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Saturday, October 23, 2010

Puncakdana plans RM1.5b Ara Damansara project

Property developer Puncakdana Group plans to build 11 corporate buildings worth some RM1.5 billion in Ara Damansara, Selangor, as it is bullish on demand for office space.

The 11-storey buildings, with about one million sq ft of net lettable area, will enter the market over the next five years, said founder and managing director, Mah Siew Sian.

"We expect that many companies will be moving out of the city centre because of traffic congestion. Some are targeting Ara Damansara, which is a new area and a well-planned township.

"We believe there will be a market for our properties. People want a comprehensive environment which is why there is a success story for Mid Valley City," Mah said.

The group is finalising designs and expects to launch the first two blocks by the third quarter of next year. The buildings will be sold en bloc.

It is already in talks to sell one block to information technology group Formis Bhd for around RM150 million. Several multinational companies in the oil and gas and consumer business are also keen.

The towers will be complemented by the group's new RM280 million retail mall, dubbed CITTA, which will open next January.

Half of CITTA, an open air design three-level mall with 130 retail outlets, have been taken up. Some of the big retailers include Harvey Norman, MBO cinemas and Julia Gabriel and Chiltern House.

By Business Times

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