KUALA LUMPUR (Aug 7): Property developer Avaland Bhd (KL:AVALAND) has celebrated the topping out of its 100% sold Amika Residences project in Subang Jaya ahead of its construction schedule, according to a press statement issued on Friday.

Also announced was its development pipeline with new project launches featuring a combined estimated gross development value (GDV) exceeding RM1 billion in 2026.

"These include our third Aetas luxury residential project, Aetas Taman Desa and we will introduce Accent Petaling Jaya, our new premium development offering a differentiated proposition within the upper mid-market segment," said chief executive officer Apollo Bello Tanco. 

"Both launches are expected to build on the strong market response to the second phase of Meria Commercial Hub in Cybersouth, launched earlier this year."

Additionally, Avaland recently acquired a 1.9-acre freehold site in Taman U-Thant, Kuala Lumpur, earmarked for a high-end residential project with an estimated GDV of RM700 million.

Coming back to Amika Residences, this freehold development was launched in 1Q2024 and sits on 3.51 acres. It has a GDV of RM460 million and comprises two towers — 34-storey Tower A and 35-storey Tower B — with a total of 468 serviced apartment units. Built-ups range from 883 to 1,277 sq ft and the launch price was from RM698,000 to RM999,000. The development’s vacant possession is targeted for 2027. 

The development is set against a nine-acre central park and comes with 24 retail units. The retail units are for sale with prices between RM1.45 million to RM5.05 million and their built-ups range from 1,335 to 4,661 sq ft.

Tanco said the project has secured the GreenRE Gold certification.