Leasehold to freehold application? Nice to note.

In a news report in Bernama few days ago, MK Land founder Tan Sri Mustapha Kamal Abu Bakar said applications to change the leasehold status to freehold for houses in Damansara Damai may be forwarded to the state government for consideration. Yea, do note that nothing has been forwarded yet as per the statement but since it is now reported, we can continue to follow this. MK Land’s unit Medan Prestasi was launching the sales the first phase of Residensi Suasana @ Damai condominium. This would be the group’s final project in Damansara Damai.

Total number of units would be 780 units and of the 260 units being offered in first phase, some 65 percent has been taken up. Do note that buyers would still need to have their loans approved.These days, it’s definitely tougher to get loans approved. Total Gross Development Value (GDV) is RM400mil. Currently, a discount of 17% on the normal price of RM450,300 is available for a limited time on Residensi Suasana @ Damai. The condo is located about 800m from the Damansara Damai MRT station, under the MRT Line 2. Full completion of the development is expected to be 2019. MRT Line 2 is expected to be operational by 2021 and 2022. Looks good on paper. Anyway, MRT Sungai Buloh is merely minutes away by drive. That will start soon….

damansara damai reviewHe said Petaling Jaya City Council would be announcing more details on the plans for the four urban parks covering 16.18ha in Damansara Damai. No commercial developments would be built in these four parks. What’s available in Damansara Damai? What are some of the usual reviews? Well, take a look at propsocial.my‘s current review. Yes, McD, KFC, Pizza Hut and even many teh tarik restaurants are available within Damansara Damai. It includes also RM1.20 nasi leak every morning which is considered HUGE in portion and SMALL in price. The negative as per nearly everyone of my colleagues is that there are lots of flats and it’s SO FAR away though none of them could leave their home at 730pm and still arrive in office at 830pm. I could. Happy thinking.

written on 28 July 2016

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4 thoughts on “Leasehold to freehold application? Nice to note.

  1. Damai still under the perception of “too many low-cost apartment” and “filled with all kind of people”.
    I bought a soho there, now I have no idea whether this product are able to fit into Damai populations and the commercial growth. What do you think?

    • Hi TST, Damai will not be the main game changer. It would depend on whether there are cheaper SOHOs in areas closer to the city centre or the offices. Currently, the number of SOHOs which are completed, in stages of completion are many. in other words, if I intend to rent, there are many choices and not just Damai. Completion of MRT Sungai Buloh may help slightly but be prepared to offer fully furnished and slightly lower rental. Damai does not have commercial towers. Perhaps the catalyst may have to come from next door, Sungai Buloh. For that to happen, need to hold and wait. Buying a SOHO for rental is very sifferent from buying a residential unit for own stay. best wishes.

      • The said property was a soho duplex 675 sqt. VP end this year. If I sale, I will let it go at far more cheaper price as compare to the other seller, wanted to exit fast. If for rent, I agreed with you, it needs to be in fully furnish condition, Im prepare to rent at lower price like RM1000 to hold it(As long as it can cover the 80% interest, ) hopefully 10 years later the rental can up to RM2000. I’m seriously in dilemma, to let go or to rent…lol. Whats your view if you were me since you staying there : )

      • Hi TST, sorry, missed this out. If I own that unit, I would quickly establish if there’s really a rental market for it based on similar priced units within 10 minutes from it. If nearby units are all easily rented out, then I would rent out fully furnished and basically hold on. However, if I am eyeing on another unit and this unit could be sold higher than my purchase price, then I would sell and move on.

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