M101 : A new concept of Property Tourism Launched
M101 Skywheel Opens to Indian market for Investment
One of the most well-known promoters from Malaysia namely M101 today announced an unique investment opportunity for the Indian public in the Iconic Malaysian Property M101 Skywheel, which has been designed by the world famous Studio F. A. Porsche.
Addressing the media, Dato Seth Yap, CEO, M101, said, “Historically there have been very close ties between Tamil Nadu and Malaysia. It is a fact that many of the big plantations in Malaysia are owned or controlled by the Chettiar community who have set up huge businesses in both countries. M101 Skywheel is a true icon rising – it’s an engineering masterpiece, with an ‘all-in-one’ integrated commercial and retail development which will herald a new era to the very historic Kampung Bharu. Out of 1,000 units from M101 Skywheel’s phase 1, 80% has been sold out, where the purchase agreement is valued over RM400million.”
“Upon completion, M101 Skywheel will be an international tourist destination, helping to maintain Kuala Lumpur’s spot as a unique destination. M101 is championing ‘Property Tourism’ as our core business strategy. Instead of building just another integrated development, we are building a branded development that fits the market’s needs, and will further elevate Malaysia’s tourism industry,” he added.
YB Dato’ Seri Mohamed Nazri bin Abdul Aziz, Minister of Tourism and Culture Malaysia said “This project is supported by the Malaysian government. While other developers are looking at bread and butter products, M101 has taken a bold innovative step to champion property tourism. And by partnering with international brands such as Studio F. A. Porsche and Planet Hollywood, M101 not only stimulates the property market, but also adds value to the local economy.”
The project has an estimated Gross Development Value (GDV) of RM2.2 billion. M101 Skywheel is headed for completion by 2020. The iconic freehold M101 Skywheel will have three worlds’ number 1, and 1 Asia’s number 1:
· 1st in the world integrated development in World design by Studio F. A Porsche.
· 1st in the world Sky Ferries Wheel on the 52th floor with the highest vantage point of 220m above the ground
· 1st in the world highest shopping experience with a SkyMall that extends from 50th to 52nd level with over 200,000 sq ft of retail space, with diverse product offerings a with an
MRT station right at the door step of development.
· 1st Planet Hollywood Hotel in Asia
Investing in Malaysia’s Iconic Project Designed by Studio F. A. Porsche
In February 2017, the World Economic Forum ranked Kuala Lumpur as one of the top 10 favorite cities in the world. Coupled with infrastructures such as the extension of the MRT line and the upcoming high-speed rail connecting the major cities in Malaysia, Knight Frank reported that property prices within the vicinity of this infrastructure will increase by at least 35%. M101 Skywheel is strategically located at Kampung Bharu, where the Malaysian Government has invested in redeveloping the area – making it Kuala Lumpur’s second new City Centre.
Additionally, earlier in October 2017, The World Bank has revised upwards Malaysia’s GDP growth forecast for this year to 5.2% from 4.9% in June, on the back of a much stronger-than-expected growth of 5.7% in the first half of 2017.The World Bank had previously forecast Malaysia’s economy to grow by 4.3%. The upward estimates reflect Malaysia as an open economy, so the favorable external environment has helped fuel Malaysia’s continued growth, making Malaysia an investment opportunity.
MOU with Connection Point for RM80million En Bloc
In conjunction with the launch, M101 signed a Memorandum of Understanding (MOU) for an RM80million en bloc sale for M101 Skywheel. The MOU was signed with two channel partners in India; REMAX India and Connection Point. Present at the signing was Mr Harinder Singh, Director of REMAX India and Mr Yasser Rahman, Director of Connection Point.
Mr. Yasser Rahman, Director, Connection Point said, “The excitement level about the project has been phenomenal in Chennai, and other cities like Coimbatore & Madurai. Most people from Tamil Nadu have travelled to Kuala Lumpur on either work or holiday, and are aware about the location of the project. We are excited to offer the exclusive project to our clients and friends in the city and look forward to be a part of the changing skyline of Kuala Lumpur.”
Honorable Senator Dato’ Sri Khairudin Bin E S Abd Samad and Mr. Razali Abdul Rahman, Vice Consul, Consulate General of Malaysia in Chennai were present at the launch.