KUALA LUMPUR: 168 Park Selayang's Tower B, or Bole Residence, with 49 floors, could become the tallest building in Bandar Selayang, Selangor, once completed.

Tower B, the leasehold project's final residential block, is expected to be completed in 2026, said 168 Park Selayang Sdn Bhd business development director Lorenz Tong.

"This is the last residential block that we are launching since we started the revitalisation of the project in 2021, which was formerly known as Selayang Star City.

"We want to ensure that we are able to revive this project, and in the future, we might look around the Petaling Jaya area," he said following the launch event recently.

The company's chief executive officer, Edward Lum, said in his welcome speech that the launch of the final tower is a significant event due to the project's history.

"Infra Segi Sdn Bhd was approved as the white knight by the High Court to revive the Selayang Star City project that was then abandoned. The situation had earlier left 680 buyers stranded and without a solution in sight. As the contractor hired by the ex-developer, we were also in a dilemma.

"Recognising the potential of the location due to its close proximity to Kuala Lumpur, high accessibility, and the rapid development of the area, Infra Segi decided to become the white knight developer of the entire project," he said.

Tower B has 956 residential units with prices ranging from 674 to 1,074 per square foot. The prices range from RM397,000 to RM600,000 per unit.

According to Tong, the company has received about 10 per cent registration interest for Tower B since its recent unveiling.

He said that Tower A has had roughly 90 per cent occupancy since its launch in March. And, of the total take-up rate, some 90 per cent have secured their loan applications.

"With rising demand for more affordable housing, we hope the government could extend the iMiliki programme in the upcoming Budget 2024, especially for first-time housebuyers," he said.

The gross development value of Park Selayang is RM939.50 million. The entire project consists of three residential towers and 8,000 parking spaces, including 12 EV charging stations.

It would also include a two-storey community mall with a total lettable area of 235,500 sq ft (square feet) and 118 units, anchored by Village Grocer. The mall is expected to open in the third quarter of 2024.