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Tuesday, April 20, 2010

Desa ParkCity project to be completed by 2015

PERDANA ParkCity Sdn Bhd will launch RM600 million worth of properties a year at its Desa ParkCity township in Bukit Menjalara, Kuala Lumpur, to complete the project by 2015.

Group chief executive officer Lee Liam Chye said it is planning the launch of 5,000 homes over the next six years, mostly condominiums in 12 neighbourhoods, worth more than RM3.5 billion.

The Samling Group's subsidiary is optimistic of the market.

"Since the launch of the first neighbourhood in 2005, the price of properties have more than doubled, surpassing the value of terraced houses in Bangsar, Bandar Utama and Taman Tun Dr Ismail," he told Business Times during a visit to the project.

"The terraced houses here are worth more than RM1 million each currently. Despite the depressed market last year people were making around 65 per cent profit selling their properties in the secondary market," Lee said.

Desa ParkCity aims to offer a lively, safe and vibrant community. Each neighbourhood has its own concept, is gated and fully landscaped.

Once completed, Desa ParkCity will have 7,278 residences in 25 neighbourhoods with a population of 35,000 people.

The completed township will include a 18ha mixed-use commercial belt, a 17ha central park, a RM60 million clubhouse, local and international schools, a neighbourhood mall and a private hospital operated by Sime Darby Bhd.

"Most of our buyers are repeat customers and they believe in our product value. I am very critical about bad designs and carelessness. We owe our customers a duty to make sure we give them the best so they speak good about us," Lee said.

On the new products this year, the company will launch 338 units of condominiums for some RM260 million or more than RM450,000 each in June.

It will launch "Casaman" in July. According to Lee, Casaman will be the last batch of terraced houses at Desa ParkCity, featuring 147 units of 2 and 3 storey terraced houses, worth RM300 million.

The intermediate 2 storey and 3 storey houses are each priced from RM1.5 million and RM2 million.

By Business Times (by Sharen Kaur)

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