Chinese developer Huashi to build RM1.8bil M101 Skywheel
PETALING JAYA: M101 has appointed China Huashi Enterprises Co. Ltd. (China Huashi) as the main contractor for the development of M101 Skywheel, a project with a gross development value (GDV) of RM1.8bil.
M101 Skywheel is a mixed development which will stand at a height of 316 m and is headed for completion by 2020.
Speaking after the signing ceremony with Huashi, M101 Datuk Seth Yap said this project, combined with the company’s earlier project at Dang Wangi and Bukit Bintang, fetched a total of RM2.2bil GDV.
“Dang Wangi has a GDV of RM140mil and the handover date is set in Sep 2017, while the development at Bukit Bintang has a GDV of approximately RM150mil and is target for completion in 2018,” he added.
Commenting on his earlier target of RM4.4bil GDV in 10 years, Yap expressed optimism in achieving the target in three years.
M101’s latest development, M101 Skywheel, will have an MRT station right at the door step of the development, as well as retail outlets at the lower level. There will be 1,100 units of Sofos from level 12 to 48. The upper level of the two tower blocks consist of designer suites and Asia’s first ever Planet Hollywood Hotel, as well as an impressive Skywheel.
M101 Skywheel will also feature the world’s highest shopping experience with a SkyMall that extend from 50th to 52nd level with over 200,000 sq ft of retail space, that will offer locals and tourists diverse product offerings and world-class shopping experience.
Yap said the Sofo units are priced between RM1,000 to RM2,000 per sq ft.
“M101 is a development that champions property tourism as its core business strategy. Instead of building just another integrated development, we are building a branded development that fits the market’s needs, and further elevate Malaysia’s tourism industry.”
“We are working together with brands such as Studio F.A Porsche from Germany, who designed M101 Skywheel, and now we have a reputable contractor from China to build it.”
“Upon its completion, M101 Skywheel will be an international tourists’ destination and thus itself is a vertical township. The project will boost a Ferris-wheel positioned on the 52nd floor and at its highest vantage point at a height of 220m,” said Yap.
During the signing ceremony, M101 further announced that China Huashi will finance RM50mil worth of construction cost. The financing amount undertaken by China Huashi is equivalent to the cost of M101 Skywheel’s substructure.
“China Huashi sees M101 Skywheel as a one-of-a-kind project. As a testament of our commitment, we will be financing RM50mil of the construction cost, “said China Huashi chief financial officer and group general manager Wan Xiaolin.
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