City Motors Group of Companies launches Alfa Bangsar, slated for completion in 2023

Share

alpha bangsarKUALA LUMPUR, 16 January: City Motors Group of Companies (CMG) recently celebrated the official launching of its RM450-million Alfa Bangsar mixed development project, located at Jalan Maarof. The 42-storey project comprising upscale hotels, luxurious serviced apartments and commercial offices with wellness hubs is on course to be completed by mid-next year. The development’s construction is in fact, almost halfway completed.

Senior Works Minister Yang Berhormat Dato’ Sri Haji Fadillah commended CMG for its determination in proceeding with the project when other developers were held at bay restrictions brought about by Covid-19.

“Property launches are few and far in between, especially now that the Omicron variant of Covid-19 virus is spreading fast. I commend City Motors Group for being able to arrive at this milestone moment and to have accomplished your plan to hold the launching ceremony today. It is a testament to your outstanding success.

“I salute like-minded enterprising developers such as Dato’ Dr Foo for their courage and determination to proceed with their projects amid the pandemic,” he said at the official opening of the project and sales gallery.

Fadillah said the Covid-19 pandemic had caused a lot of disruption in the supply chain and businesses are facing additional operating costs incurred to meet the requirement to adhere to anti-Covid infection compliance by the Health Ministry. On top of this, building material prices have increased and labour supply is short.

“I am aware many developers have had to put off their property launches until a time when the economy has recovered. Owing to these reasons, we can understand why there were few property launches since the pandemic hit the country in March 2020,” he said.

Fadillah said City Motors Group of Companies, in spite of its name associated with the automobile business, has been involved in property development over the past 40 years. Through its subsidiary Sri Seltra Sdn Bhd, City Motors Group has developed Taman Nirwana, converting a small kampung into a new suburban township with high-value landed real estate and high-rise condominiums.

“For me, City Motors Group is bucking the trend when it decided to use two parcels of freehold land it owns to build two high-end mixed-use developments. When most developers are staying away, you have found it an appropriate time to launch your projects,” he added.

“I am pleased to hear that your company has recently obtained a development order to commence the construction of yet another high-rise mixed-use development project in Bukit Bintang in the heart of Kuala Lumpur,” he said.

The two projects with a combined GDV of RM2 billion will help to help revitalise the country’s economy while the spill-off effects would also benefit over 140 supporting industries, he added.

Praising City Motors Group’s expansion plan, Fadillah said it was not only ambitious but inspiring for all stakeholders in the property industry.

Terence Chia, CEO of City Motors Group in his speech, said Alfa Bangsar sits on the few remaining freehold plots of land in a premium location and the project only comprises 178 “limited edition” serviced apartments.

“Our business point of view as we study the pandemic is to seek out its positive flip side; that people ‘imprisoned within their homes for about two years’ are now yearning to travel. The hotel will elevate the hospitality services in this entertainment precinct and food haven to an unmatched level of excellence.

“By virtue of its name Alfa that takes after the renown Alfa Romeo brand, we are duty-bound to uphold the definitive quality the automobile exudes and that’s how we want to position the corporate profile of City Motors Group in our future expansion,” he said.

Chia said City Motors Group has plans to develop over 300 acres of landbank in Penang, Kuala Lumpur, Cheras, Perak, and Pahang it owns.

Director Foo Yit Tung, the grandson of the CMG chairman, said Alfa Bangsar, is a mixed-use development and its completion marks the beginning of a new adventure for the Group as “we seek out any opportunity to maximize the prime freehold land we own; not just in Bangsar but also in another prestigious location, Bukit Bintang”.

“Today is a watershed moment for us as we embark on the journey to reap the fruits of the wise decisions made by my grandfather when he set out to acquire land for property development in Penang, Perak, Pahang and the Klang Valley.


Share
Sign up and stay updated
Get the latest property news, home solution tips, interior design ideas and property guides.
By subscribing, you consent to receive direct marketing from iProperty.com Malaysia Sdn Bhd (iProperty), its group of companies and partners. You also accept iProperty’s Terms of Use and Privacy Policy including its collection, use, disclosure, processing, storage and handling of your personal information.