KUALA LUMPUR (Dec 22): Lion Group’s property division, Lion Group Property, is looking to expand its industrial park portfolio, says the conglomerate’s executive chairman Tan Sri William Cheng.

Its ongoing and upcoming developments, both industrial and non-industrial, involve a combined land size of more than 3,000 acres (1,214 hectares). Only about 400 acres are non-industrial offerings. Currently, the industrial park portfolio accounts for 80% of the property division’s revenue. Its flagship offering is the ongoing freehold Banting Industrial City (BIC) in Selangor.

“The seven-phase BIC is down to its final stages, with two phases awaiting DO (development order) approval…the two phases are Phases 2E and 2F, with gross areas of 195.93 acres and 189.13 acres respectively. We are hopeful that the DO approval can be obtained by the end of this year,” he tells City & Country.

In the same issue, BBCC Development Sdn Bhd — consisting of UDA Holdings Bhd, Eco World Development Group Bhd (KL:ECOWLD) and the Employees Provident Fund — shares about the revamps of the Bukit Bintang City Centre (BBCC) sales gallery and part of The Labs.

To that, BBCC Development chief executive officer Sri Ram Sivasambu says the joint venture will house Tuah 1895, which is a dining and lifestyle hub, and an immersive art museum called Immersify KL. Tuah 1895 will open its doors in early January next year, while Immersify KL will welcome visitors in February.

Meanwhile, Savills Malaysia director of research and consultancy Fong Kean Hwa unveils in The Edge Malaysia | Savills Klang Valley Residential Property Monitor 3Q2024 that the residential property market in Kuala Lumpur and Selangor displayed contrasting trends in terms of supply and transactions.

He says the residential market in KL is experiencing steady growth, with 5,589 new units completed in the third quarter of 2024, marking a 10.5% rise year-on-year (y-o-y) from 5,057 units. Incoming supply surged by 23.9% y-o-y, reaching 55,667 units during the quarter, compared with 43,047 units previously.

We also have a story on IJM Land’s latest serviced apartment development, Stellaris, in the 16-acre Riana Dutamas master plan in Segambut, Kuala Lumpur. To be launched this month, Stellaris is the third phase there, after Savio and Savvy, which have been completed and fully sold.

The RM818 million Stellaris will occupy a 5.78-acre tract. It features two 31-storey towers with a total of 1,143 units, offering two- and three-bedroom and dual-key layouts. Unit built-ups will range from 760 to more than 1,200 sq ft, with prices starting at RM525,000.

Catch up with the latest property news in town in the Dec 23 issue of City & Country.

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