Aspen Vision City: 1st Phase Kick-Started
I
received an invitation to the launch of the 1st phase of Aspen Vision
City in early Feb15. However, I didn't go as I know that I can't afford
it and I didn't have time as well.
The
first phase "Verve" consists of about 451 units of 3-4 storey shop
offices priced from RM1.2mil. I would say that this price is quite
attractive.
It
is a gated & guarded commercial precinct and owner needs to pay
monthly maintenance fees. So does it mean that owners are not allowed to
do extension or change the colour of the buildings? I think Verve will
have its own regulation for this.
The
location of Verve is good as it is sandwiched between the future IKEA
and KDU University, and next to proposed International School and
Financial Hub.
It is also the only landed property you can get in Aspen Vision City as future development are all high rise buildings.
If
you go to Batu Kawan now, you will find that it is still a super "ulu"
place with bushes and empty roads with cow dung. Can you imagine that it
will turn into a modern city as illustrated in artist's impression
below in the future?
Every
township starts from scratch. IKEA has brought life to Mutiara
Damansara, Damansara Utama and even Kota Damansara. I believe that it
will do the same to Batu Kawan and its surrounding area.
Besides,
Malton also owns a big piece of land opposite Aspen Vision City. Can we
see another shopping mall like KL Pavillion here?
Anyway,
the development of Batu Kawan is still in its "fetal" stage. There is a
possibility that things can still go wrong. What if IKEA suddenly
cancel its plan due to sudden economy crisis?
Ivory
which initially owns 49% in Aspen Vision Land which holds 80% of this
245-acre Aspen Vision City, has just sold off all its stake in Jan15 for
RM55mil. Ivory will gain about RM35mil from this divestment. The gain
is not bad indeed as no single piling has been done for this project
yet.
Ivory
said that it will concentrate on Penang island and Johor's projects
that can generate returns over a shorter gestation period.
Not patient enough?
Not patient enough?
Earlier,
Ivory has also disposed its land in Penang island for RM150mil and
entered into a JV to develop 7.1 acres land in Johor Bahru with a
potential GDV of RM2bil.
It's
still early to say that Ivory has made a wrong decision in divesting
its stake in Batu Kawan. Perhaps it is in a dire need to reduce its
gearing.
Overall, I think Batu Kawan is an exciting development, but it may take a long time to see its result.
From the first pic here, there seems to be a proposed access/interchange with PLUS highway from the middle part of Batu Kawan.
For
me, it's a nonsense to build a third access to Batu Kawan from PLUS
highway to let PLUS collect toll fees. The new road should fly over the
highway and connect to federal/state road.
If this is the case, then the new access road will link directly to EcoWorld's Eco Meadows!
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