Phnom Penh, 16 June 2015 – Damansara City, a luxury-integrated development worth USD700 million in gross development value by GuocoLand (Malaysia) Berhad (GuocoLand) will open a special pre launch sale for Cambodian investors between 10.00am to 6.00pm from 27 to 28 June 2015 at Empress Room, Raffles Hotel Le Royal, Phnom Penh, Cambodia. To give the investors a clear insight into the Malaysian property market and investment opportunity in Kuala Lumpur (KL), GuocoLand will also be organising an interactive talk programme from 11.00am to 12.00pm daily throughout the sales event.
GuocoLand is a 65 percent owned subsidiary of Singapore-based GuocoLand Limited which is part of the Hong Leong Group. The integrated development – comprising the freehold high-rise luxurious ‘DC Residency’, two Grade A office towers, a F&B-centric covered lifestyle mall and a 5 star hotel – is at various advanced 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.
Kenny Wong Koon Keng, General Manager, Marketing & Sales 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 around Asia.”
Damansara City is slated to be the next central business district with its own MRT station which links the development to KL Sentral, the central transportation hub that links together all modes of rail and road transport systems, as well as KL’s gateway to Malaysia’s regional international airports KLIA and KLIA2 and the future KL-Singapore Rail Link which was recently announced by the respective Prime Ministers of Malaysia and Singapore. In essence, travelling across the three cities, namely Phnom Penh, Kuala Lumpur and Singapore, is undoubtedly seamless and convenient today with all the above. CBRE Cambodia has been appointed as the marketing agent for the DC residency.
Harnessing their strength as Asia’s market leader in Real Estate services, CBRE will be representing the project in offices across the region, taking full advantage of increasing international demand for quality residential products such as Damansara City.
Thida Ann, Senior Associate Director of CBRE Cambodia said, “We are seeing a rising trend of cross country investment within ASEAN and the region is going from strength to strength. Cambodians looking to invest will find Damansara City’s property prices reasonable and the project built with exceptional quality by GuocoLand’s main contractor, South Korea’s Ssangyong.”
Priced from USD4,600 per square metre (psm) 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. It is the equivalent of Phnom Penh’s Boeung Keng Kang 1 area and is often dubbed as the Beverly Hills of Kuala Lumpur.
Damansara Heights is listed as one of the most expensive and upmarket housing markets in Malaysia. The established neighbourhood has always been the choice address for Malaysia and Singapore’s elite who regard residing in Damansara Heights as the highest mark of stature and accomplishment. To date, the development of Damansara City has contributed to an increase of between eight and 12 percent annually in property valuations for the
surrounding area over the past few years.
Jewel of the Klang Valley DC Residency offers a 28-storey residential tower for discerning Cambodian buyers. This consists of contemporary designed serviced apartments with built-up areas (for typical units) ranging between 83.5 sq.mtr (1 bedroom) and 270 sq.mtr (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. Early adopters from Cambodia can expect a host of additional benefits and very attractive bonus packages if they choose to live, work or play in Damansara City. 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,” explained Kenny.
For the mall and hotel, Kenny 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. Damansara City is an integrated development and GuocoLand expects to complete the entire project by 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 Kenny.
Damansara Heights has become a key target for investment among local and international buyers who are looking to invest in an 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 development in the area has reignited higher demand for the choice mature neighbourhood.
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.