LOCATED at one of the prime locations in Kuala Lumpur, Pavilion Damansara Heights in Pusat Bandar Damansara is ready to take on the property market.
Pavilion Group and the Canada Pension Plan Investment Board (CPPIB) unveiled its mixed-use development project that will span 6.5ha of freehold land, comprising 10 corporate towers, five residential towers and a retail mall, with a gross development value of RM9bil.
1 Pavilion Property Consultancy Sdn Bhd sales and marketing director Datuk Tracey Lai said the project had garnered tremendous interest, attributed to the combination of its strategic location, premier facilities and amenities, and unrivalled connectivity.
“It will be located between two MRT stations and enjoy easy access through Sprint Highway and a new elevated link.
“From the nine corporate towers that were launched, 85% sales have been achieved. Response for the luxury residences has been overwhelming as to date we already have 2,500 registrants.
“By the end of 2017, we will be launching two of the residential towers consisting of 746 units, sized from 600sq ft to 2,800 sq ft.
“We anticipate at least 50% take- up rate by the end of the year. We project the first to sell will be the bigger units as we see many people moving out from their bungalows,” she said.
Kuala Lumpur Pavilion Sdn Bhd retail chief executive officer Datuk Joyce Yap said Pavilion Damansara Heights would also be a great addition and attraction to the city.
“Seamlessly connected to the Sungai Buloh-Kajang MRT Line, it is just five stations from Pavilion Bukit Bintang MRT.
Chalking up more than 7.4 million passengers up until August, the line serves as a corridor linking the property to the neighbouring vicinities.
“This is a high growing catchment for the mall to capitalise on. We are in an affluent location surrounded by exclusive neighbourhoods, generating a niche catchment for the mall and retailers.
“Combined with a bustling cosmopolis community of corporate towers and luxury residences, interest has been soaring among the retail community for a space here.
“Many malls are offering standard retail, whereas people are seeking new experiences. Pavilion Damansara Heights offers an unprecedented retail positioning with contemporary retail, curated dining, entertainment, edutainment, music, arts, culture and leisure concepts,” she said.
Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said there was a need to facilitate more such partnerships to transform Kuala Lumpur into a dynamic and thriving metropolis for business, retail and living.
“My heartiest congratulations to Pavilion Group and CPPIB on the launch of this iconic development. It is well positioned to be an iconic landmark that will redefine Pusat Bandar Damansara and Kuala Lumpur’s skyline.
“The surrounding residents were very concerned about the traffic worsening with such a development in the area. The developer will build a direct elevated link straight into this development which will not disturb the current traffic. It will cost them RM200mil.
“Once completed in 2022, this development will elevate the standards of living in one of the most affluent neighbourhoods in the Klang Valley.
“The surrounding residents will also benefit from the significant increase in property value,” he said.
Also present were Pavilion Group deputy chairman Puan Sri Cindy Lim and CPPIB real estate investments Asia director Gilles Chow.