A new luxury integrated development close to the heart of Kuala Lumpur begins pre-launch sales to Singaporean investors this weekend at The Island Suite, Marina at Keppel Bay.
Developed by GuocoLand Malaysia, the RM2.5 billion Damansara City flagship project in the exclusive Damansara Heights enclave spans 8.5 acres of freehold land. It comprises the 370-unit DC Residency serviced apartment spread across two 28-storey buildings, two Grade A office towers, a five-star hotel, and lifestyle mall.
The residences range between 899 sq ft for a one-bedroom to 2,705 sq ft for a 3+1 bedroom, with prices at RM1,600 psf (S$596).
In a statement, GuocoLand said Damansara Heights has seen very little new development in the past 20 years.
Damansara City has already contributed to an eight to 12 percent increase in property valuations for the surrounding area over the past two years.
“Given Damansara Heights’ prime and exclusive location, we expect to see steeper price tags for all upcoming projects in the next few years. This is driving the current wave of interest in Damansara City as we offer tremendous value for savvy investors who recognise the potential of being a first mover on what would be an investment with the potential for double-digit growth in valuations in coming years.
“To date, we have sold 50 percent of the units prior to our launch via private placement, seen tremendous interest in the mall tenancy and secured the majority of tenants for our office towers,” said Tan Lee Koon, Managing Director of GuocoLand.
Located just five kilometres from KL city centre, the development is within proximity to KL Sentral and other established townships like Petaling Jaya, Bangsar and Mont Kiara. A new MRT station is also being built on its doorstep.
The residential component is set to be completed by the end of this year while the entire development will be fully ready by mid 2016.
Image: GuocoLand’s Damansara City. (Artist’s impression)
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
