Strong PJ high-rise demand supports Lumeo @ The Atera's next phase after first tower sells out

PETALING JAYA (May 18): Petaling Jaya's sustained high-rise demand and urban connectivity are underpinning the next phase of Lumeo @ The Atera, with Paramount Corp Bhd rolling out its second residential tower after the project's first tower, launched in 2023, was fully taken up.

Paramount Corp senior sales executive Kenji Choo said the second tower is part of the project's broader masterplan and is being brought to market on the back of continued buyer demand.

"The first tower we launched in 2023 is already fully sold. Right now, we are starting the second tower," he said at the Petaling Jaya property review and outlook event held recently at Paramount Property Gallery @ The Atera. The event was organised by EdgeProp with Paramount Corp.

“The concept of this development is anchored by a modern urban living concept. It combines accessibility, greenery, daily convenience and contemporary design to create comfortable living for residents,” he said.

Location and transit connectivity as key draw

Location remains one of the project's strongest selling points, Choo said, driven by demand for liveability and convenience among buyers.

"Buyers nowadays are looking for homes to stay in, so location plays a very big role," he said.

The development is well connected via major highways, including the Federal Highway, Damansara–Puchong Expressway (LDP), SPRINT Expressway, New Pantai Expressway and New Klang Valley Expressway (NKVE).

"Lumeo @ The Atera has direct access, about 400 metres away, via a covered walkway to the Asia Jaya LRT station," Choo said, adding that the rail connectivity enables residents to reach Bangsar, KL Sentral and KLCC directly.

The slide deck presented at the event noted that there are no other TOD projects in Petaling Jaya in the pipeline for the next four years — a supply gap that reinforces the locational premium of existing TOD assets in the city.

Three-tower masterplan with smart home features

The development sits on approximately 9.66 acres and comprises three residential towers under a single masterplan. It is classified as a high-rise strata development under the Housing Development Act (HDA) and categorised as serviced apartments.

The first tower comprises 676 units. The second tower, currently being rolled out, has 788 units across 52 storeys. A third tower is targeted for launch by end-2026 or early 2027.

Unit built-ups range from 775 to 1,420 sq ft, catering to a range of household configurations. All units come equipped with smart home features, enabling residents to control lighting, fans and air-conditioning through a mobile application.

The project is also certified under a recognised green building standard, with sustainability features designed to reduce long-term maintenance costs for residents.

A dual-access road system is planned for completion alongside the development to improve internal and external connectivity.

Petaling Jaya leads Selangor's high-rise market

EdgeProp editorial and commercial strategy head Jacqueline Lim said Petaling Jaya accounted for 49.9% of Selangor’s high-rise residential transaction volume and 56.8% of transaction value in 2025— the largest share among all districts in the state.

High-rise properties priced between RM500,000 and RM900,000 have emerged as the preferred range among working professionals, with most transacted units falling between 500 and 1,500 sq ft in built-up area.

“Petaling Jaya contributes the largest volume of Selangor high-rise property transactions,” she said.

"The majority of transactions in the last two to three years have been between RM500,000 and RM900,000. These buyers are mostly working professionals because it is still relatively affordable," Lim said.

PJ's evolution: From satellite town to urban redevelopment

Lim traced Petaling Jaya's development from its origins as a satellite town established in 1952 to relieve overcrowding in Kuala Lumpur. Population growth was rapid — from approximately 35,000 in the 1960s to 200,000 in the 1970s and 500,000 by the 1980s — driven by suburbanisation, industrialisation and expanding infrastructure.

Property prices tracked this growth. A double-storey terrace house in PJ that fetched RM25,000 to RM35,000 in the early 1970s had risen to RM120,000 to RM180,000 by the early 1980s.

Today, PJ spans 65 sections. Future development, Lim said, will be driven primarily by redevelopment given limited greenfield land availability. Sections 1, 13, 14 and 16 have been earmarked for redevelopment initiatives by Majlis Bandaraya Petaling Jaya (MBPJ), with a proposed linear park along Sungai Penchala in Section 13 among the plans being considered.

Adaptive reuse of former industrial sites is also reshaping parts of the city, with projects such as Pickle Park in Section 13 and Hyprground in Section 19 attracting younger demographics and driving up rental demand and property desirability in their respective precincts.

"PJ is no longer just a mature area. It is a mature area with a lot of opportunities for businesses," Lim said.

Affin Bank renovation financing with up to 90% margin

Affin Bank Bhd luxury asset financing senior sales consultant Chan Kein On said the bank’s Affin Home Reno/-i offers term financing for renovation of completed residential properties under existing home financing.

The facility allows a financing margin of up to 90% of the open market value or sale-and-purchase (SPA) price, whichever is lower, with an additional 30% available for renovation financing. It covers properties valued at RM150,000 and above, with a facility limit of up to RM500,000 or based on property value, whichever is lower.

The tenure extends to 35 years or until the borrower reaches age 70, whichever comes earlier, with no lock-in period. Insurance and takaful options available under the facility include Mortgage Reducing Term Assurance (MRTA), Credit Level Term Assurance (CLTA), Credit Reducing Term Assurance (CRTA) and Mortgage Reducing Term Takaful (MRTT). Stamping and valuation fees are capped at 5%.

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