Malaysian firm wins approval for condo on Biscayne Bay
By Brian Bandell Senior Reporter, South Florida Business Journal
P&O Global Technologies, a subsidiary of Malaysia-based Pacific & Orient Berhad, won approval for a condo project along Biscayne Bay in North Bay Village, and it will self-fund construction.
The village council approved the 54-unit project, at 7918 West Drive, on Oct. 24. The 19-story tower would have 99,078 square feet of residential space, 10,810 square feet of common areas, and 122 parking spaces.
Architect Juan Azulay said he will now work on construction documents so the developer can obtain building permits. Foundation work could start in mid-2018 and construction should take 18 to 20 months.
Maurizio Pejoves, director of P&O Global Technologies, said he’s in talks with general contractors, and should select one in several weeks. The company will fully fund the project, instead of waiting to reach a presale target, he said.
P&O Global Technologies sells surveillance camera systems and related technologies. It is affiliated with Kuala Lumpur-based Pacific & Orient Berhad, an insurance and financial services company that is publicly traded on the Bursa Malaysia securities exchange.
“A few years ago, when the company had this vision to diversify here in South Florida, we started looked at preconstruction sites,” Pejoves said. “The CEO looked at the finishes and services that Miami was getting, and he thought it was a good idea to do an investment and put our quality and high standards into South Florida. The location of North Bay Village was very attractive because you are out of the traffic, you are out of the noise and it has spectacular views.”
North Bay Village is on the 79th Street Causeway between Miami Beach and the mainland. P&O Global Technologies bought the 33,600-square-foot property for $8.3 million in 2015.
Units in 7918 West Drive will range from 1,225 to 6,210 square feet. Presales have just begun, with the prices starting at about $900,000 or about $650 a square foot. The company hired a sales director to handle the marketing in-house.
Azulay said sales should really take off once the building nears completion.
“It’s signature architecture and, for a lot of people, on paper that doesn’t mean a lot,” he said. “But the design of the building will be much more evident and explicit once they see the real thing.”
Source: South Florida Business Journal