RealEstate
Mon Mar 23,2015 0:00 am
Mitsui Fudosan to Participate in New High-Rise Condominium Project in Malaysia (Approximately 300 Units) High-rise residence in central Kuala Lumpur
Mitsui Fudosan Co., Ltd.
March 23, 2015
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Residential Co., Ltd.
Mitsui Fudosan Co., Ltd. and Mitsui Fudosan Residential Co., Ltd. decided to participate in the “Conlay Project (tentative name)”, a high-rise condominium project (approx. 300 units) in central Kuala Lumpur, the capital of Malaysia, through their joint venture, Mitsui Fudosan Asia Pte. Ltd. (headquartered in Singapore), and that they have therefore concluded a joint venture agreement with the joint venture partner Eastern & Oriental Berhad (E&O). With the addition of this project, Mitsui Fudosan now has 13 residential projects under way in Southeast Asia, and 15 projects including retail facilities.
This project is a condominium with a total of 298 units in an eastern tower of 29 floors and western tower of 39 floors. The project is located in an exclusive residential area of central Kuala Lumpur that has long been home to second residences of regional nobility and has been developed in recent years into a luxury residential district. The area is adjacent to Kuala Lumpur’s largest retail area (Bukit Bintang) and adjoins the Prince Court Medical Centre, a flagship facility for high quality medical care in Malaysia.
Malaysia has a high level of urban infrastructure development, and the residential real estate market holds great potential for further increase in scale. The Mitsui Fudosan Group has already recorded brisk sales in its ongoing condominium projects, THE MEWS (a joint project with E&O in central Kuala Lumpur) and GEO Residences (located in Daerah Petaling, approximately 15 kilometers from central Kuala Lumpur).
E&O is a leading listed developer company in Malaysia that specializes in luxury condominium development, mainly in central Kuala Lumpur, Penang and Johor Bahru. In carrying out the project together with E&O, Mitsui Fudosan will leverage the expertise it has accumulated in housing development, marketing, and other aspects in the course of conducting business in Japan and Singapore.
The Mitsui Fudosan Group has positioned the overseas business as one of its growth areas. In Asia, the Group also has residential projects in Thailand, Singapore, Malaysia, Indonesia, and China. In Malaysia, the Group has ongoing projects including “Mitsui Outlet Park Kuala Lumpur International Airport (KLIA) (tentative name),” and in China, the Group is developing business including the shopping centers “Shanjing Outlet Plaza-Ningbo,” “LaLaport Shanghai Jinqiao (tentative tame),” and in Taiwan, the “Taiwan Linkou Outlet Project (tentative name).” Under “Innovation 2017,” the Group's long-term business plan for FY2012 to FY2017 announced in 2012, the Group is planning to execute investments of approximately ¥500 billion in Europe, America, and Asia by FY2017.
■Plan Overview (Provisional)
Conlay Project (tentative name)
Location Kia Peng Street, Kuala Lumpur, Malaysia
Access approx. 20 minutes’ walk from KLCC Station, LRT Line
Site area 5,812 m2
Total exclusive floor area 32,439 m2
Scale 29 floors above ground in the eastern tower with 1 floor below ground 39 floors above ground in the western tower with 1 floor below ground
Number of units 298
Estimated Schedule August 2015 Start construction
October 2015 Start sales
March 2020 Complete construction
■About E&O
E&O is a listed developer company in Malaysia with approximately ¥86 billion market capitalization (as of March 2015). E&O has renovated and opened the Eastern & Oriental Hotel, Penang Island, after purchasing it. The company specializes in the development of luxury condominiums in central Kuala Lumpur, and has completed development projects such as the Dua Residency (288 units) in 2007 and St Mary Residences (655 units) in 2012, both in central Kuala Lumpur. (1RM = ¥32.85)
■About Mitsui Fudosan Co., Ltd.
Mitsui Fudosan upholds “Bringing Affluence and Comfort to Urban Living” as its Group Statement, and is contributing to rejuvenate cities by providing secure, safe, and attractive urban spaces and services. Mitsui Fudosan is expanding the scope of its operations including the development and management of office buildings and commercial facilities, new condominium developments as well as real estate brokerage, and the development and management of hotels and resorts. Through its businesses, Mitsui Fudosan is committed to help bring "Affluence and Comfort with Value" to all aspects of life through its many diverse projects both in Japan and overseas. For more information, please visit the company's website at http://www.mitsuifudosan.co.jp/english/.
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Residential Co., Ltd.
Mitsui Fudosan Co., Ltd. and Mitsui Fudosan Residential Co., Ltd. decided to participate in the “Conlay Project (tentative name)”, a high-rise condominium project (approx. 300 units) in central Kuala Lumpur, the capital of Malaysia, through their joint venture, Mitsui Fudosan Asia Pte. Ltd. (headquartered in Singapore), and that they have therefore concluded a joint venture agreement with the joint venture partner Eastern & Oriental Berhad (E&O). With the addition of this project, Mitsui Fudosan now has 13 residential projects under way in Southeast Asia, and 15 projects including retail facilities.
This project is a condominium with a total of 298 units in an eastern tower of 29 floors and western tower of 39 floors. The project is located in an exclusive residential area of central Kuala Lumpur that has long been home to second residences of regional nobility and has been developed in recent years into a luxury residential district. The area is adjacent to Kuala Lumpur’s largest retail area (Bukit Bintang) and adjoins the Prince Court Medical Centre, a flagship facility for high quality medical care in Malaysia.
Malaysia has a high level of urban infrastructure development, and the residential real estate market holds great potential for further increase in scale. The Mitsui Fudosan Group has already recorded brisk sales in its ongoing condominium projects, THE MEWS (a joint project with E&O in central Kuala Lumpur) and GEO Residences (located in Daerah Petaling, approximately 15 kilometers from central Kuala Lumpur).
E&O is a leading listed developer company in Malaysia that specializes in luxury condominium development, mainly in central Kuala Lumpur, Penang and Johor Bahru. In carrying out the project together with E&O, Mitsui Fudosan will leverage the expertise it has accumulated in housing development, marketing, and other aspects in the course of conducting business in Japan and Singapore.
The Mitsui Fudosan Group has positioned the overseas business as one of its growth areas. In Asia, the Group also has residential projects in Thailand, Singapore, Malaysia, Indonesia, and China. In Malaysia, the Group has ongoing projects including “Mitsui Outlet Park Kuala Lumpur International Airport (KLIA) (tentative name),” and in China, the Group is developing business including the shopping centers “Shanjing Outlet Plaza-Ningbo,” “LaLaport Shanghai Jinqiao (tentative tame),” and in Taiwan, the “Taiwan Linkou Outlet Project (tentative name).” Under “Innovation 2017,” the Group's long-term business plan for FY2012 to FY2017 announced in 2012, the Group is planning to execute investments of approximately ¥500 billion in Europe, America, and Asia by FY2017.
■Plan Overview (Provisional)
Conlay Project (tentative name)
Location Kia Peng Street, Kuala Lumpur, Malaysia
Access approx. 20 minutes’ walk from KLCC Station, LRT Line
Site area 5,812 m2
Total exclusive floor area 32,439 m2
Scale 29 floors above ground in the eastern tower with 1 floor below ground 39 floors above ground in the western tower with 1 floor below ground
Number of units 298
Estimated Schedule August 2015 Start construction
October 2015 Start sales
March 2020 Complete construction
■About E&O
E&O is a listed developer company in Malaysia with approximately ¥86 billion market capitalization (as of March 2015). E&O has renovated and opened the Eastern & Oriental Hotel, Penang Island, after purchasing it. The company specializes in the development of luxury condominiums in central Kuala Lumpur, and has completed development projects such as the Dua Residency (288 units) in 2007 and St Mary Residences (655 units) in 2012, both in central Kuala Lumpur. (1RM = ¥32.85)
■About Mitsui Fudosan Co., Ltd.
Mitsui Fudosan upholds “Bringing Affluence and Comfort to Urban Living” as its Group Statement, and is contributing to rejuvenate cities by providing secure, safe, and attractive urban spaces and services. Mitsui Fudosan is expanding the scope of its operations including the development and management of office buildings and commercial facilities, new condominium developments as well as real estate brokerage, and the development and management of hotels and resorts. Through its businesses, Mitsui Fudosan is committed to help bring "Affluence and Comfort with Value" to all aspects of life through its many diverse projects both in Japan and overseas. For more information, please visit the company's website at http://www.mitsuifudosan.co.jp/english/.
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