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Values in Desa ParkCity continue its march upward

Desa ParkCity is designed according to the New Urbanism concept. (Desaparkcity.com)

Desa ParkCity is a sought-after developing township. It is built on a previously barren mine site just south of Bandar Manjalara in Kepong and north of Kampung Penchala and Taman Tun Dr Ismail.

ParkCity Group, a subsidiary of Miri-based Samling Group, acquired the 191ha freehold tract in 1999. The project was launched in 2002, with innovative placemaking and housing concepts.

Nadia Parkhomes was the first neighbourhood to be launched and construction started in the same year.

The township boasts over 7,270 residences and a population of more than 35,000.

There are 21 completed residential neighbourhoods and five upcoming developments as well as an 18ha mixed-use commercial belt, two business parks, a 17ha central park, an exclusive RM30 million clubhouse, a community centre, schools, places of worship and other amenities.

The area was developed as a self-sustaining township, where residents can enjoy conveniences without having to step out of the development.

Just a short distance away from their homes is The Waterfront, a retail and entertainment centre, and Plaza Arkadia, which provides office spaces, entertainment and F&B options.

The volume of transactions for high-rise properties fell 82.14% and that for landed properties declined 52.38% in the first half of the year (1H2020) compared with 1H2019.

But it is interesting to note that during that period, the median price for high-rise properties increased 10.97% while that of landed property rose 2.7%.

A Property Advisor analysis indicates that the demand for Desa ParkCity is largely driven by investors, making up 63.33% of transactions in the area in 1H2020.

However, first-time homebuyer activity had increased 33% in 1H2019, before the Covid-19 pandemic struck.

What does the expert say?

Savills Malaysia research and consultancy associate director Lek Chay Tong told Property Advisor that Desa ParkCity is regarded as one of the most liveable townships with a Kuala Lumpur address, which is rare for such a large master-planned township in the capital city.

“The design champions the New Urbanism concept, which promotes walkability coupled with great landscaping, a central park and easy access to retail, F&B and services offerings in The Waterfront and Plaza Arkadia.

“In terms of connectivity, access to major areas in greater KL is relatively easy with the Damansara–Puchong Expressway (LDP) and the Damansara–Puchong Expressway 2 Highway. The latter, especially, has reduced travel time to KL City from 45 to 60 minutes to just 30 minutes.”

Lek also said that Petaling Jaya was easily accessible via the LDP, with 1Utama, The Curve and IKEA Damansara just 10 minutes away.

Furthermore, Mont’Kiara and Dutamas are only 15-minute drives away from Desa ParkCity, which has been popular among expatriates in recent years, he added.

In terms of future products, Lek said landed residential is already fully developed as planned, and subsequent new launches will be in the form of high-rise residential. “The most recent launches in Desa ParkCity are Park Regent and Park Place, which have shown an impressive sales rate.”

Park Regent is reportedly 80% sold (505 units) since its launch early this year, despite the hefty price tag of RM1,100 per sq ft for up to 4,887 sq ft. About half of the units are larger than 2,500 sq ft and priced at RM2.5 million.

Park Place was launched in 3Q2020 and reported a take-up rate of 86% (537 units). Some 70% of the units are 1,100 to 2,000 sq ft and priced at RM800 to RM900 psf.

The brisk sales are a testament to high demand for the area, said Lek.

In the sub-sale market, two-storey terraced houses in the older schemes, Nadia, Safa and South Lake, generally start from RM1.7 million while high-rise residential units are transacting at RM800 to RM1,000 psf in various schemes, including Northshore Garden, Westside Series, Breezeway and One Central Park.

Lek added that as Desa ParkCity comes into its final few phases of development, these future products are expected to see great demand.

“The pricing of the area has reached the top of the market, Desa ParkCity is viewed as a trophy asset, or for owner occupation.

“The lack of comparable townships, with such accessibility, excellent maintenance and a Kuala Lumpur address, will continue to fuel demand for Desa ParkCity.”

Source: FMT News

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