An exciting technology park development opportunity in Kuala Lumpur
April 22, 2019 / By
Technology Park Malaysia (TPM), one of the last remaining large land parcels within 20-km radius from Kuala Lumpur city centre, is on the market. The owner has launched a Request for Proposal (RFP) for development of its institutional and industrial land in Phase 3 of this rare and exciting project in Bukit Jalil, Kuala Lumpur. The project is expected to begin by 2020 and will attract an estimated investment of MYR20 billion. We are envisioning that the new Technopolis in Phase 3 of TPM will set a new benchmark and become a model for the future technology park developments in Malaysia. It will strengthen the position of TPM as a vibrant centre for innovation, research and development by leveraging on key synergies amongst tenants and its specialized IT infrastructure.
Transformation from surburban land to iconic landmark
Bukit Jalil is synonymous with the 1998 Commonwealth Games as the Kompleks Sukan Negara (National Sports Complex or KL Sport City) there was built specially for the games. In 2017, Bukit Jalil once again hosted another world-class sports event, the 2017 Southeast Asian Games. Two decades since the 1998 Commonwealth Games, Bukit Jalil has evolved into one of the prime locations for property development in Greater Kuala Lumpur. Given its transformation from a suburban land into a busy township over last ten years, the average median price per sq ft in Bukit Jalil for residential, commercial, and industrial rose at 10.6%, 7.1%, and 13.5%, respectively. The upcoming Pavilion Bukit Jalil mall with a net lettable area of 1.8 million sf will bring an exciting retail experience as well as becoming an iconic landmark for the area. The mall is part of the wider Bukit Jalil City project by a Malton’s subsidiary, with a gross development value (GDV) of RM4 billion. The project is foreseen to turn Bukit Jalil into a very livable, green and possible sought after address outside the city centre.
Strategic partnerships between public and private sector are key to development plans
Established in 1996, Technology Park Malaysia Corporation Sdn Bhd, operates under the purview of the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC) and has proactively driven innovation and promotes a knowledge-based economy. As part of its remit, the massive 683-acre technology park in Bukit Jalil provides flexible office space, advanced infrastructure, expert support services and specialist knowledge. TPM has enabled smart partnerships and strategic linkages between the public and private sector, research and academic institutions, and financial institutions/industries, both domestically and internationally.
Three phased planning to create world-class innovation and technology hub.
The TPM area has three phases. Phases 1 and 2 have been operating with a variety of tenants for a number of years. About 3,033 technology companies have benefited from TPM’s facilities and infrastructure and 28 homegrown TPM companies are listed on Bursa Malaysia. TPM offers flexible office spaces for companies at different stages of growth, and attractive government incentives and funding for eligible technopreneurs, Multimedia Super Corridor (MSC) Malaysia Status and Biotechnology Industry (BioNexus) Status companies and technology-based companies. The park also has an innovation incubation centre that aspires to accelerate the growth of technopreneurs at a pre-production stage. Given the freeze in new application approval for MSC Malaysia Status, we think this is positive for TPM.
The latest phase of the park is the 315-acres within Phase 3. This phase has components that comprise the commercial, residential, technological and industrial sectors. Phase 3 is suitable for enterprises in ICT, FinTech, e-sports, smart devices, healthcare, education, technology, energy saving products and R&D. Phase 3 is aspiring to be a world class technology hub that promotes research and innovation, with high technology-oriented development and the incorporation of elements of a Live, Work, Play and Learn environment.
JLL is the exclusive marketing agent
RFP packages are available for purchase starting from 16 April 2019, to 2 May 2019, at the JLL Property Services (Malaysia) Sdn Bhd office in KL Sentral, Kuala Lumpur, Malaysia. For more info, visit http://www.jll.com.my/malaysia/en-gb/properties/request-for-proposal .
