Building Investment (March-April 2022)

Mixed development project,
Alfa Bangsar, to launch in
Kuala Lumpur’s affluent neighbourhood
City Motors Group of Companies, more popularly
known as the distributor for Alfa Romeo cars,
has brought its passion for fast cars to property
development, aptly calling their latest project,
Alfa Bangsar.
The freehold RM450 million mixed
development, located at the tail end of Jalan
Maarof in the affluent Bangsar neighbourhood, comprises
a 42-storey tower housing 178 “limited edition” serviced
apartments, commercial offices and an upscale hotel. The
residential units are priced from RM700,000 onwards and the
entire project, mid-way in construction now, is expected to be
completed by 2023.
During the recent launch of the project at the Alfa Bangsar
Sales Gallery at Kompleks Wan Kien, Petaling Jaya, Works
Minister Datuk Seri Fadillah Yusof, who officiated at the event,
praised the developer for its bold move to launch amid the
COVID-19 pandemic, and commented that the construction
industry needed a boost in order to spur the country’s economic
recovery. Also present at the event were City Motors’ executive
chairman Datuk Foo Wan Kien and CEO Terence Chia. Other VIP
guests include the Perak chief minister Tan Sri Mohamad Tajol
Rosli Ghazali and deputy education minister Datuk Mah Hang
Soon.
“By virtue of its name Alfa that takes after the renowned Alfa
Romeo brand, we are duty-bound to uphold the definitive quality
the automobile brand and that’s how we want to position the
corporate profile of City Motors Group as we grow in future,”
Chia said.
City Motors, despite its association with the automobile
industry, has been active in property development for the
past 40 years, with projects ranging from affordable housing
to residential apartments and townships. It has completed 10
projects with a gross development value of RM604.5 million
and will soon be starting on its next major project, a high-end
serviced apartment at Bukit Bintang, within Kuala Lumpur’s
shopping belt.
Th Group has over 300 acres of landbank across Malaysia in
Penang, Kuala Lumpur, Perak, and Pahang that it will develop in
stages.
For more, information, visit alfabangsar.com
March-April 2022 | www.b-i.biz 33