From forest to thriving township

DAMANSARA Perdana was carved out of a forest in the 1990s by Saujana Triangle Sdn Bhd, a subsidiary of MK Land Holdings Bhd. The development of the 832.74 acres of leasehold land on the outskirts of Petaling Jaya South began in 1996. MK Land, which has a landbank of 750 acres, remains the master developer.

Damansara Perdana consists mainly of medium-high to high-end condominuims and serviced apartments such as Ritze Perdana 1 & 2 as well as Armanee Terrace. There is also a commercial centre comprising mainly shopoffices but the skyline is quickly evolving with high-end housing projects, such as zero-lot bungalows and villas and purpose-built office buildings with eye-catching designs.

Among the more recent additions is PJ Trade Centre, built by Tujuan Gemilang Sdn Bhd that is helmed by executive chairman Ahmad Khalif Mustapha Kamal, who is also the CEO and executive director of Emkay Group of Companies. The Grade A office development comprises four blocks — Menara Bata, Menara HASIL, Menara Gamuda and Menara Mustapha Kamal — offering a total net lettable area of about 800,000 sq ft.

Perched on a slope at the entrance to PJ Trade Centre is Menara OBYU, formerly known as Point 92. Also developed by Tujuan Gemilang, the Grade A office building sits on 0.92 acre and has a gross floor area (GFA) of 203,916 sq ft and net floor area (NFA) of 155,704 sq ft. In late 2011, the office tower was sold to Sarawak-based OBYU Holdings Sdn Bhd, which is involved in property development, construction and engineering, and power and telecommunications, among other interests.

Ongoing developments

Along the road leading to Mutiara Damansara is Neo Damansara, a commercial development with an estimated gross development value (GDV) of RM650 million. The developer is Paradigma Intan Sdn Bhd, another subsidiary of Emkay Group. Neo Damansara is spread over 7.6 acres and offers shopoffices, office towers and suites, showrooms and trading spaces, entertainment centres, food and beverage outlets and a retail plaza.

Another landmark in the township is Metropolitan Square by MK Land. A mixed-use development on a 3.25-acre site, it consists of 2-storey retail outlets, a 6-storey office suite, five blocks of condominiums and a serviced apartment block. The condominiums are housed in blocks A, B, C, E and F while Block D houses serviced apartments and a commercial component. There are 300 units in Block A, 186 in B, 258 in C, 252 in E and 396 in F. Block D offers 444 serviced apartments, 12 shops and 88 offices.

The condos have built-ups of 450 to 1,462 sq ft while the shops are from 588 to 1,267 sq ft in size. The built-up of the offices ranges from 525 to 1,276 sq ft.

The first to be launched was Block F in October 2003 at RM278.47 psf and with a GDV of RM127 million. This was followed by Block E in March 2004 (RM303.30 psf, GDV RM87.3 million, Block A in October 2004 (RM340.88 psf, GDV RM118 million) and Block D in August 2007 (RM443.48 psf, GDV RM134 million).

Block C, launched in December 2011 with a GDV of RM178 million, was sold at RM625.33 psf. Its units are 975 to 1,245 sq ft in size and are priced from RM525,564 to RM834,000. Expected to be completed by January 2015, the take-up rate is 80%.

Targeted for launch in 1Q2013 is Block B with built-ups of 1,160 to 1,190 sq ft. Prices have yet to be determined but completion is scheduled for 2015.

Facilities at Metropolitan Square include a swimming pool, a clubhouse, sauna, steam room, gymnasium, tennis court, nature trail and 24-hour security.

First landed project

The first landed property in Damansara Perdana is The Rafflesia by MK Land on 76.1 acres and with a GDV of RM1.36 billion. When completed, it will offer 454 three-storey semi-detached homes.

The Rafflesia comprises Rafflesia@Peak, Rafflesia@Hill and Rafflesia@Park.

Rafflesia @Park with a GDV of RM450 million comprises 208 three-storey semidees built on 27.35 acres of leasehold land. Launched about five years ago, it comprises six phases, with units ranging from 3,861 to 5,131 sq ft in size.

Units in Phase 1, with built-ups of 3,861 to 4,668 sq ft, were sold at RM1.3 million to RM1.7 million, but can now fetch RM1.85 million to RM2.4 million on the secondary market – an appreciation of about 41% over five years or an average return of 8.4% a year.

Phases 2 and 3 (with a built-up of 3,861 sq ft) were launched a year later. Tagged at RM1.7 million, they are now priced at RM2.3 million on the secondary market.

Phase 4 with built-ups of 3,861 to 4,668 sq ft was launched at RM2.1 million to RM2.3 million each but the semidees are now going for RM2.6 million to RM2.85 million, an increase of about 24%.

Phase 5 with a built-up of 4,937 sq ft was launched at RM2.65 million and has achieved a sub-sale price of RM3.3 million.

Phase 6, launched in January 2012, offers 50 three-storey semidees with built-ups of 3,752 to 5,131 sq ft. It has a GDV of RM153 million and prices that range from RM2.8 million to RM4.6 million.

The developer will start work on Rafflesia@Hill next, followed by Rafflesia@Peak, which will offer 140 semidees on 30.35 acres and has a GDV of RM560 million. Rafflesia @Hill will have 106 semidees on 18.4 acres and a GDV of RM350 million.

Another landed development launched recently is ForestHill Damansara by ForestHill Damansara Land Sdn Bhd. Located next to Flora Damansara, the guarded development sits on 28 acres of leasehold residential land and has a GDV of RM250 million. The first phase — offering 58 zero-lot bungalows with built-ups ranging from 4,740 to 5,485 sq ft — was officially launched on Jan 12. Prices ranged from RM2.99 million to RM4 million and the take-up rate was 90%. Phase 2 will include bungalows and semidees.


This story first appeared in The Edge weekly edition of Feb 4-10, 2013.