Connect@Desa Parkcity

KUALA LUMPUR: All 147 units of terraced homes within Desa ParkCity in Kuala Lumpur, known as Casaman, were sold out within five hours on Saturday, June 26. Over 650 registrants turned up for the balloting, which started at 8.30am, some even as early as 5am.

Casaman, with a gross development value of about RM360 million, comprises 108 units of 3-storey terraced homes and 39 units of 2-storey terraced homes. The 2-storey homes, with a built-up of 3,100 sq ft were tagged from RM1.75 million while 3-storey homes with built up options of 3,900, 4,300 and 5,400 sq ft were priced at RM2.14 million.

Perdana ParkCity’s sales & marketing director Susan Tan told theedgeproperty.com that Casaman units are located on elevated ground: “It appears like a detached home eventhough it is a actually a link home. The size and proportion of the internal spaces, however, are comparable to that of semi-detached and even some bungalow houses.” Features such as internal courtyards and double volume ceilings are incorporated into the interiors to maximise natural lighting and ventilation.

"While the average selling price of Casaman is about RM650 psf, it is impossible to project the upside of the property as prices in the secondary market in Desa ParkCity have always over-exceeded our own expectations. We believe the registrants who showed up for the priority sales have done their homework and is confident of a comfortable upside," Tan added.

She said the prices were benchmarked against the prevailing secondary market prices of terraced homes in Desa ParkCity such as Amelia terrace homes. It is interesting to note that secondary market transactions for 2-storey Amelia terraced homes recently are RM1.4 million while 3-storey homes are transacting at RM1.9 million. 2-storey Zenia homes, on the other hand, are transacting at RM1.3 million and 3-storey at RM1.9 million.

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he success of Desa ParkCity is certainly a case of opportunity coming to the one who is best prepared and on the lookout for it.

When the 473 acres of ex-quarry land in the vicinity of Bandar Menjalara, Kuala Lumpur was up for sale about a decade ago, there were no takers as it was deemed too rocky for development.

At around that time, Miri-based Samling Group was looking to venture into property development in Peninsular Malaysia and when the land was offered to the group, it did not hesitate to sign up.

Going by what had been achieved in the past nine years since the tractors started to roll in, the developer had certainly done an enviable job with the land.

What was once a rocky and hilly terrain had been turned into a thriving township and a highly sought-after address, Desa ParkCity, by Samling’s property development arm Perdana ParkCity Sdn Bhd.

Perdana ParkCity group chief executive officer Lee Liam Chye, a property valuer, could see the immense hidden value of this seemingly unattractive land.

“Its rocky nature with a large reserve of granite rocks would incur much work and capital outlay to get it ready for development. Despite this, we could see the tremendous value in the land and envisioned a planned community township for it,” Lee reveals to StarBizWeek.

Lee says it took about six years of hard toil and much sweat ”where almost every sen earned was ploughed back to build up the infrastructure and public amenities right up to the nitty gritty details of choosing the right shady trees to create the safe and walkable tree-lined neighbourhoods.”

A gold mine

So far, some RM300mil had been spent and according to Lee, the result shows that all the hard work and every sen expended has been worth it.

The development has proven to be a huge gold mine to the developer.

Since the project took off in 2002, 13 phases comprising 2,061 houses have been built and 485 units are under construction. Of this, 2,498 units have been sold and the total gross development value (GDV) for these phases is estimated at RM2.5bil.

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Connect@Desa Parkcity

Desa ParkCity's Casaman sold out in five hours

Samling Group manages to make a success of Desa ParkCity after six years of hard work

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