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Wednesday, 18 January 2017

(NST) Huashi fund for M101's Skywheel


KUALA LUMPUR: Integrated property developer M101 Group will receive financial support from China Huashi Enterprise Co Ltd for its iconic M101 Skywheel project following a partnership deal between the two property players yesterday. 

China Huashi, who has been appointed as the main contractor for the M101 Skywheel project that has an estimated gross development value of RM1.8 billion, will finance RM50 million in construction costs, which is equivalent to the cost of M101 Skywheel’s substructure. 

Chief executive officer Datuk Seth Yap said the agreement paved the way for Huashi’s entry into Malaysia and allow the Chinese firm to tap more iconic project opportunities. 

He said M101 Skywheel, located in Kampung Baru and expected to be completed by 2020, had already received financing from various local and regional banks. 

Huashi group deputy chief Wan Xiao Lin said the company saw M101 Skywheel as a one-of-a-kind project. 

“This is a once-in-a-lifetime opportunity for us to be involved in such a high profile and exciting iconic project,” said Wan.
M101 Dang Wangi would be ready in September while M101 Bukit Bintang would be ready in September next year. 

He said the company was in talks with two major international brands and would be able to fully launch all of its projects within three years. 

The 52-storey mixed development skyscraper would house a Ferris-wheel on the 52nd floor, 220m above ground level. 

“M101 is championing property tourism as our core business strategy. Instead of building just another integrated development, we are building branded developments that fit the market needs. 

“We had worked with brands such as Studio F.A Porsche from Germany, which designed M101 Skywheel, and now we have on board a reputable contractor from China to build it,” said Yap.