Paragon@KL Northgate to start construction by 4Q2017

KUALA LUMPUR (April 13): The 18-acre Paragon@KL Northgate mixed development in Selayang, which carries a gross development value (GDV) of RM3.6 billion, will see its construction start this year-end.

Anzo Holdings Bhd will be partnering MCC Overseas (M) Sdn Bhd, a Malaysian subsidiary of Beijing-based Metallurgical Corporation of China Ltd, to kick start parcel one of the development.

Parcel one consists of the ground work, basement carparks and a 6-storey shopping mall with a gross floor area (GFA) of 1.8 million sq ft slated to be completed within three years after construction starts.

Anzo Holdings managing director Datuk Eddie Chai said its wholly-owned subsidiary, Harvest Court Construction Sdn Bhd, has received a Letter of Intent (LOI) from KL Northgate Sdn Bhd today.

“The parcel one development will have an estimated gross development cost (GDC) of RM1.2 billion,” he told reporters during a press conference today.

KL Northgate Properties Sdn Bhd director Ng Yin Meng said the remaining development components include 54 units of shopoffices, a 31-storey residential tower with 400 apartment units and a block of 37 storeys that will house 350 serviced apartments.

Besides this, there will be two hotels, one ballroom and hologram hall as well as a virtual reality game park and an indoor water theme park in the development.

“The construction of the entire project is estimated to take six years,” he said.

Ng noted that the company has also obtained the authorities’ approval to redevelop the Selayang hot springs and anticipated that it will complement Paragon’s development upon completion.

On the shopping mall development, he said the company is now in talks with potential tenants and currently 30% of the space has been taken up. However, he declined to reveal the details of the tenants.

Meanwhile, the Paragon@KL Northgate development has also shed some light to the future of the long abandoned Selayang Springs Condominium project as the site of the 2.4-acre project is part of the Paragon development.

Ng said the company has taken over the abandoned project since 2014 and is still in talks with the purchasers’ committee on a possible relocation. However, things are still in the planning stage and no decisions have been made.

The leasehold Selayang Springs Condominium located on Selayang Hill was officially declared an abandoned project in April 2014. It was developed by Barisan Tenaga Perancang and launched in 2009.

According to news reports, the project comprises six residential towers with 1,160 condomium units. The development is 65% completed.