Rented for: RM1,500

Concluded by: Yijo Phoon (REN 27634) of WTW Real Estate Sdn Bhd

When: May 2019

Noteworthy:
● Leasehold
● Built-up: 463 sq ft
● Studio unit
● Fully furnished and in move-in condition
● Facilities: swimming pool, gymnasium and viewing deck
● Nearby amenities: about 2km to IKEA Damansara, The Curve shopping belt and MRT Mutiara Damansara, around 14km from Kuala Lumpur City Centre, easy access to Jalan Damansara, Penchala Link and Damansara-Puchong Expressway (LDP).

Developed by Mammoth Empire Holding Sdn Bhd (MEH), Empire City Damansara is a 28-acre integrated development comprising 12 towers with residences, shopping mall, hotels, office towers and SoHo offices.

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According to recent news reports, the development began in 2011 and is expected to be fully completed by end-2019.

The developer has already handed over six towers to buyers including four residential towers.

Despite some negative news about the development including its construction quality, Yijo Phoon from WTW Real Estate Sdn Bhd has found a tenant for this newly renovated unit within two months.

In May this year, the 463 sq ft fully furnished SoHo unit in Menara E found a tenant for a monthly rental of RM1,500.

“Although there are some negative news about the project but the location is good. Residents could get to major commercial hubs in Petaling Jaya and Kuala Lumpur through highways and it’s close to various amenities,” he tells EdgeProp.my.

He notes that as the shopping mall is still under construction, the shared carpark now is free for residents and the developer has continued to improve the infrastructure development in Empire City.

“Menara A and B have more residents although the other residential towers such as Menara E are seeing a rising number of residents due to the attractive rental rates. The average monthly rent for SoHo units in Damansara Perdana has exceeded RM1,500,” he adds.

EdgeProp.my data showed that average asking rental for a similar unit in Damansara Perdana area is around RM1,858 or RM2.34 psf.

According to Phoon, the tenant who is from East Malaysia likes the fully furnished unit which has a nice unblocked views while the location is close to his office.

The owner said the unit was designed by a professional interior designer and this has helped to increase its value as the average monthly rental in Empire City is around RM1,200 to RM1,300 a month, but the tenant willing to pay RM1,500 for this ready move-in unit.

EdgeProp.my data showed that average rental for the SoHo units in Empire City Damansara is around RM1,368 or RM1.90 psf a month.

Based on the 75 rental listings in EdgeProp.my, the asking rental for a similar unit is averaging at RM1,359 or RM2.17 psf.

The property portal also received 51 sale listings for Empire City Damansara, with an average asking price of RM395,529 or RM634 psf.

EdgeProp.my transaction data showed that a total of 19 units were sold at an average price of RM385,000 or RM765 psf in 2018.

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