago
- Business
- Malaysiakini
Minister: 40pct bumiputera quota retained under 2040 KL development plan
PARLIAMENT | The government will maintain the bumiputera quota in Kuala Lumpur at no less than 40 percent under the Kuala Lumpur Local Plan 2040 (PTKL2040). Federal Territories Minister Zaliha Mustafa said the 2023 quota – set at a minimum of 40 percent for private projects and 70 percent for government or joint venture projects – will be retained.
The Sun
5 days ago
- Business
- The Sun
DBKL plans 762,500 homes by 2040 under PTKL2040 plan
KUALA LUMPUR: Kuala Lumpur City Hall (DBKL) aims to provide up to 762,500 housing units by 2040, in line with the direction of the Kuala Lumpur Local Plan 2040 (PTKL2040), which focuses on the well-being of urban residents. Kuala Lumpur Mayor Datuk Seri Dr Maimunah Mohd Sharif said the housing stock as of 2020 stood at 500,803 units, comprising both open market housing and affordable housing. 'Over the next 15 years, new housing development will be planned based on the increasing number of residents and households in the capital. 'Housing planning will emphasise the needs of various groups, including youth, B40 and M40 families, senior citizens and other vulnerable communities,' she told Bernama. She said the plan also introduces the provision of micro and transit units for newly working youths, compact housing for dual-income, no-kids (DINK) couples and young professionals, as well as age-friendly housing for the elderly. Maimunah said DBKL has also allocated several specific land-use zones for housing, including Residential Zone 4 (R4), designated for affordable and public housing. She said PTKL2040 emphasises the principle of inclusive development by maintaining a balance between the need for housing, access to public transportation and environmental sustainability. She added that the housing target also takes into account the potential for redevelopment of existing areas and the provision of government land in strategic locations within the city. 'The pricing of affordable housing is subject to the National Affordable Housing Policy, with a maximum price set at RM300,000 per unit, in line with initiatives such as Residensi Wilayah. 'For the Residensi MADANI scheme, the maximum selling price is set at RM200,000 with a standard size of 800 square feet, while other units will be developed to meet the diverse needs of the urban community,' she said. Maimunah said PTKL2040 targets at least 40 per cent of all new housing units by 2040 to be affordable homes. The long-term plan also outlines the definition of affordable housing under two categories: rental units such as the People's Housing Project (PPR), Public Housing and Subsidised Rental Housing (PASS); and ownership units covering projects like Residensi Wilayah, Residensi MADANI, the Malaysia Civil Servants Housing Programme (PPAM), PR1MA and One Staff Member One Home (SASaR). 'This initiative aims to ensure fair and sustainable access to housing for all segments of society, including low- and middle-income groups,' she said. - Bernama
Barnama
5 days ago
- Business
- Barnama
DBKL Targets 762,500 Housing Units Under PTKL2040
GENERAL KUALA LUMPUR, Aug 5 (Bernama) – Kuala Lumpur City Hall (DBKL) aims to provide up to 762,500 housing units by 2040, in line with the direction of the Kuala Lumpur Local Plan 2040 (PTKL2040), which focuses on the well-being of urban residents. Kuala Lumpur Mayor Datuk Seri Dr Maimunah Mohd Sharif said the housing stock as of 2020 stood at 500,803 units, comprising both open market housing and affordable housing. "Over the next 15 years, new housing development will be planned based on the increasing number of residents and households in the capital. 'Housing planning will emphasise the needs of various groups, including youth, B40 and M40 families, senior citizens and other vulnerable communities,' she told Bernama. She said the plan also introduces the provision of micro and transit units for newly working youths, compact housing for dual-income, no-kids (DINK) couples and young professionals, as well as age-friendly housing for the elderly. Maimunah said DBKL has also allocated several specific land-use zones for housing, including Residential Zone 4 (R4), designated for affordable and public housing. She said PTKL2040 emphasises the principle of inclusive development by maintaining a balance between the need for housing, access to public transportation and environmental sustainability. She added that the housing target also takes into account the potential for redevelopment of existing areas and the provision of government land in strategic locations within the city. 'The pricing of affordable housing is subject to the National Affordable Housing Policy, with a maximum price set at RM300,000 per unit, in line with initiatives such as Residensi Wilayah.
