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Thursday, February 14, 2008

Metropolitan Square’s appeal

PETALING JAYA: There has been a significant increase in foreign interest for Saujana Triangle Sdn Bhd's Metropolitan Square mixed development in Damansara Perdana.

According to the developer’s operations senior manager Preetie Boler, the development’s properties are attracting buyers and tenants from Korea, Singapore, Japan and Europe.

Currently, about 30% to 35% of the buyers for units in Metropolitan Square are foreigners but Boler expects the figure to increase in the future.

One of the completed condominium blocks and commercial properties in Metropolitan Square

“We have some foreign purchasers coming from the Mont’Kiara area who are attracted to our reasonable prices and the environment of the development,” she said. The developer is a subsidiary of MK Land Holdings Bhd.

“Located on a 17-acre leasehold tract in the self-contained Damansara Perdana township, residents have access to a wide variety of commercial facilities, which are supported by nearby amenities including major shopping centres, private and international schools, hotels, and medical institutions,” she said.

It also has a 28,000 sq ft clubhouse, which has facilities such as a swimming pool, gymnasium, tennis courts and a multipurpose hall. It is accessible via several major highways including the
Penchala Link, Damansara Puchong Highway (LDP), North Klang Valley Expressway (NKVE) and the North South Highway.

Metropolitan Square is targeted at yuppies, expatriates and investors.

Since its launch at the end of 2003, two condominium blocks in Metropolitan Square have already been completed and handed over to purchasers. Its latest condominium and serviced apartments block have achieved take-ups of 95% and 20% since their respective launch and soft launch in end-2004 and end-2007.

Built-ups for the 300 condominium units range from 975 sq ft to 1,259 sq ft, with prices of RM375,000 onwards, while the 422 serviced apartments, priced between RM178,500 and RM425,000, have built-ups from 450 sq ft to 1,166 sq ft. The former is expected to be complete
by the middle of this year with a gross development value (GDV) of RM110 million while the latter is targeted for completion in 2010 with a GDV of RM115 million. Two more condominium
phases are scheduled for launch in the future.

Boler said Damansara Perdana has good potential for capital appreciation as property prices there are much lower compared to other nearby townships such as Mont’Kiara, Bangsar, Damansara Heights and Taman Tun Dr Ismail.

“Based on our records, the capital appreciation for units [in Metropolitan Square] upon handover, ranges from 20% to 30%,” she said, adding that rental yields for the commercial units and first two condominium blocks averages at about 8%. Residential units in the development are being rented out at RM1,500 and above.

In conjunction with Chinese New Year, the developer is having an ongoing sales campaign for Metropolitan Square until the end of this month. Purchasers of the condominiums are eligible for a RM10,000 discount, a 32-in LCD TV, and free sale and purchase agreement (SPA) fees, while those buying the serviced apartments get a RM5,000 discount and free SPA fees during the promotion period.

By theSun (by Yap Yew Jin)

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