PETALING JAYA: Sri Seltra Sdn Bhd has launched two skyscraper projects Alfa Bangsar and Bukit Bintang Gateway with RM2 billion in gross development value (GDV) within six months of each other in Kuala Lumpur.
Sri Seltra, the developer’s arm of City Motors Group of Companies (CMG) has its portfolio in township development, landed and condominium. The two projects are its expansion into the high-end mixed development property sector. CMG with investments in oil palm plantation and aquaculture owns both the land on which the project sites are located.
Alfa Bangsar is a 42-storey mixed development tower while the Bukit Bintang Gateway project will be the single highest complex (51-storey) with hotel, serviced apartments and commercial podium along Bintang Walk.
Sri Seltra CEO Terence Chia said the two projects are part of CMG’s expansion into the luxury property segment and the hospitality industry. Both are mixed development projects comprising upscale hotels, luxurious serviced apartments and commercial offices with wellness hubs.
Chia said Alfa Bangsar was named after the group’s two-decade involvement as the sole distributor of Alfa Romeo cars that ended in 2020.
“We are currently halfway through construction and looking at a mid-2023 completion. We are confident of completing it on time even with the constraints caused by the current movement control order,” he said, adding that the Alfa Bangsar serviced apartments with RM450 million in GDV are modest in floor sizes but exude luxury and afford comfort to its owners.
CMG will start work on the Bukit Bintang Gateway project in first quarter next year now that the company has received development approval from the Kuala Lumpur City Council. It will comprise a five-star hotel, residential, commercial and retail blocks.
“We will start work on our Bukit Bintang site early next year. It consists of 500 hotel rooms. This future project will have a RM1.5 billion in GDV and be the home of high net worth owners with 318 units of serviced apartments and 69 serviced suites.
“Both projects form part of the group’s long term plan to make inroads into the hospitality industry. We plan to grow our real estate’s recurring income as a sustainable revenue stream that will run parallel with the future growth potential of our property development business.”