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Pent-up demand for condos augurs well for L&G

KUALA LUMPUR: Land & General Bhd’s (L&G) latest condominium project Damansara Foresta in the Kuala Lumpur township development Bandar Sri Damansara has got off to a good start with its first two towers (out of four) almost fully sold after a preview for loyal customers and registrants in early January.

This is prior to its official launch set to take place after the Chinese New Year, managing director Low Gay Teck told a media briefing on Wednesday. “The first tower (A) is 99% sold while the second is about 95% sold via balloting,” he said.

According to Low, the popularity of the development is due to demand from “the next generation of Bandar Sri Damansara residents, who have been waiting for such a condo product in the township for a while now”.

“During the last 10 years there have not been any condos launched here and I think the Damansara Foresta condo is something Bandar Sri Damansara residents have been waiting for, as it is within the affordable price range of RM600,000 to RM800,000 with full-fledged facilities,” he added.

The latest condo product offers 928 units in total with built-ups starting from 1,426 sq ft. All units have at least three bedrooms and the  maintenance fee is 25 sen/sq ft which includes the sinking fund. Selling prices range from RM500 to RM600 psf. Facilities within the development itself consist of a larger than Olympic-sized swimming pool and rooftop gardens on each block. Damansara Foresta is slated for completion in late 2015.

Low: I think the Damansara Foresta condo is something Bandar Sri Damansara residents have been waiting for, as it is within the affordable price range of RM600,000 to RM800,000 with full-fledged facilities.

The RM700 million project comprises four towers of 35 to 37 storeys and sits on a 8.5-acre (3.4ha) freehold plot. It is the first of four phases planned on a 42-acre development site, the last remaining undeveloped area in the township. Of the 42 acres, 21 are for development while the remainder will be untouched, said Low.

Damansara Foresta has an elevation of 180m above sea level, and not much air conditioner usage is required, according to Low.

“At this level, home buyers may not want to use the air conditioner as it is very cool in this area,” Low said. “This land is suitable for a [condominium] because it is on a plateau. To build a few bungalows with today’s land costs does not do justice to our shareholders.”

There will be facilities built within the lush greenery such as a hammock garden, tree houses and camping sites. Upon completion, the four phases will have a total of 2,700 units.

Low said RM20 million was spent on developing the infrastructure with slope safety measures which took 12 months. He added that the hillside is made up of granite and that the areas built on are flat terrain.

He added that L&G is looking to develop 200 acres in Seremban from 4Q12 that have an estimated gross development value of RM550 million. Low said the Seremban project will feature mixed residential units within a gated environment.

The developer is also eyeing land in prime areas in Selangor, the Klang Valley, Johor and Penang.  


This article appeared on the Property page, The Edge Financial Daily, January 20, 2012.

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