Under a privatisation scheme with Kuala Lumpur City Hall (DBKL), Jakel Development Sdn Bhd will redevelop the site into a new mixed development. The company is planning an integrated development comprising commercial offices, residential blocks and retail components, featuring a themed-shopping mall, apartments, hotels and office space.
By June 2015, Jakel Development will firstly launch J.Dupion Residence on a 1.7-acre land that it already owned north of the velodrome site. The development is located at Jalan Sembilang off Jalan Loke Yew in Cheras, 5km from the city centre. It is accessible via the Cheras-Kajang Highway, Sungai Besi Highway, East-West Highway and the Middle Ring Road 2.
Named after a crisp type of silk fabric, J.Dupion comprises only 399 units housed in 2 blocks of 39-storey service apartments and 11,000 sq ft of retail space, equivalent to 15 retail lots, that will be leased to lifestyle and convenience outlets.
Interestingly, majority of its service apartment units are designed to maximise the city skyline. The units are sold at between RM680 and RM780 per square feet and have achieved at least 50% booking rate before the launch.
These developments will be connected conveniently via a covered walkway with the adjacent Taman Pertama MRT Station (formerly called Taman Bukit Ria). Taman Pertama MRT Station is only 1 MRT station away from Maluri MRT Station, 2 stations from Cochrane, 3 stations from Tun Razak Exchange (TRX) and 4 stations from Bukit Bintang.
The developer is part of the Jakel Group, which is Malaysia's renowned local textile, batik and fabric retailer.
Jakel started as a Muar carpet wholesaler for small traders and was founded by Mohamed Jakel Ahmad in 1983. Jakel opened its first retail branch in Segamat in 1985. It built strong market presence nationwide by venturing into textile retail trading and supplying textiles to both the government and private sectors.
Currently, Jakel Group operates 20 stores nationwide and employs close to 5,000 staffs nationwide.
In 2012, Jakel Group bought CapSquare north and south towers together with its retail podium from Bandar Raya Developments Berhad (BRDB). Located in Dang Wangi, these freehold commercial assets have a combined net lettable area of 830,000 sq ft and the purchase price was more than RM300 million.
Subsequently, the company would redevelop them into Jakel Square, which will be consisting of a textile mall, a hypermarket, a 4-star Kuala Lumpur's first fully Shariah-compliant hotel of 320 rooms and 2,543 parking bays. Jakel Group would relocate its first Klang Valley store - the Jalan Masjid India store, which opened in 2007, to Jakel Square.
In February 2015, Jakel Group officiated the opening of the world's largest standalone textile mall called Jakel Mall in Jakel Square. The mall has an area of 330,000 sq ft, while the hypermarket component has another 300,000 sq ft of space.
Later in 2015, Middle East's largest hypermarket chain Lulu Group with collaboration with Malaysia's Felda will open its first store in the region as part of Jakel Square.
Jakel Development targets to launch two projects in Wangsa Maju in second quarter of 2016, which will comprise of three blocks of residential apartments.
The company has two more malls in the pipeline. One of them will be in Seksyen 7, Shah Alam on 7 acres with an estimated gross development value (GDV) of RM1.7 billion, while the other will be in Bangi on a about 3 acres with a GDV of RM850 million.
The Shah Alam project would comprise one textile shopping mall, another branch of the Lulu hypermarket, retail space and three blocks of residentials. Lulu is expected to occupy about 250,000 sq ft of the development.
Jakel Group’s property portfolio comprises shop lots in the vicinity of the Masjid India area in Kuala Lumpur, Bangi, Cheras, Shah Alam in Selangor and also in Johor Baru.