Foreign buyers help drive DC Residency’s 60% take-up rate

KUALA LUMPUR (July 10): GuocoLand (M) Bhd, the property development arm of Hong Leong Group, is optimistic that its Damansara City Residency (DC Residency) Tower A will be fully taken up by year-end.

DC Residency Tower A achieved a take-up rate of 60% during its pre-launch for foreign investors in May, said GuocoLand managing director Tan Lee Koon.

“We expect the remaining 40% to be fully taken up by year-end. This may be an ambitious expectation, but we have received encouraging response from both local and international buyers,” said GuocoLand general manager of sales and marketing Kenny Wong at a press briefing yesterday.

He said Singapore and Cambodia investors showed “great interest” in the project and half its 60% take-up rate was from Singaporeans.

Damansara City, with a gross development value of RM2.5 billion is located in Damansara Heights. It comprises two Grade-A office towers; two 28-storey residential towers called DC Residency; an F&B-centric lifestyle mall; and, a 5-star hotel. The entire project sits on 8.5 acres of freehold land and will be fully operational by mid-2016.

The flagship integrated development by GuocoLand, will be officially launched this weekend.

The selling price for Tower A is RM1,350 psf. GuocoLand expects capital appreciation of around 8% after completion, said Wong.

DC Residency will have 370 serviced apartments of a contemporary design with a built-up area of between 899sq ft (1 bedroom) and 2,705 sq ft(3+1 bedroom).

Tower B of DC Residency will be open for sale after completion.

Meanwhile, Hong Leong Bank Bhd will be moving into Tower A of the office towers after acquiring the building. The 33-storey Grade-A office tower block with a useable area of 530,000 sq ft will be occupied by the Hong Leong Group.

Tan said GuocoLand has already secured agreements in principle with well-known local and international brands for half Tower B’s 240,000 sq ft net lettable area. He did not disclose information of future tenants.

GuocoLand is planning to launch three residential projects in Alam Damai, Sepang and Rawang before the end of the year.

This article first appeared in The Edge Property pullout, on July 10, 2015.