KUALA LUMPUR, August 6 — Work on the development of the pilot Parcel 2 project in Kampung Masjid, Kampung Baru here, is expected to start in 2018 at an estimated cost of RM2.5 billion.
The 1.66-hectare project, which involved 20 plots of land owned by about 100 beneficiaries, was expected to be ready in three years, said President of Association of Owners and Beneficiaries of Kampung Baru Land (PPWT), Mashuti Mat Soom.
“The representatives of almost all of the owners of the 20 plots of land had agreed to the development of their land.
“The consent of all the landowners for the development of the area is expected to be in by year-end,” he told reporters after the launch of the project here today by Minister of Finance II, Datuk Johari Abdul Ghani.
Mashuti said after this the project will be started, including the selection of a developer.
“The site will face the Petronas Twin Towers, which is about a kilometre away,” he said.
He said a pedestrian bridge will be built to connect the complex in the project with Petronas Twin Towers.
Meanwhile, Johari said, the government would support the project through incentives, including minimum conversion premium, minimal development charges, and parking requirements by land.
“This project is a private initiative by the PPWT. The next step for them is to convince the investors to invest in the development,” he said.
The mixed development project will have a 60-storey corporate office block, 48-storey condominium which will provide 630 housing units, 40-storey hotel which will have a five-storey shopping complex and a five-storey parking lot.