Thursday 22 October 2015

Kota Damansara continues to rise


Kota Damansara continues to rise


The experts say that Kota Damansara has the qualities and potential to shine even brighter, with plenty of room yet for growth. – Pic from theedgeproperty.com, August 21, 2015.The experts say that Kota Damansara has the qualities and potential to shine even brighter, with plenty of room yet for growth. – Pic from theedgeproperty.com, August 21, 2015.
In the last few years, the value of residential property in Kota Damansara, Selangor, has more than doubled. For example, according to theedgeproperty.com data, the smallest unit in Casa Indah 1, which sold for RM187,900 at the launch in 2003, is now selling at RM700,000. 
It is not only medium-cost condominiums that are increasingly popular; demand for luxury high-rises is equally strong.The transformation and development of Kota Damansara did not happen by chance. KGV International Property Consultants Sdn Bhd executive director Anthony Chua says that when the adjacent Taman Tun Dr Ismail became an affluent township, the urban sprawl spilled into Bandar Utama and then, Kota Damansara.“The overall outlook for demand at Kota Damansara is positive and upbeat; demand growth is sustainable due to, among other factors, its location adjoining Petaling Jaya, the anticipation of a new MRT line; and the development of Kwasa Damansara,” he saidConstruction of the Mass Rapid Transit (MRT) Sungai Buloh-Kajang Line, which started in 2011, was 64% complete as of May 31, 2015.The 51km line has 31 stations, with the Surian, PJU 5 and Kota Damansara stations located within Kota Damansara.Notably, Surian station will be linked to the adjacent Tropicana Gardens, a mixed-use development, while Sunway Nexis Soho will also be linked to the station via an MRT deck. Both mixed-use developments consist of offices and retail components.The first phase of the MRT Sungai Buloh-Kajang Line, from Sungai Buloh to Semantan, is scheduled to open by the end of 2016 and the second phase, from Semantan to Kajang, on July 2017.Meanwhile, Kwasa Damansara, taking shape on former Rubber Research Institute Malaysia land 10km away from Surian station, is to be a major transit hub.Developed by Kwasa Land Sdn Bhd, a wholly-owned subsidiary of the  Employees Provident Fund, the hub is projected to cater for at least 150,000 people. It is also the first township development on the fringes of the city complete with a public transport infrastructure.Chester Properties Sdn Bhd operations manager Jei Chew concurs. He adds that Kota Damansara’s easy accessibility from the North Klang Valley Expressway (NKVE) and its proximity to mature property hotspots such as TTDI, Bandar Utama and Mutiara Damansara, are also points in its favour.There are four main routes that connect to Kota Damansara – Persiaran Surian, Persiaran Damansara Indah, Jalan Sungai Buloh and NKVE. In fact, there are hundreds of thousands of vehicles flowing into Kota Damansara daily. While this generates business opportunities, it is also a cause of serious chronic congestion, especially on Persiaran Surian.However, this has not affected Kota Damansara’s popularity, due to the many who want to live and work here, given that is now a hub for business, education and entertainment.CBD Properties (KD) Sdn Bhd executive director Daphne Chan says investors and homebuyers are looking for non-landed properties in Kota Damansara, especially condominiums priced below RM500 psf.“Most investors are homeowners in this area or from neighbouring townships who see growth potential in this area and want to invest for both rental yield and capital appreciation,” says Chan.According to data provided by KGV International, condominiums priced below RM500 psf include Palm Spring, Cova Villa and D’Rimba. Kota Damansara can be considered a self-sufficient township, says Chew, with Dataran Sunway as its nucleus. Dataran Sunway, the commercial centre, comprises plenty of retail shops, shop offices, and eateries. Next to Dataran Sunway is the recently completed Sunway Nexis, a mixed-use development consisting of office, retail and soho units.Within 2km of Dataran Sunway are two hypermarkets, Aeon Big and Giant, as well as a neighbourhood shopping mall, Sunway Giza, also popular happy hours hangout.A few kilometres from Dataran Sunway is Sunsuria Technology Centre, a factory estate for small businesses. Kota Damansara has several government schools, a smart school, a university and a medical facility, Tropicana Medical Centre. There is also a recreational park and a golf club.“With so many amenities nearby, Kota Damansara has attracted young families and the working class, resulting in higher demand – and escalating prices – for its residential properties,” said Chew.Over the past few years, house prices in Kota Damansara have increased rapidly. According to theedgeproperty.com, the average price psf for non-landed residential properties transacted in Kota Damansara rose an exceptional 44.4% year-on-year, from RM356 to RM514 psf in the third quarter of 2014. The more expensive developments are mostly clustered in Persiaran Surian, near amenities such as Dataran Sunway, SEGi University, Tropicana Medical Centre, Seri Selangor Golf Course and the upcoming Surian MRT station.Investors or homebuyers looking to purchase non-landed properties here, Chua said, should consider developments with security features, and easy access to main roads, and future MRT stations.Chan says the average rental yield of non-landed properties in Kota Damansara is about 4%, and that properties within walking distance of SEGi University fetch higher rental yields. “Cova Villa and Cova Suites are still the most popular condominiums for students, being close to the college.” Chua adds that Cova Villa has enjoyed high occupancy rates due to its proximity to a college and a medical centre. The development of the Klang Valley/Greater KL MRT project initiated in 2011 has become a major catalyst for the property market, including Kota Damansara. According to Chan, since work began on the MRT project in the area, high-rise residential properties in Kota Damansara had become popular with professionals who hope to commute by public transport to work .Surian MRT station is located opposite Dataran Sunway; the nearest condominiums to the station are Casa Indah 1 & 2, Sunway Nexis, Tropicana Gardens, I-Residence and Cascades Residences.While some may argue that the strong demand is only applicable to mid-market high rises, the overwhelming response to Tropicana Gardens, a joint-venture between Dijaya Corp and PKNS, has shown otherwise.The first two residential towers of Tropicana Gardens, Arnica and Bayberry, launched in October 2012 and March 2013 respectively, received overwhelming response from buyers. All 336 units of Arnica tower are sold out, and the 413 units of Bayberry tower are 98% sold.The upcoming third tower, Cyperus, which will have 406 units of serviced residences, is expected to continue the sales momentum.“New launches like Nexis Soho, and Cyperus are already breaching RM1,000 psf, but still selling like hot cakes. Even the prices of older condominiums located near MRT stations are climbing up and closing the price gap on newer projects,” Chan said.Although many real estate agents cannot agree on how much the value of Kota Damansara properties will appreciate over the medium and long term, they will agree on this –  Kota Damansara is like a teenager with all the qualities and potential to shine brighter, with plenty of room yet for growth. (Repost from themalaysiainsider.com/citynews/greater-kl Published: 21 August 2015 3:51 )

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