By IZZAT RATNA / Pic By MUHD AMIN NAHARUL
PAVILION Group is targeting an 85% take-up rate for the first two Pavilion Damansara Heights residential components, which has an estimated gross development value (GDV) of RM2 billion and expected to be launched by the end of 2017.
Pavilion Property Consultancy Sdn Bhd sales and marketing director Datuk Tracey Lai said the bullish sales projection is driven by the development’s strategic location in Damansara Heights, which offers limited area for an integrated development.
“We have also gotten a great deal of interest from Mont Kiara and Taman Tun Dr Ismail residents, who are mainly our local buyers as the project is considered a good long-term investment, especially with the current state of the ringgit,” she said at the unveiling ceremony of Pavilion Damansara Heights in Kuala Lumpur yesterday.
Lai said the project is expected to attract more foreign buyers, mainly from China and other Asia-Pacific countries.
Currently, construction works for the first two residences have commenced, and they are to be completed by 2021.
The Pavilion Damansara Heights project, which sits on 6.47ha of prime freehold land, comprises 10 corporate towers, five residential towers and a retail mall, which has a GDV of RM9 billion. The project is expected to be completed in stages by 2022.
Lai said a private preview started early this year by invitation only and of the nine corporate towers that have been launched, 85% has been sold.
“The luxury residences, which will be designed to impeccable standards, are priced at an average of RM1,800 per 0.09 sq m. With close to 2,500 potential buyers who have registered their interest, a high take-up rate is expected,” she added.
Lai attributed the high demand from buyers to the strong Pavilion branding, the Damansara Heights address and the much anticipated Pavilion Damansara Heights mall.
The mall is expected to offer contemporary retail, dining, entertainment, edutainment, music, culture and leisure concepts.
Joining the Pavilion Group at the unveiling of the Pavilion Damansara Heights integrated development yesterday was the Canada Pension Investment Plan Board.
The launching ceremony was also witnessed and officiated by Minister of Federal Territories Datuk Seri Utama Tengku Adnan Tengku Mansor.
In his keynote address, Tengku Adnan said Pavilion Damansara Heights would help strengthen Kuala Lumpur’s position as the premier destination for both local and international tourists, as well as investors.
“The residents in the surrounding areas will benefit from a significant increase in their property value, which is complemented by the availability of world-class infrastructure, increased job opportunities and economic growth that come in line with the development,” he added.
Pavilion Damansara Heights is divided into two parcels measuring 3.87ha and 2.64ha respectively.
There are also seven corporate towers for en-bloc sale of net lettable area from 6,967 sq m to 21,739 sq m and two corporate towers, namely the strata floors (956 sq m per floor) and strata suites (area from 193.89 sq m to 210.98 sq m).
The development is accessible via an integrated network of roads such as the Sprint Highway and linked to the newly operational Mass Rapid Transit Line 1 (MRT1).
It is also closely connected from five other stations, especially the Pavilion Bukit Bintang MRT.