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Monday, August 10, 2009

GuocoLand plans high-end Damansara Heights project

GUOCOLAND (Malaysia) Bhd is targeting to launch an integrated high-end development in Damansara Heights, Kuala Lumpur, by the end of this year.

As the property arm of the Hong Leong Group, the project known as Damansara City will be worth about RM2 billion.

The 3.4ha project will comprise two landmark office towers, two blocks of luxury condominiums, a five-star boutique hotel that will be managed by the UK-based Thistle Group, and a 300,000 sq ft retail mall with four levels, the first in Damansara Heights.

Damansara City was due for launch in June 2008 but was held back as GuocoLand had wanted to fine-tune the design and layout for each of the components.

"We hope the building plans would be approved soon so we could launch the project by December and commence work on the basement and super structures. The foundation is ready," GuocoLand executive director Chan Chee Meng said.

Chan said that GuocoLand will launch the office towers first, and sell them en-bloc.

He added that GuocoLand has been approached by Malaysian as well as overseas buyers.

"The market for high-end condominiums at the KLCC area has been soft since last year but we reckon that office buildings in prime locations will be much sought after, especially in Damansara. Therefore, we will launch the office space first.

"We were approached by interested parties for the office blocks because of the prominence of the project. Talks are on-going but we are not committed yet," Chan said.

On whether the condominiums will go en-bloc, Chan said GuocoLand will look at selling the units individually, or in bulks.

"This is one of the last prime pieces of land left in Damansara Heights so there will be demand for luxury condominiums. We will look at the market situation before launching," Chan said.

On the hotel, Chan said it will be called Gouman.

Thistle Group owns two brands namely Gouman, which is the name for five-star hotels, and Thistle for four-star properties.

By Business Times (by Sharen Kaur)

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