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Just 54 units. GDV of RM348 million. Wow. Where?

You know, if we continue to work and rise up the corporate career ladder, one day we will be able to buy a property which will be in the millions. RM1.99 million is still within the million. Provided we did save most of what we earn lah. Oh yeah, speaking of millions, only RM2 million property and above would qualify as property in the millions. A check online will show that RM2 million properties are really not that uncommon these days.

A prime neighbourhood, landed and it’s definitely within millions. A big-sized condo in a good neighbourhood would already be over a million ringgit, easily… There’s one more coming and it’s also in the millions but I think it’s much closer to double digits versus a single digit million. If you happened to own a home in Damansara Heights today, maybe you will also be happy to note this new development coming up soon by E&O and Mitsui Fudosan.

Article in thestar.com.my Eastern & Orientel Bhd (E&O) and Japan’s largest property developer Mitsui Fudosan Co. Ltd will be building luxury residences in Damansara Heights in a joint-venture. In a statement, E&O said the following:

“The development land enjoys a strategic address within the highly sought after Damansara Heights location and is slated to be developed into three-storey villas/ condominiums totalling 54 units with a GDV of RM348mil.

“The development is expected to be launched in the second half of 2020 and will contribute positively to the earnings of E&O from 2021 onwards.”

The land for which the development will be built will be on a 5,962 sq metres (64,174 sq ft or 1.47 acre) and is being purchased for RM88.33 million.

This was what MFAM managing director Takehito Fukui said about the joint-venture. “The E&O-Mitsui Fudosan partnership that began in 2011 has progressed well and resulted in a track record of successful developments such as The Mews and Conlay. Today, we are ready and very happy to progress to the next level.” Do read the full Article in thestar.com.my

Based on the GDV of RM438 million, the land cost would be 20%. This is considered on the higher end but the land price is also because it’s a small parcel and it’s in an exclusive neighbourhood as well. Actually, I could not find further details on the price per unit but perhaps this is also very early. Anyway, if the track records are to continue, then some of the existing buyers may just get a unit.

We should wait for more details which I will be happy to write about too. Definitely could not afford but can ‘tumpang gembira’ for those who could afford to buy a unit and staying in Damansara Heights which has always been an exclusive neighbourhood. I wonder if any friend who has a unit there will be inviting me over for a cup of coffee too. Happy reading and well, if we could not stay there, we could still visit one of the shops there for a meal and a coffee too. Parking is easier to get in the evenings.

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Next suggested article: Need lots ofluxury good for choices before buying? it’s closer than you think

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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