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Township continues to surpass itself
Exciting things are set to happen in Desa ParkCity, Kuala Lumpur. The township will mark a milestone in its growth this year with the launch of the “best homes ever” in the 473-acre development, according to developer Perdana ParkCity Sdn Bhd — a unit of Sarawak-based Samling Strategic Group.
The township has made more news in recent years than when it was first launched in 2002. Since the 2008/09 global financial crisis, property values in the township have hit new highs and the prices of landed homes there are continuing to rise.
Launches of new landed homes in the township, touted as a development with one of the best master plans in the country, have been few and far between. Thus, it comes as no surprise that all 147 units of the 2 and 3-storey terraced homes it launched under the name Casaman in June last year were sold out within hours. The homes were priced from RM1.7 million.
In the launch that is just round the corner, Perdana ParkCity will offer The Mansions @ ParkCity Heights, group CEO Lee Liam Chye tells City & Country.
The Mansions has a gross development value of RM500 million and is among the RM1 billion worth of residential launches the developer has planned for this year. It consists of 127 units of 2½, 3 and 3½-storey parkhomes. But these are no ordinary terraced homes as their frontage will be at least 31ft wide, enabling residents to easily park three cars side by side.
There will be 33 units of 2½-storey homes with built-ups of 4,376 to 4,483 sq ft, 25 units of 3-storey homes (built-up: 6,084 to 6,213 sq ft) and 69 units of 3½-storey homes (three types; built-up: 6,526 to 7,218 sq ft).
“These are not run-of-the-mill terraced homes,” says Lee. “We can’t call them terraced homes as they have the sense and proportion of a mansion.
“As this is the best residential site in Desa ParkCity, we have to come up with a product that befits it.”
The premium 19.6-acre site is located some 200ft above sea level and lies slightly below the ParkCity Heights (Sector B) bungalows and some 30ft to 40ft above the Casaman homes.
With recent concerns over hillslope developments, Lee says the developer has spent around RM5 million strengthening the site and has “not only complied with but exceeded local new classification requirements for hillslope developments”.
He says the units will be built according to the undulating terrain. And as the best address in Desa ParkCity, the views will be the best as well. Depending on the location of each unit, residents will enjoy vistas of the township’s central park, the Kuala Lumpur skyline or the Main Range and hill resort Genting Highlands on a clear day.
Perdana ParkCity was the first developer to introduce strata-terraced developments in the country and The Mansions will also be one.
Features of The Mansions homes include glazed panels as interior walls, double and triple volume ceilings, skylights for better ventilation and natural light and a lot of space. The 3 and 3½-storey units come with lifts.
“We aim to enhance the functionality of space,” Lee says. A 4ft buffer has also been created between the units for sound insulation.
Residents will also enjoy facilities such as an infinity pool, courtyards, linear parks, a gym, outdoor pavilions, water features and a suspended bridge.
Lee says owning a unit in The Mansions is equal to owning an exclusive and prestigious hilltop home. Indicative prices are from RM2.5 million to RM4.6 million.
“About 1,500 people have registered their interest in The Mansions, just by word of mouth. We usually see about 20% to 30% sales in our new launches from existing customers,” Lee remarks.
The developer held a preview for its priority customers over the April 16 weekend where about 4,000 guests were introduced to The Mansions. “We believe they need time to see and understand the development, so the preview was for them to see what is being offered and reflect on it before deciding,” Lee says. He expects to launch The Mansions sometime next month.
The one-of-a-kind township and the impressive capital appreciation enjoyed by its homes in recent years have kept alive the keen interest of both homebuyers and investors.
For example, the 2-storey Adiva Parkhomes that were launched in March 2003 at RM559,000 were recently transacted at RM1.45 million — a capital appreciation of an astounding 159%. The 3-storey Adiva Parkhomes that were sold for RM645,000 in the same period changed hands recently at RM1.76 million.
The developer says the value of the 2-storey Zenia Parkhomes that were launched in July 2005 at RM593,000 has risen to RM1.6 million while that of the 3-storey Amelia Parkhomes, launched in September 2007 at RM981,000, has touched RM2.2 million.
The biggest capital appreciation in the award-winning township took place between the beginning of 2008 and end of 2009 when developments such as The Waterfront retail centre were completed, Lee says.
There is also a growing expatriate community in Desa ParkCity and to meet the needs of this community, the RM33 million The International School @ ParkCity is set to commence classes in September.
The Sime Darby Medical Centre meanwhile is slated for completion next year.
When asked if the Desa ParkCity homes are overpriced, Lee says, “Buyers pay to buy premium homes. Some people say our prices are too high but what are they comparing them with? They must compare apples with apples.”
According to a City & Country article that came out in June last year, the developer introduced the New Urbanism living concept in the township, promoting human interaction and walkable distances within it. Amenities are centrally planned, creating a sense of space, while the commercial entities are tucked away in one end of the township.
The town centre
Buyers probably see an upside for the township as the freehold development is only 60% complete. Perdana ParkCity is looking to develop a 55-acre town centre with a European “urban village” feel and an al fresco concept. The indicative construction cost of ParkCity Town Centre is about RM1.5 billion.
“It is going to be a regional destination with offices, cineplexes, condominiums, a hotel and restaurants. The total gross floor area of the town centre [including hotel and condominiums] is expected to be four million sq ft,” Lee says.
In line with the developer’s New Urbanism principles, the town centre will promote walkability and connectivity as seen within the existing developments in the township.
The first phase of the town centre will be launched in 1Q2012, starting with 108 units of multi-level shop offices. Lee would not provide further details but stresses that the shopoffices will be “rather exciting” in their concept. “Every unit will have its own frontage, offering an outdoor shopping experience with a central plaza. There will also be 1½-storey SoHo [small office home office] units with built-ups of about 2,000 sq ft,” he says, adding that this could be the single largest commercial development in Kuala Lumpur.
Before that, however, Perdana ParkCity will launch Westside Two, a 338-unit condominium, tentatively in June although no indicative price was available at press time. This is following good response to Westside One, which is 85% sold so far. The 40-storey Westside One, with a total of 338 units, was unveiled in June last year. Westside One offers units with built-ups of 969 to 2,066 sq ft and priced around RM600 to RM700 psf. Westside Two will have bigger units of 1,300 to 1,700 sq ft.
In July, the developer may launch a combination of condominiums (139 units) and parkhomes (76 units) on the yet-to-be-named Parcel 9, which is adjacent to the town centre (see site plan above). Described as similar to its successful Nadia Parkhomes, the indicative price of the homes in this project, which will feature a linear park and courtyard, is around RM1.8 million.
Clearly, Perdana ParkCity has big plans for the remaining land — 132 acres — in the township that have been earmarked for both residential and commercial projects. This means Desa ParkCity will continue to be on the radar screens of investors and homeowners alike as the township keeps growing, especially with its much-anticipated town centre.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 855, Apr 25-May 1, 2011
