PETALING JAYA – City Motors Group of Companies, which made a name for itself as a leading distributor of Alfa Romeo cars, is now racing through another trail by becoming among the few developers to launch a project during the pandemic.
Its gutsy move to launch in the middle of the global economic impact of Covid-19 received praise from Works Minister Datuk Seri Fadillah Yusof, who officiated during the recent launch of the project, emphasised the importance of stimulating the construction industry as part of efforts to spur the country’s economy recover.
The launch was held at the Alfa Bangsar Sales Gallery in Kompleks Wan Kien, Petaling Jaya, recently. Also present were City Motor executive chairman Datuk Foo Wan Kien and CEO Terence Chia.
The other special guests included former Perak menteri besar Tan Sri Mohamad Tajol Rosli Ghazali and Deputy Education Minister Datuk Mah Hang Soon.
The project is undertaken by Sri Seltra Sdn Bhd, a subsidiary of City Motors.
The site will have serviced apartments, a hotel and commercial space in the heart of the bustling Jalan Maarof in Bangsar, with strategic proximity to the Golden Triangle of shopping, food, and retail areas.
Chia said that the project is nearly half complete with a take-up rate of about 50%.
Priced at RM700,000 for its residential units, the choice location of Bangsar should be a coveted address for most buyers, Chia told a press conference after Fadillah had officially opened the sales gallery.
“We know the risks, but when the economy rebounds we hope to be in a good position to capitalise on it, especially through our real estate projects,” he said.
Chia stressed that the project is on track to be completed despite the challenges brought about by inflation due to the disruption to the global supply chain, restrictions brought by Covid-19 and an acute shortage of labour.
At the same time, Sri Seltra, which has a track record of completing some 10 projects with a gross development value of RM604.5 million, will also embark on the Bukit Bintang Gateway commercial project, which will begin once Kuala Lumpur City Hall provides approval.
Apart from the Klang Valley, Sri Seltra is eyeing to develop its landbank in Ipoh, Cheras and Penang.
Meanwhile, Foo appealed to the relevant authorities to help developers by expediting approval at the local authority level.
“Time is money and if we can reduce it, it means more savings for the consumers,” he said.
Foo said that the approval period, which can drag on to one to two years, is too long.
He stressed on the need to prevent costs from spiralling in the development process.
Fadillah assured that he will take the matter up with the Housing and Local Government Ministry soon. – The Vibes, January 16, 2022