Tradewinds Corp to develop RM3.8b high-end housing dev

PETALING JAYA: Property developer and hospitality player Tradewinds Corp Bhd, which is owned by tycoon Tan Sri Syed Mokhtar Al-Bukhary will turn the 12.2 acre land area it acquired for RM258 million into a RM3.8 billion high end residence development.
In a statement last Friday, Tradewinds Corp said the land is situated within the green enclave of Jalan Belfield in the vicinity of the former Istana Negara and the upcoming KL118 project.
It said the construction on phase 1 will commence by early 2016 and the project will be open for sales shortly after.
The development of the first parcel of 9.3-acre with a gross development value (GDV) of RM3.8 billion will comprise high-quality residences centered on a niche eco-friendly retail component.
Group managing director Datuk Wira Azhar Abdul Hamid said the company's market driven strategy is to develop properties to cater to the evolving and discerning desires of Malaysians.
He said the Belfield development will complement the group's other upcoming projects such as Menara Tun Razak, Bukit Bintang Plaza and Tradewinds Square.
"Our six-phase (within phase one) Belfield development perfectly aligns with this approach. Its location along Jalan Belfield and the proximity to several mega projects and the city centre will help unlock significant value and establish bankability for our potential buyers," he added, noting the land acquisition would be funded via internally generated funds.
He also noted that the company is engaging with potential strategic partners to develop its existing land banks in excess of 4,000 acres across the country.