Monday, October 09, 2006

LS Associates' RM5m car trading project in Malaysia (2007)

LS Associates' RM5m car trading project

LS Associates (SEA) Sdn Bhd is introducing a convergence concept in car trading with the launch of its RM5 million Projek KARS, its chairman Tan Sri Adzmi Abdul Wahab said.

Convergence is a concept where there’s one place for cars, support services, financing and insurance trading and marketing, which can be done in one location,” he told reporters at the Projek KARS launching ceremony in Kuala Lumpur on Oct 9.

Adzmi said the 31-acre Projek KARS, which will began phase one of operation in December, would have 10,000 sales bays, buyer meets seller bays and 1,200 car parks.

“We will also provide space for accessories stalls, a hypermarket, a factory outlet, a JPJ office and a Puspakom centre,” he said, adding that Project KARS would be fully operational by April 2007.

Adzmi said there were also acreage set aside for new car dealers to set up shops in the area.

He said he was already in talks with various parties concerning moving into Projek KARS area but did not elaborate.

Adzmi said the revenue generator for the project would come from property rental, car showroom, used car bays rental and transaction fees.

To a question on the soft car market, Adzmi said he hoped by the time the project was ready, the market would have recovered.

“Because of the NAP, new car prices went down, which affected the used car market.”

“By next year, the market will get better what with a 5% projected growth in national economy and customers getting used to the new car prices.”

“Hopefully, there will be no big changes in the automotive policy by then, he added.

Bernama
LS Associates: Mega Auto Mart Operational By Next April

KUALA LUMPUR, Oct 9 (Bernama) -- LS Associates (SEA) Sdn Bhd expects its mega auto mart, KARS, to be operational by April 2007, says its managing director, Tan Sri Adzmi Abdul Wahab.

He said KARS would be developed on 31 acres of prime land in the city and the first phase of the project would start by December.

"KARS was born from the realisation of a dream to sell multi-brand cars in one central convenient location through the convergence concept.

"This will allow buyers and sellers to gather in one area to browse various marques and help in decision-making," he said at the KARS' groundbreaking ceremony, here Monday.

Entrepreneur Development and Cooperative Development Deputy Minister, Datuk Khamsiyah Yeop, officiated at the ceremony.

Adzmi said the company has invested RM5 million in the project.

He said KARS, located at 888 Jalan Cochrane, would allocate 236,000 sq ft for new cars, 46,000 sq ft for help-to-sell, 75,000 sq ft for used cars, 65,000 sq ft for buyer-meets-seller and 22,000 sq ft for auctions.

"KARS will have 10,000 sales bays for those wishing to sell and buy cars," he said.

He said KARS would also allocate about 6.63 acres for factory outlet shopping, a hypermart, a night market boulevard and more than 100,000 sq ft for food court and al-fresco dining.

At the same function, LS Associates also signed memorandum of understanding with Takaful Ikhlas Sdn Bhd where the latter would provide IKHLAS Motor Takaful for KARS' clients.

Comments:
This concept is very similar to Auto-City at Prai.
I always has interest on Cars trading business, can this kind of project be success in Malaysia? What is your opinion?

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