While landed homes are investors’ darlings, there will always be a market for the more affordable high-rise units.
According to Oriental Realty real estate negotiator Jason Hew, the rental market for this segment of the market in Ara Damansara remains stable, thanks to its easy accessibility and proximity to amenities.
Ara Damansara high-rise rental market stable
Hew, who focuses on high-rise projects in Ara Damansara, tells EdgeProp.my sale and rental enquiries for high-rise residences were slow during the first movement control order (MCO) period, but interest has since returned from the last quarter of 2020.
Transactions picked up in the first quarter in February and March this year, especially in Eve Suites, Maisson Residence and Urbana Residence.
Eve Suites is popular for its direct link to the Ara Damansara LRT (light rail transit) station.
At the time of writing, on EdgeProp.my are 58 sale listings for Eve Suites with average asking price of RM715 psf or RM570,000 with built-ups ranging from 680 sq ft to 1,065 sq ft, while the average asking monthly rental hovers around RM1,800.
Also a favourite with tenants is the 8.9-acre Maisson Residence. Formerly known as Platinum Damansara, it was abandoned for about seven years before Newfields Property took over in 2014.
Other than the proximity to various amenities, the “homey” ambience of Maisson Residence is another reason that attracts tenants, says Hew.
“A unit here could fetch rental rates from RM1,500 to RM2,500, especially for those units which are furnished and very well taken care of.
Some tenants also offer to pay six-month to one-year advanced rentals and they can negotiate for a reduction of almost 10%,” says Hew, adding that the occupancy rate here ranges 80-90%.
One of the newly-completed high-rise homes in Ara Damansara is the Cantara Residences, developed by Ara Damansara master developer Sime Darby Property.
Vacant possession was issued only last year. Currently, the occupancy rate of Cantara Residences is around 40% to 50%. Some units are still under renovation, adds Hew.
This story first appeared in the EdgeProp.my E-weekly on May 7, 2021. You can access back issues here.
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