The KL Metropolis project was unveiled last October, almost a year after the privatisation deal between Naza TTDI and the government was announced. Under the deal, the group is to build the new Matrade Exhibition and Convention Centre at a cost of RM628 million in exchange for the Jalan Duta land.
Having warded off stinging criticism over a controversial privatisation deal involving a 75.5-acre plot of prime land in Jalan Duta, Kuala Lumpur, developer Naza TTDI Sdn Bhd is finalising deals with various foreign investors and expects its mammoth KL Metropolis project there to kick off in 3Q2012.
With a projected gross development value (GDV) of RM15 billion, the KL Metropolis project is a three-phase integrated development that will comprise the new Matrade exhibition centre, 22 condominium and office towers, five hotels, two regional retail centres and, most notably, a landmark tower that will be 90 to 120 storeys high.
The group is in the midst of finalising deals with potential foreign investors and hotel operators, and expects to announce them sometime this quarter, delayed from late last year.