Singapore, 6 May 2015 – Damansara City, a luxury-integrated development worth RM2.5 billion (SGD927 million) in gross development value by GuocoLand (Malaysia) Berhad (GuocoLand) will open a special pre launch sale for Singaporean investors between 11.00 am to 7.00 pm from Saturday, 9 May 2015 to Sunday, 10 May 2015 at The Island Suite, Marina at Keppel Bay, Singapore. GuocoLand is a 65 percent owned subsidiary of Singapore-based GuocoLand Limited.
The integrated development – comprising the high-rise luxurious ‘DC Residency’, two Grade A office towers, a F&B-centric covered lifestyle mall and a UK-managed 5 star hotel – is at various stages of completion and will be fully operational by mid 2016. DC Residency will be the first phase that will be completed and delivery to purchasers will begin end 2015, six months ahead of the full completion of the project.
Tan Lee Koon, Managing Director of GuocoLand said, “The construction of Damansara City is near completion and the residences are actually being offered as a build-and-sell concept. Combined with the quality finishing we offer that include high end kit outs for the residences, integration of a city within a city, and access through multiple highways and the Mass Rapid Transit (MRT) station that is being built next to Damansara City, DC Residency is a perfect combination that is peaking the interest of investors and tenants in Singapore and around Asia.”
Priced at RM1,600 (SGD596) per square foot for the residences, Damansara City is setting a new benchmark in not just the Damansara Heights area but in greater Kuala Lumpur and the regional property market as well. Damansara Heights is a high-end luxury enclave that has seen very little new development over the past 20 years.
Damansara Heights’ strategic location, which is a mere five kilometres from the KL city centre, as well as its close proximity to KL Sentral and other established townships like Petaling Jaya, Bangsar and Mont Kiara, have always been its main selling point and greatest strength. The choice of destination for Malaysia’s most influential people, living in Damansara Heights is often seen as the highest mark of stature and an accomplishment to live there.
To date, the development of Damansara City has contributed to an increase of between eight
and 12 percent in property valuations for the surrounding area over the past two years. Jewel of the Klang Valley DC Residency offers two 28-storey residential towers for discerning buyers. These consist of 370 contemporary designed serviced apartments with built-up areas (for typical units) ranging between 899 sq ft (1 bedroom) and 2,705 sq ft (3+1 bedroom).
The elegant DC Residency offers unrivaled facilities together with premium fittings. These include Poggenpohl kitchen cabinets, Catalano sanitary wares, Gessi Emporio fittings and reputable home appliance brands such as Miele, Bosch and De Dietrich. Matching the desired fittings are top-class amenities including an Olympic-length salt water infinity pool, aqua gymnasium, cabana, landscape garden, function rooms and private dining rooms for residents to host private events and entertain guests.
“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 40 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,” explained Tan.
For the mall and hotel, Tan said GuocoLand planned them especially to attract people staying in the neighbourhood by focusing on food and lifestyle offerings that support the needs of the community within and surrounding Damansara City. This is part of its promise of offering a luxury lifestyle that comes with a five-star service. The Clermont Hotel Group from London, which is making its debut in Asia, will operate the hotel.
Damansara City is an integrated development and GuocoLand expects to complete the entire project by the end of the first quarter in 2016. This is creating a great degree of interest in DC Residency, as other developments in the surrounding vicinity are not expected to be completed for at least the next three years. “Damansara City is about setting the bar for what developments should be moving towards, as well as creating a new benchmark for people who appreciate the true meaning of quality and a luxury lifestyle,” added Tan.
Damansara Heights has become a key target for investment among local and international buyers who are looking to invest in integrated high-end property in Kuala Lumpur. Over the years, the tranquil neighbourhood has been a steady investment magnet to affluent homeowners and expatriates but recent interest in developments in the area has reignited higher demand for the increasingly scarce property within Damansara Heights.
Damansara City has already won two awards at the Asia-Pacific Property Awards 2012, namely the 5-star Award in the Residential High-Rise Development and Highly Commended Award in the Retail Development category. Damansara City is also an important Entry Point Project under Malaysia’s Economic Transformation Programme.
GuocoLand (Malaysia) Berhad is the property arm of the Hong Leong Group. With a history that spans over 50 years, GuocoLand Malaysia has built an enviable track record as a leading property developer in residential townships, commercial and mixed development projects in Malaysia. It is part of the Singapore-based GuocoLand Ltd, which is a leading regional property player with established operations in China, Singapore and Vietnam.