When developer Boustead Properties roped in Ikano Corp Sdn Bhd and Tesco Stores (Malaysia) Sdn Bhd to set up shop in Mutiara Damansara back in 2000 and 2001 respectively, little was known about this township except that it neighbours the sexy addresses of Taman Tun Dr Ismail and Bandar Utama.
Fast forward to less than a decade later, Mutiara Damansara in Selangor is now a much sought after address, both for its commercial and residential real estate.
Back in 2000, Ikano Corp paid only RM56.30 million or about RM99.12 psf for the 13.06 acres the popular Ikea and Ikana Power Centre now sit on. Four months later in February 2003, Tesco Stores paid RM45 million or a higher RM127.54 psf for an 8.1-acre tract located a mere stone’s throw away.
The hypermarket opened in March 2003 and has 25,000 sq ft of retail space. Ikea, with about 270,000 sq ft of retail space, opened its doors in August the same year.
Since then, many more corporate offices have come up in Mutiara Damansara which sprawls over 360 acres. Of these, about 60 acres have been designated for corporate and retail use with the rest for housing purposes, a primary school and shop offices.
Some of the companies that have acquired a presence in the freehold township include UAC Bhd, Batu Kawan Holdings Sdn Bhd, Bentley, Dialog Group Bhd, TSR Bina Sdn Bhd, Mudajaya Group Bhd, Great Eastern and Glomac Bhd.
The steady land price climb in Mutiara Damansara is undisputed, with the latest transactions, recorded last year, tagged at RM321.37 psf (by Mudajaya ) and RM334.33 psf (Glomac).
Like Boustead Properties, these companies have interesting plans that are poised to take the attraction of the township to greater heights.
According to Boustead Properties executive director Datuk Ghazali Mohd Ali, in a pipeline is a mixed development project called Nucleus. Expected to kick off this year, the project will comprise eight high rise blocks, a low-rise tower offering corporate offices, serviced apartments, soHo and retail outlets. A joint-venture partner has been identified.
Read more about what’s in store for Mutiara Damansara in this week’s The Edge City & Country pullout.