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· One Malaysia
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Final Rendering by Jesmine ;)

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TA Ent plans RM2b property project near Twin Towers

By Chong Jin Hun
[email protected]

TA ENTERPRISE Bhd's (TAE) fast-growing property business will soon include an estimated RM2 billion mixed development within walking distance of the iconic Petronas Twin Towers.

TAE, which also has a stockbroking business, plans to build a luxury hotel, shopping complex and residential units on the company-owned 0.9ha site along Jalan P Ramlee.

Construction, which is expected to take four years, will start in 2008. It will be TAE's second property project within the KLCC area, after its RM294 milllion "Idaman Residence" condominiums on a 0.6ha tract nearby.

"I cannot sell anything less than RM1,500 a sq ft because of the location," TAE executive chairman Datin Alicia Tiah told Business Times in Kuala Lumpur yesterday.

"We have been approached many times by big names (in the property sector) for joint ventures. I am not saying I am not considering but we have not really made up our minds yet," Tiah added.

Other real estate projects by TAE include the estimated RM450 million "Damansara Idaman" in Selangor and the RM800 million "Seri Suria" in Kuala Lumpur.

TAE, initially renowned as a stockbroking firm, has jumped on the real estate bandwagon to reduce its dependence on financial services operations.

As such, earning recurrent income from its properties will be a key strategy going forward to safeguard TAE's income stream.

"But stockbroking is just as important, if not more important, at this point in time," Tiah said.

In the nine months to October 2006, property investment and development already constituted 47 per cent of TAE's revenue of RM243.8 million.

Real estate income is expected to account for up to 50 per cent of revenue within two years, helped by TAE's upcoming property launches.

Citing examples, Tiah said the third phase of its "Damansara Idaman" is due for launch next week, adding that TAE has some 180ha of undeveloped land to date.

It is no secret that TAE intends to build properties in China and India, but Tiah declined to elaborate on the company's potential foreign ventures.

TAE has established a China-based unit, TA Ace Fit Investment Management (Kunming) Co Ltd, to undertake investment and hotel management activities there, according to TAE's filings to Bursa Malaysia.

· Penang Skyscrapers Hunter
11,398 Posts
this is gotta be the most interesting building in Malaysia if built!!

kinda reminds me of Il Curvo :D

· Penang Skyscrapers Hunter
11,398 Posts
wow! didn't know nazrey have such good photoshop skills!

you should have done more of that!
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