PETALING JAYA (Feb 24): Glomac Bhd will launch its serviced apartment project in Mutiara Damansara next month at an average price of RM750 per sq ft.
The developer anticipates a good response to the development dubbed Reflection Residences after receiving more than 800 registrants during a recent preview of the project, said a Glomac spokesman.
"The crowd during the preview was overwhelming. More than 300 people had to line up to register and to find out more about the project as they were seriously interested in buying the units."
The 38-storey Reflection Residences comprises 299 units on 2.6 acres (1.04ha) of freehold commercial land and commands a gross development value of RM270 million.
There are four types of units with sizes ranging from 1,092 sq ft to 1,621 sq ft. Prices for the units start from RM750 psf to RM866 psf. The project also has 10,000 sq ft of retail space which the developer has no plans to sell.
"With the great response during the sneak preview, we expect the outlook to be positive due to the well-known location and the surrounding amenities," said the spokesman.
The project is located near the Mutiara Damansara retail strip of Tesco, The Curve and IPC shopping centre. Reflections Residences faces the LDP highway. Surrounding it are corporate office buildings
The facilities for residents include a swimming pool, tennis court, children's pool, playground, barbecue pit, gym, steam room, sky lounge, a children's nursery, games room, surau and multipurpose hall.
The units have been designed with a modern contemporary facade with transparent glass walls.
Besides its location, the developer is also bullish about the prospects for the project in the area as there is limited supply of high-rise residences.
"There is a limited amount of high-rise residentials in Mutiara Damansara as most of the developments are landed or commercial buildings," she said. "Apart from that, neighbouring Damansara Perdana and Mont'Kiara are quite congested, hence we foresee the spillover of buyers or tenants from these places. Thus, we believe there is strong potential for capital appreciation and rental returns from units here," she says.
The target markets for the project include upgraders, investors and young professionals. The development is expected to be completed three years from the SPA date.
Established in 1988, Glomac is involved in real estate including property investment, construction, property management and car park management. Glomac is currently developing Glomac Damansara and Glomac Cyberjaya II.