Crest Builder Holdings Berhad and Prasarana Malaysia Berhad to develop Latitud8 – Malaysia”s first Transit-Oriented Development

Crest Builder Holdings Berhad and Prasarana Malaysia Berhad to develop Latitud8 - Malaysia''s first Transit-Oriented Development

Kuala Lumpur, 19 April – The Minister of the Federal Territories Y.B. Datuk Seri Utama Tengku Adnan Bin Tengku Mansor officiated the groundbreaking ceremony of Latitud8, a transit-oriented development located at Dang Wangi Light Rail Transit (“LRT”) Station today.  The groundbreaking ceremony was held at Latitud8’ Sales Gallery located on Jalan Ampang where the event was graced by: –

1.     Datuk Bandar Kuala Lumpur, YBhg Datuk Seri Hj Mhd Amin Nordin Abd Aziz

2.     Chairman of Prasarana Malaysia Berhad, YBhg Tan Sri Ismail Adam

3.     President & Group CEO of Prasarana Malaysia Berhad, YBhg Dato’ Azmi Abdul Aziz bin Abdul Aziz

4.     Group Managing Director of Crest Builder Holdings Berhad, Mr. Eric Yong Shang Ming

5.     Chairman of Intan Sekitar Sdn Bhd, Sri Rahayu Dato’ Sri Tajuddin

Latitud8 is a joint land development between Crest Builder Holdings Berhad (“CBHB”) 51% owned subsidiary Intan Sekitar Sdn Bhd (“ISSB”) and Prasarana Malaysia Berhad (“Prasarana”) for the development of a parcel of prime commercial land located at Dang Wangi LRT station measuring approximately 2.72 acres. This development project is the first Transit Oriented Development (TOD) in Malaysia for Prasarana designed and to be constructed directly above an active and operating LRT station

ISSB is a 51:49 joint venture holding between CBHB’ wholly-owned subsidiary Crest Builder International Sdn Bhd (51%) and Detik Utuh Sdn Bhd (49%).

Latitud8, a mix commercial development bearing a total gross development value (GDV) of RM1.10 billion, will feature a lifestyle retail podium with business and convention facilities, open office spaces, SOFO (small office flexible office) suites, SOHO (small office home office) residences and duplexes as well as a rooftop lounge and bar.

“In an age where advancing technology and lifestyle demands are constantly changing, I believe that transit-oriented development plays a vital role in maximizing the impact of transit investments, increasing regional competitiveness and advancing economic developments. The development of

Latitud8 is an effort to enrich Dang Wangi LRT Station’s connectivity and to create a vertical city in meeting the blooming modern lifestyle demands in the heart of Kuala Lumpur.  Latitud8 will be a catalyst to expand and compliment the existing hub to becoming a vibrant commercial community.”  said Mr. Eric Yong, Group Managing Director of Crest Builder Holdings Berhad.

Latitud8 is scheduled to be launched in the second half of 2016 with targeted completion by the end of 2019.

“Prasarana is pleased to work with Intan Sekitar Sdn Bhd and any committed partners in optimizing the usage of lands assigned to us in promoting the Transit Oriented Development (TOD) concept, which promises a new way of city living by creating vibrant and liveable communities, centered on public transport. Through TODs, Prasarana aspires to create a new lifestyle for healthy and productive Malaysians by eliminating the stress of traveling in congested roads and highways. Commuters need not leave the rail network and everything is provided within the TOD and the rail network, which is the backbone of the public transport system.

“In championing the TOD concept, PRIDE will lead in the transformation of all underutilized lands along the LRT corridor that have potential to be developed and secure support from all the stakeholders, government agencies, municipal councils as well as state authorities,” said Tan Sri Ismail Adam, who is Chairman of Prasarana Malaysia Berhad.

“Intan Sekitar Sdn Bhd is honoured to be the first Bumiputra Company to partner with Prasarana to develop the first LRT TOD in the country. In line with the Economic Transformation Programme to realize the Greater KL and Klang Valley aspirations for TODs, Latitud8 is designed with a policy to “Build an Environment that Enhances Quality of Life”. An efficient and sustainable urban development, Latitud8 is an integrated and efficient urban transportation system and the creation of a conducive and liveable urban environment with an identity. A first public-private partnership project for the development of TODs, ISSB is geared to meet the government’s target for Kuala Lumpur to be the world’s top 20 liveable cities by 2020 with major initiatives planned towards transforming Greater KL into a world-class city.  Together with Prasarana and with the support from government agencies in particular DBKL, ISSB shall ensure that Latitud8 becomes the nation’s economic engine besides realizing the vision to transform Kuala Lumpur into an international standard landmark city, “ said Chairman of Intan Sekitar Sdn Bhd, Puan Sri Rahayu Dato’ Sri Tajuddin.

Image Caption: (L-R)  Y.Bhg. Dato’ Azmi  Abdul Aziz, President & CEO of Prasarana Malaysia Berhad;  Eric Yong Shang Ming, Managing Director of Crest Builder Holdings Berhad; Y.Bhg. Tan Sri Ismail Adam, Chairman of Prasarana Malaysia Berhad; Y.B. Datuk Seri Utama Tengku Adnan Tengku Mansor, Minister of Federal Territories and Sri Rahayu Dato’ Sri Hj Tajuddin, Chairman of Intan Sekitar Sdn Bhd.  

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