THE golden triangle of north Petaling Jaya, covering Damansara Perdana, Mutiara Damansara and Bandar Utama, is fast turning into one of the most robust residential and retail hubs in the Klang Valley.
Busy construction activities can be seen everywhere in the corridor, which covers more than 2,200 acres, as the area continues to attract buyers and retailers who see strong potential in this “happening place.”
Properties in the townships here, including Damansara Perdana's condominiums by MK Land Holdings Bhd subsidiary Saujana Triangle Sdn Bhd and Mutiara Damansara's homes by Boustead group's SCB Developments Bhd, have drawn greater interest.
See Hoy Chan Holdings group, which has completed 5,000 residential and commercial properties in Bandar Utama, is looking to add new residential and commercial precincts in its flagship development.
Among the new components planned for the 1,000-acre township are a 468-room hotel, 600,000 sq ft office building, a retirement village, and a medical centre.
The neighbouring Sunway Damansara's mixed development project had also reported brisk sales.
Developers have come out with new concepts and product themes to attract buyers to their schemes.
To attract the young and professional buyers, Damansara Perdana, on 750 acres, was being positioned as the first e-lifestyle township in the country, with broadband intranet and wireless features to connect all the homes, shops, offices and shopping precincts in the township.
The Metropolitan Square will boast the first wireless residential project with broadband wireless fidelity (wi-fi) access in all its residential units, offices and retail outlets. The project, featuring 1,673 condominiums, 60 retail lots and 127 office suites, is earmarked for completion in September 2006.
Saujana Triangle chief operating officer Peter Chan said most of the buyers were attracted to the vibrancy of the neighbourhood as they regarded this place as the “most happening.”
“There is a strong interest for properties in this corridor in recent months. With the neighbouring areas, including Bandar Utama and Mutiara Damansara, offering only houses priced above RM500,000, our condominiums priced from RM200,000 to RM390,000 are considered good buys for those seeking a home in a resort-style and high-tech environment,” he told StarBiz.
So far this year, Metropolitan Square grossed sales of RM90mil, which according to Chan was rather surprising as the period, with the long festive holiday, had traditionally been quiet months for developers.
The project would feature a total of 1,673 condominiums, with built-up areas from 873 to 1,420 sq ft, in six blocks.
Chan said the price of the remaining five blocks of condominiums would be increased to around RM350 per sq ft from RM250 when the first block was launched last October. The second block is set for launch in April.
The 360-acre Mutiara Damansara is also undergoing rapid development with 2,000 residential units planned for the township.
Since the project's launch four years ago, land for residential properties in Mutiara Damansara have appreciated and are expected to hit RM183 per sq ft compared with RM50 per sq ft previously.
The corridor would soon be the favourite haunt for entertainment, shopping and food with the completion of the many retail complexes here.
The largest Ikea in Asia, Tesco hypermarket and the newly extended 1-Utama with Giant hypermarket as an anchor) are among the big retailers which have made their debut in the area. The Ikano Power Centre, a new one-stop shopping mall by Ikea, is also another attraction.
In October, the Curve, a lifestyle shopping mall developed by the Boustead group, will add further vibrancy to the area.
Showcasing the biggest fashion mall in the Klang Valley with 166 fashion stores of the 307 stores in the mall, it is set to become a big crowd puller from near and far. There will also be an air-cooled alfresco mall featuring 79 food and beverage outlets.
For entertainment, Cathay Cineleisure offers 20 cineplexes, nightspots and a 60-lane bowling alley, the largest in Malaysia.
The Curve, expected to be ready by the year-end, would also have a bookstore and a department store as mini tenants.
“We look at all the ongoing development, especially the commercial and retail hub, as complementing our development as they have turned this corridor into a sought-after address,” Chan said.
The timely opening of the Sprint Expressway Penchala link today, six months ahead of schedule, would add further impetus to the vibrant growth of the area.
The expressway, which connects the Middle Ring Road 1, is linked to Bandar Damansara Perdana right up to Mont'Kiara, Sri Hartamas and Jalan Duta.
It is also linked with other new developments via two flyovers across the New Klang Valley Expressway (NKVE) to connect with Kota Damansara and Sungai Buloh.
MK Land will be building a 5.5km link, costing RM15mil, to directly connect Damansara Perdana to the expressway, which will cut the travelling time from the township to the city by about half. The link is expected to be ready by June next year.
Chan said that the highway connection provided by Sprint, Damansara Puchong Expressway and New Klang Valley Expressway would make Damansara Perdana and the surrounding development “the hottest commercial hub” in Petaling Jaya.
“The completion of the Sprint highway will bring this place closer to the other vibrant neighbourhoods such as Mont'Kiara and Sri Hartamas,” he added.