29/06/2004 theedgedaily.com
Two abandoned serviced apartment projects in Kuala Lumpur (KL) that were initiated in the mid-1990s are being revived, offering a ray of hope to their investors, while expanding the supply of such buildings in the city centre.
One of them, formerly undertaken by Instangreen Corp Bhd, sits on a 1.5-acre freehold site on Jalan Tun Razak. Known as Tristar previously, the project, which is only about 30% built, is now is in the hands of LBS Bina Group Bhd (which has taken over the listing status of Instangreen) and has been renamed Golden Avenue.
The second project, formerly known as CN Gallery, is on Jalan Imbi. It was developed by Metro Jelita Sdn Bhd, which had gone into receivership following the 1997/98 financial crisis. Urban Shift Sdn Bhd is reviving the project, which has been renamed Nas Pavilion.
Both developers tell City & Country they are confident of strong demand for the respective serviced residences, citing the city address as the main lure. They also see young professionals and corporate figures being drawn by the convenient location as well as potential good returns on investment.
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