Kuala Lumpur, 9 July 2015 – GuocoLand (Malaysia) Berhad (GuocoLand) today 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 coming months.
“Today’s 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 enclave of Damansara Heights which is mere minutes away from Bangsar, the KL city centre, the KL Sentral transportation hub and other established townships; 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.
Damansara City, with a gross development value of RM2.5 billion, is an Entry Point Project (EPP) under Malaysia’s Economic Transformation Programme. It has been identified as a key component and driver of one the fastest growing business districts in the Greater Kuala Lumpur area with strong and growing interest from buyers and tenants across South East Asia.
The Hong Leong Group is a leading conglomerate based in Malaysia with diversified businesses in banking & financial services, manufacturing & distribution, property development & investment, hospitality & leisure, and principal investment. The Group today controls a number of listed companies in various stock exchanges with hundreds of operating subsidiaries and associate companies in Malaysia to North and Southeast Asia, Western Europe and the UK, as well as North America and Oceania.
The jewel of Damansara Heights, Damansara City is an integrated city development consisting of two Grade-A office towers; two towers of luxury residences known as DC Residency; an F&B-centric lifestyle mall; and a 5 star hotel. The entire project will be fully operational by mid 2016.
Rising Jewel within Coveted Enclave The office spaces at Damansara City are setting a new benchmark, not just in the Damansara Heights and greater Kuala Lumpur areas but also inviting great interest in the regional property market. Strong regional demand for both its commercial and living spaces is being driven especially by Damansara City’s strategic location in Damansara Heights and office towers which are MSC-status ready developments that comply with the Green Building Index (GBI) Certified rating; the Leadership in Energy & Environmental Design (LEED) Gold rating; and CONQUAS Quality Assessment for its building construction works.
Hong Leong Group is the first of several prominent brands that are moving their corporate headquarters to Damansara City. DC Mall, the soon to be opened lifestyle and F&B heart of Damansara City is also seeing strong demand for its space as it has already secured in-principle agreements with some well known local and international brands for half its lettable space as well.
“This is translating into ever growing demand for the residential towers within Damansara City which is why we have decided to officially open Tower A of DC Residency for sale to the general public with very attractive packages for early bird purchasers from today,” announced Tan who added that a healthy portion of DC Residency’s units had already been placed through private showings and previews here and around the region.
DC Residency offers two 28-storey residential towers, consisting of 370 contemporarily 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). Residents and tenants at Damansara City will, in addition to the host of facilities, also have access to a walking garden along the top of the retail mall. This is on top of the health and gym facilities that include an Olympic length salt-water pool and an aqua gym for residents at DC Residency.
The choice destination for some of Malaysia’s most influential people, living in Damansara Heights is often seen as the highest mark of stature and accomplishment. It is also 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 appeals to buyers looking for a lifestyle close to the amenities offered while enjoying easy access to nearby townships and the Kuala Lumpur city centre. The upcoming MRT station that will be completed in the coming months will also link them to KL Sentral which will house the future KL-Singapore Rail Link station as well which was announced by both Prime Ministers of Malaysia and Singapore last month.
“Now more than ever high achievers and discerning buyers are opting for a social lifestyle that’s about convenience and quality – living close to shops, cafes and amenities with everything they need within reach. GuocoLand, being an expert 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.
GuocoLand expects Damansara City to have an initial traffic of 10,000 people daily working within the integrated development and average another 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. GuocoLand has built an enviable track record as a leading property developer with a history that spans over 50 years in residential townships, commercial and mixed development projects in Malaysia such as the upcoming master planned townships Emerald Rawang and Pantai Sepang Putra, as well as upcoming Alam Damai and Jasin. It is part of the Singapore-based GuocoLand Ltd, which is a leading regional property player with established operations in China, Singapore and Vietnam.