28 Dutamas celebrates completion, units to be handed over next month

KUALA LUMPUR (May 21): BTHomestead Development Sdn Bhd celebrated the completion of its 28 Dutamas condominium project in Kuala Lumpur this weekend. Already 80% sold, the developer targets to achieve a 90% take-up rate in the next few months.

Located on a 3.125-acre freehold site along Jalan Dutamas Raya, the condominium development was open for sales in 2014. It has a gross development value (GDV) of RM210 million and is expected to be handed over next month.

The development consists of two 23-storey blocks with 250 condominiums and penthouses. The built-ups for the units range from 1,253 sq ft to 1,719 sq ft while the sizes of the penthouses range between 1,855 sq ft and 2,590 sq ft. Prices range from RM688,000 to RM1.6 million.

"Hopefully we can reach 90% take up rate in the next two to three months. We are taking a conservative approach because of the financing issues faced by buyers although we have received very good response," BTHomestead Development director and general manager G B Tan told TheEdgeProperty.com at the launch.

He added that 28 Dutamas is a low-density project with comprehensive facilities, decent unit sizes, good natural ventilation and light as every unit is a corner lot. It also offers a nice view of the surrounding area.

He added that the development attracted a lot of interest with a majority of buyers from the middle-to-upper-middle income group and who are in their late 30s to 50s.

"From my general observation, 70% of the buyers are owner-occupiers and only 30% are investors, which is good because we will be having people staying in the development rather than have units left vacant," he said.

Tan pointed out that the rental market in Dutamas has good potential as the demand in the area is very strong.

"We have received enquiries from some international schools and the expatriate community who were interested to rent units here so I would say there is potential in the rental market here," he explained.

Meanwhile, the two-day celebration included a lion dance performance, a 28-drum performance and a garden tea party for guests.

It also included a talk by TheEdgeProperty.com research manager Aisyah Che Mahzan on the topic "How is the Mont'Kiara-Dutamas property market faring?". The talk began with an overview of the overall property market followed by an analysis of how Dutamas compares to the overall market.