22/5/2014 Companies sign deal to work on upscale project - SME | The Star Online
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Home > Business > SME SearchPublished: Wednesday May 21, 2014 MYT 12:00:00 AM Updated: Wednesday May 21, 2014 MYT 7:27:16 AM
Companies sign deal to work on upscale project
A rendering of Nusmetro's Arte @ Subang West development next to the Federal Highway and New Klang Valley Expressway.
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Property developer Nusmetro Group has awarded a RM75mil contract to Econpile (M) Sdn Bhd.
The contract is for work on Nusmetro’s latest development Arte+ @ Jalan Ampang, a development located along Jalan Ampang comprising 1,142 units of SoHos in three tower blocks.
Econpile (M) Sdn Bhd has been awarded the contract for the earthwork and construction of four levels of basement floors of the luxury development. The project is expected to be completed in 20 months.
Arte+ @ Jalan Ampang is the latest project in the Arte series of developments by Nusmetro: Arte S in Penang, Arte @ Kuchai Lama and Arte @ Subang West.
Located along the embassy area of Jalan Ampang, Arte+ @ Jalan Ampang enjoys
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22/5/2014 Companies sign deal to work on upscale project - SME | The Star Online
http://www.thestar.com.my/Business/SME/2014/05/21/Collaboration-on-development-Companies-sign-deal-to-work-on-upscale-project/ 2/4 an unblocked view of the Kuala Lumpur skyline. The tallest tower will be 59 storeys
high.
(From left) Nusmetro Group managing director Datuk Au Chee Fai, Nusmetro Group executive director Thomas Chan, Econpile Holdings Sdn Bhd Group managing director Teh Cheng Eng and Econpile Holdings Sdn Bhd Group chief executive officer Raymond Pang.
With a gross development value of RM800mil, the project has achieved sales exceeding 80%. Its launch at the end of last year drew and overnight queue of more than 600 buyers.
Econpile is a wholly-owned subsidiary of Econpile Holdings Bhd, an investment holding company that is enroute to listing on the Main Market of Bursa Malaysia by mid-year, is one of the leading piling and foundation specialists in Malaysia.
All the recent three Arte Series projects have adopted an improved basement carpark concept, primarily for the benefit of its buyers.
This will do away with buyers having to drive up a 10-storey car park. Although more than double the cost of a conventional above-groundparking structure, Nusmetro believes the investment will result in better capital appreciation in the long term.
The signing ceremony marks Nusmetro´s largest basement contract to date. The basement works for the Arte S and Arte @ Subang West projects cost RM30mil and RM25.1mil repectively.
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