Singapore, 17 August 2015 – GuocoLand (Malaysia) Berhad (GuocoLand) had recently confirmed that its flagship development, Damansara City, has been chosen as the future home for the Hong Leong Group’s global headquarters. The 33-storey Grade-A office tower block in the southwest (direction) end of the iconic development, will be the star anchor tenant within Damansara City, once it is fully occupied by the end of second quarter next year. Office Tower A’s 530,000 sq. ft. of usable area will be progressively handed over to various operating companies within the Hong Leong Group in the coming months.
GuocoLand will hold a Special Sale Event for Singaporeans to purchase units of their DC Residency in Damansara City between 10.00 am to 6.00 pm from Saturday, 22 August 2015 to Sunday, 23 August 2015 at The Singapore Marriott Tang Plaza Hotel, Orchard Road.
Previous road shows held in Singapore received a strong response judging from purchases made by discerning Singaporean investors who see the positive potential return on investment in the development.
“This announcement reinforces the position of Damansara City as the heart of a leading new business district in the Greater Kuala Lumpur and Damansara Height’s community. It underscores our unique combination of factors that sets us apart and has spurred both investor and corporate interest in the project to date. This includes our location within the exclusive GCB enclave of Damansara Heights which is mere minutes away from the Kuala Lumpur city centre and other established townships, the KL Sentral transportation hub that links directly to the two Kuala Lumpur International Airport via an Electric Rail Link system; the highest levels of seamless integration between our corporate, residency and hospitality facilities; the onsite presence of a refined and curated lifestyle mall; and accessibility through multiple road systems and the soon to be completed MRT line,” said Tan Lee Koon, Managing Director of GuocoLand.
Dubbed as the Jewel of Damansara Heights, Damansara City is an integrated city development consisting of two Grade-A office towers; two towers of luxury branded serviced residences known as DC Residency; an F&B-centric lifestyle mall; and a 5 star Clermont hotel. The entire project will be fully operational by mid 2016. Damansara City will appeal to buyers looking for a “Live, Work and Play” lifestyle while enjoying easy access to nearby townships and the Kuala Lumpur city centre.
DC Residency offers two 28-storey residential towers, consisting of 370 contemporarily designed serviced apartments with spacious built-up areas (for typical units) ranging between 899 sq ft (1 bedroom) and 2,705 sq ft (3+1 bedroom). With the Residences priced at RM1,600 (SGD559) per square foot (psf) and comes fitted with premium designer finishings, Damansara City is a freehold luxury property that investors will find most attractive. Purchasers will also enjoy the ownership of apartments soon after purchase as delivery of the units is expected to be by the end of this year.
According to The Expat Magazine Malaysia, Malaysian property prices are still among the most affordable in Asia with good growth amidst a resilient economy. Malaysian properties also offer stable rental yields between four to five percent per annum for the last 2 years. On average, Malaysian rental return takes only 16 years, which is better than other countries in the region. iProperty Malaysia further concurred that the Kuala Lumpur rental market continues to favour tenants with gross yields for high end condominiums averaging between 4% and 5%. “The demand for high end condominiums in the Bangsar locality continues to hold firm due to limited new supply and the popularity of the neighbourhood. Likewise, in the locality of Damansara Heights, prices continued to sustain, “added iProperty.
“As an investment option, the cost of the property is cheaper in Kuala Lumpur than those in Europe, Australia, America or even Bangkok and Singapore. Besides that, foreigner-friendly property regulations mean that foreigners are allowed to own freehold property in Malaysia.
Property investment in Kuala Lumpur, particularly in a highly sought after neighbourhood like Damansara Heights where Damansara City is located, is practical as the country has had a stable increase in average property prices for the last two decades. It is really about choosing the right area, the right unit and the right opportunity. The final step is where it makes a big difference as the lower exchange rate for the Ringgit is very attractive now and resulting in lower entry cost of ownership,” explained Tan “Damansara Heights is one of the most prestigious residential address in KL where many of the UHNW individuals stay, very similar to Nassim Park where luxury villas dotted the neighbourhood. Given the quality of the owners and the scarcity of such properties they reside in, prices in the neighbourhood has consistently trend up over time. The maturity and make-up of the neighbourhood also means that sizable pieces of development land will be extremely difficult to come by. And this is what makes DCR all the more attractive and valuable. The rarity of such sizeable plots in one of the most prestigious address, the scale of the development accords the developer room to create complementary uses and unique spaces, the use-integration creating a live-work-play lifestyle within the development, and the delivery of the development by a Grade A developer are the key selling points of DC Residency, translating to a piece of sound investment for savvy investors looking for good value and rentability.” explains Mr Leong Boon Hoe, Managing Director, CBRE Realty Associates Pte Ltd, the overseas marketing agent for Damansara City.
Besides Hong Leong Group’s take-up of the office tower, the DC Offices are 90% tenanted and expected to be fully occupied and operational by the second quarter of next year. Upon completion, Damansara City is expected to have an initial traffic of 10,000 people daily working within the integrated development and average another additional 6,000 visitors when it is fully operational. The future development of surrounding areas is expected to enhance the foot traffic within the area and further increase the demand for and the valuation of Damansara City’s units in both the residential and commercial towers.
“Now more than ever high achievers and astute buyers are opting for a social lifestyle that’s all about convenience and quality – living close to shops, cafes and amenities with everything they need within reach. GuocoLand, with a proven track record in creating thoughtful spaces, is leading the way in master-planned communities, as it offers a place for residents to belong – an excellent opportunity for residents to live, work, play and become part of a community of the very best people,” added Tan.