The Olive 108 is an integrated development of residential and commercial properties along Jalan Ampang in the affluent Ampang Hilir neighborhood – perhaps known better by its glamourous moniker, the “Embassy Row“. A leasehold property, Olive 108 is still under construction during the publication of this review. There are also reports that this project has been halted – continue reading for more.
Olive 108 sits on a 4.9-acre land along Jalan Ampang, and will be part of the “Wellness Hub” project touted by DBKL – a three-floor podium in the office tower will be utilized as a wellness centre that will also house various retail stores. The project is being built with a “green” concept right in the heart of the city. According to the brochure, Olive 108 is situated right next to the Great Eastern Mall, but we all know how misleading these fancy maps could be 😉
Although Jalan Ampang is packed with numerous amenities, tenants of Olive 108 might not have to leave the vicinity because almost everything may already be found there – that’s the beauty of living in an integrated development. We do see that there is a current trend towards “all-under-one-roof” concept – notable launches are like Empire Damansara, Solaris Dutamas in Mont Kiara and Platinum Park in KLCC.
The project is being undertaken by Al-Hidayah Group, a group that is involved in an array of business that includes construction, Islamic finance, technical & vocational education, information technology, agribusiness and property development. It was founded in 1985, right when Malaysia’s building and infrastructure development was picking up. Other projects of Al-Hidayah includes Integrated City in Melaka and the fancifully named Illuminare City in Tebrau.
A Closer Look at Olive 108
Five blocks will comprise the luxurious Olive 108 development. There will be three blocks of residential condominiums and a block each of serviced apartments and offices. Block A will be a 20-storey office tower. Block B would be the 20-storey serviced apartments. And blocks C, D and E would be the condominium blocks with 20, 20 and 10 storeys, respectively.
The serviced apartment block will house 210 units which have built-up sizes from 730 sqf to 1,546 sqf and will have either 1 or 2 bedrooms. Standard condominium units will have built-up sizes ranging from 1,733 sqf to 2,454 sqf while penthouses will be sized at 3,000 sqf. The 3 blocks of condominium towers will accommodate a total of 242 units.
According to reports, the office suites will be offered at 1,000 sqf built-up, while the 93,000-sqf retail podium is being eyed to be leased on an en bloc basis. Ten (10) floors of the office tower will be designed to house medical suites.
The three condominium blocks will comprise the first stage of the development, while the serviced apartments and office towers will make up the second phase. Reports said that, prior to the construction of Olive 108, eighty percent (80%) of the residential units have been taken up. Half of the figure was said to be bought by expats. This is would be of no surprise to anyone who had the chance to read the brochure – there’s lots of pictures depicting the Petronas Twin Towers (that’s what foreigners know us for), imagery of Malaysians in kumbaya, etc.
Based on available information, launch prices of condominium and serviced apartment units at Olive 108 are pegged at RM890 psf and RM1,000psf, respectively. Comparing it to another luxury residential property, Lot 16, the asking prices of Olive 108 are relatively cheaper. This may be attributed to the fact that Lot 16 is a freehold property and is less dense.
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Overall, we think that Olive 108, given its central location and its unique concept, could be a great investment – but sadly, it seems that the project’s construction has been stopped – see this eyewitness account (“it has been abandoned for some time already… no activity last one year“).
PropertyReviews.my’s verdict: good concept, great location; shame about the execution.