This article first appeared in City & Country, The Edge Malaysia Weekly on November 27, 2023 – December 3, 2023
City Motors Group’s Alfa Bangsar development located at the intersection of Jalan Maarof and Jalan Tandok in Bangsar has seen a take-up rate of 90% since its official launch in January 2022.
“The response from the market has been overwhelmingly positive, with fewer than 20 units to be sold. The project is on track for completion in 2Q2024. [This is] a testament to the project’s appeal and the strong demand for property investments in the post-pandemic era,” says City Motors Group CEO Terence Chia.
“We are thrilled by the enthusiastic response we have received. Alfa Bangsar presents a unique opportunity for property ownership in the heart of Bangsar. As we continue our journey towards completion, we are committed to delivering the highest quality of living to our esteemed clients.”
With a gross development value (GDV) of RM450 million, Alfa Bangsar is a single tower mixed-use development with two wings at the height of Level 38 and Level 42. It comprises three components — serviced apartments, commercial space and a hotel. The entire development is expected to be completed by the second quarter of 2024.
There are a total of 178 serviced apartments on Levels 20 to 42, with built-ups from 570 to 997 sq ft. The selling price starts from RM1.05 million to RM1.85 million. The maintenance fee, which does not include the sinking fund, is 42 sen psf.
Chia: The response from the market has been overwhelmingly positive, with fewer than 20 units to be sold (Photo by City Motors Group’s)
The facilities, located on Level 38 and 42, will comprise a swimming pool, kids’ pool, sunbed lounge, pool deck, gymnasium, sauna, sky park, quiet corner, barbecue area, playground, outdoor fitness space, interactive lawn and sunbathing lounge.
Alfa Bangsar attracts a mix of young affluent families, couples and international buyers, says Chia.
The commercial space, which has a combined gross floor area of 25,900 sq ft from Levels 1 to 7, will feature six retail spaces and a rooftop event space on top of the commercial podium at Level 5. These will be leased out by the developer to ensure the right tenant mix for the benefit of the residents. Chia says the developer has secured several tenants, which are primarily in the fitness, wellness and F&B sectors.
Alfa Bangsar will also house Holiday Inn Hotel, which will be managed by InterContinental Hotels Group. There will be 220 rooms from Levels 8 to 19. The facilities, which include a swimming pool, sky garden lounge, terrace and gymnasium, will be on Level 8.
Alfa Bangsar is accessible via Jalan Tuanku Abdul Halim, Jalan Istana, the Salak Expressway, Federal Highway, New Pantai Expressway and Kerinchi Link of the SPRINT Expressway.
Amenities within a 5km radius include Bangsar Village, Mid Valley Megamall, Bangsar Shopping Centre, Nu Sentral, Pantai Medical Centre and University Malaya Specialist Centre. The Bangsar LRT station is only 700m away.
Plans and outlook
With the near completion of Alfa Bangsar, City Motors Group is preparing to launch a new project in Bukit Bintang in 2024.
“Building upon the success of Alfa Bangsar, we are gearing up to reveal our next venture in Bukit Bintang, [which is] scheduled to launch in 2024 and expected to serve as our flagship luxury development. The projected GDV of the Bukit Bintang development exceeds RM1 billion,” says Chia.
The group has other projects in the pipeline as well. These will be located in Jelutong, Penang (estimated GDV of RM145 million), Ampang (GDV of about RM130 million) and Cheras (a 60-acre township with a GDV of about RM2 billion). The development in Cheras will emphasise greenery, abundant green spaces and parks.
Further details on the upcoming Bukit Bintang development and other projects in the pipeline will be announced in due course.
Source: The Edge