M101 Holdings Sdn Bhd is targeting to build 10 towers in 10 different strategic locations in Klang Valley with estimated gross development value (GDV) of RM4 billion.
Its chief executive officer Datuk Seth Yap said M101 aims to elevate Malaysia’s property scene to the next level by building iconic landmarks in the heart of Kuala Lumpur that will redefine the tourism industry.
He said this initiative is also in support of the government’s tourism goals to grow the local economy and increase tourist arrivals.
Yap said M101 is committed to playing an active role in promoting Malaysia’s properties locally and abroad to make the country a popular tourism destination.
“Nowadays, people don’t look for a typical two-bedroom apartment. They are looking for a property that stands out. In short, purchasers are becoming even more sophisticated and brand-conscious.
“For M101, we champion property tourism as our business strategy and we differentiate ourselves by partnering with brands, such as Studio F.A. Porsche and Hasbro. We believe this would make our products stand out and to appeal to the demands of urbanisation,” he said.
Yap said M101 has made property tourism a sustainable business strategy, the main factor to staying on top of the game because it serves as the backbone of the company.
KL’S MOST ICONIC DEVELOPMENT
M101 SkyWheel is a luxury freehold project with practically two 80-storey towers (Tower A and Tower B) in Kampung Baru North on Jalan Tun Razak and is the biggest development for M101.
The project will command a total GDV of RM2.2 billion upon its full completion, which is expected in 2023, said Yap.
The first phase of M101 SkyWheel comprising 1,000 serviced suites launched in 2017, and 80 per cent of the units were sold in that year.
This included en bloc sale of the suites worth RM100 million to seven top agencies in Indonesia.
M101 introduced M101 Skywheel in Indonesia in early 2017, followed by China. The company also launched the development in Taiwan, Singapore, Hong Kong, Vietnam, Sri Lanka and Bangladesh, in line with its property tourism initiatives.
“We registered total sales of over RM500 million in 2017, which included RM400 million in sales and purchase agreements. We attribute our success to the fact that we did not include any premiums in our price and it starts affordably at RM999 per sq ft. A study by Knight Frank stated that premium branded residences can command 30 per cent higher price than non-premium branded residences. We priced them lower to make them attractive, and we want our buyers to enjoy an upside.
“If you look at it, I only need to generate another RM400 million to RM500 million in property sales and I would have covered the cost to develop M101 SkyWheel. The rest from then on will be profits for the company,” he told NST Property.
Yap said in total, M101 SkyWheel would have 1,200 suites ranging from 1,300 to 1,500 sq ft with a total GDV of RM700 million.
CONCEPT FOR M101 SKYWHEELS
M101 SkyWheel starts with a basement integrated with a mass rapid transit (MRT) station, and above that is a 12-storey podium carpark.
The 1,200 suites will take up the 36 floors above the carpark, and on top them will be Skymall and offices (five floors).
What will come up at the highest floors in Tower B are limited series Design Suites by Studio F.A. Porsche, worth RM300 million, and Planet Hollywood Hotel in Tower A.
M101 launched the designer suites in August 2017 and has sold 20 per cent of them.
“We are selling the 800 sq ft designer suites at RM4,000 per sq ft and targeting high-net-worth individuals and those who want to associate themselves with the brand. The suites are fully furnished and everything is designed by Studio F.A. Porsche.
“The designer suites are for Porsche fanatics, and every unit comes with a limited edition watch. If you compare the price point to designer suites in neighbouring countries, our product is extremely cheap and we are targeting foreigners,” said Yap.
M101, together with Studio F.A. Porsche, curated a material palette that is in harmony with the latter’s design philosophy and represents the sophisticated project requirements of M101 Skywheel. The result is a mix of natural materials, like red oak timber, marble and leather with engineered elements in black glass and steel. Overall the design gives a very sophisticated and masculine mood.
101 Skywheel boosts the first in the world Sky Ferries Wheel featuring Porsche Design clockface with the highest vantage point of 220 metres above the ground.
Yap said the 60-metre Ferris wheel would be placed on the 53rd floor between the designer suites and Planet Hollywood Hotel.
“It is a big challenge to put the Ferris Wheel at a high point and it is costing us slightly over RM100 million, but we think it is worth it as we want to create an iconic structure in Kuala Lumpur.”
The wheel will be designed and built by the same contractor as London Eye and Singapore Flyer.
The Singapore Flyer has an overall height of 165 metres and was the world’s tallest Ferris wheel until the 167.6 metres High Roller opened on the Las Vegas Strip on March 31 2014.
“Although SkyWheel spans only 60 metres, but as it will be placed on the 53rd floor, it will have a view which no others can compete,” added Yap.
News Source: New Straits Times Malaysia, 27 June 2019
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