Acmar appoints CREC and Bismark Construction to build D’Rapport for RM1.07bil
Date：2015/02/12
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SUBANG JAYA: Klang-based Acmar group has appointed China Railway Engineering Corp (M) Sdn Bhd (CREC) and Bismark Construction & Engineering Services Sdn Bhd to build D’Rapport Residences in Kuala Lumpur for RM1.07 billion.
Separately, CREC inked a RM476 million Islamic finance facility with Malaysian Building Society Bhd (MBSB) for the project, which had stalled for several years.
CREC and Bismark will be paid via a RM476 million financial guarantee issued by Sabah Development Bank Bhd (SDB), payable upon the issuance of Certificate of Practical Completion of the project.
The balance RM589 million will be settled via units allocated in the project.
The two signing ceremonies were witnessed by Selangor Menteri Besar, Azmin Ali and China’s Ambassador to Malaysia Huang Huikang.
Also present were Acmar group chairman Datuk Abd Samad Maharudin, group managing director Datuk Steven Tee and group executive director Tee Kim Hock, SDB chairman Peter Siau and CEO Datuk Peter Lim, as well as representatives from Permodalan Negeri Selangor Bhd (PNSB).
The D'Rapport development is a profit-sharing venture with the Selangor state government via PNSB.
Sited on a 25-ha land next to the South Korean Embassy along Jalan Nipah, off Jalan Ampang, D'Rapport is a leasehold property and it will be developed in two phases, separated by a 10-ha lake park.
The first phase will take up 3.65ha. It will feature five 38-storey blocks of condominiums with up to 1,099 units, selling at more than RM1 million each.
The upmarket condominiums are aimed at expatriates and participants of Malaysia My Second Home programme.
The second phase will have six condominium towers that will house a total of 1,248 units. It will be attached to a retail mall and office complex.