Malaysia: Land & General Bhd (L&G) has revealed plans to launch its second Ampang serviced apartment project, having obtained shareholder approval.
The joint-venture project with the Malaysia Land Properties
Group (Mayland) has a
gross development cost of RM558million (US$168 million),and should be completed by early 2015. It will consist of four 46-storey apartment blocks and will be launched in two phases.
Managing director Low Gay Teck said: "We are launching the project later this year or early next year. Hence, there will be no financial impact in the 2014 financial year ending March 31," he told the media after its EGM. We are trying to include features like dual-key units and 3+1 bedroom units and are awaiting approval from local authorities."
The new development will have four 46-storey apartment blocks and will be launched in two phases.