Property investment company Pelaburan Hartanah Bhd (PHB) is optimistic that its proposed RM5 billion integrated commercial project in Bangsar will be approved by the Kuala Lumpur City Hall (DBKL), said Datuk Kamalul Arifin Othman, CEO of the company.
Some of Malaysia's largest property developers including Mah Sing Group Bhd and SP Setia Bhd, had been eyeing the project's progress as they are interested to take part in it.
"We've submitted the master plan for Lot 61 in Jalan Bangsar to DBKL and it is, at this point in time, under their evaluation. But we are very confident it will be approved by DBKL very soon, based on the fruitful discussions we've had with them so far," said Kamalul Arifin Othman, who is also the Managing Director of PHB.
The project has a sizeable gross development value of "about RM5 billion" and needs to be planned carefully, he explained.
"We're in no big rush. If we get the (DBKL) approval this year, or early next year, we'll be all right," he noted. Once the approval is given, PHB will then chose the developers which it wants to work with.
"Possibly, we will carve out the land into several parcels," he said, adding that they have received a number of proposals from established developers.
To be developed in phases over "several years", the project will likely comprise hotels, office buildings, retailers and several blocks of serviced condominiums and apartments.
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