Getting the right mix

Malaysian Business, Sep 16, 2001

MUTIARA Damansara in Petaling Jaya has the makings of a premier property

development. Its location alone is a huge plus. Taking shape on 144

hectares of freehold land (formerly an oil palm plantation) between Kuala

Lumpur and Port Klang, the integrated township is within one of the Klang

Valley's foremost commercial areas.

Its neighbours include the affluent suburbs of Bandar Utama, Taman Tun

Dr Ismail, Bandar Sri Damansaara and the Tropicana Golf & Country Resort.

Thesea are highly populated and offer a range of conveniences and

amenities. Also coming up nearby are the townships of Kota Damansara

(which includes Sunway Damansara) and Damansara Perdana.

In addition, Mutiara Damansara will be easily accessible via several

highways, such as the Lebuhraya Damansara-Puchong, Shah Alam Expressway,

North Klang Valley Expressway and Sprint Expressway. A 30.5m spinal road

will be built as a link to these road networks.

Another factor likely to make Mutiara Damansara a success is its blend

of residential and commercial properties. The township will be developed

over eight years. Upon its completion in 2008, it will have 2,720

residential and commercial units.

The centrepiece commercial project is The Curve, a boulevard featuring

more than 100 shops, offices and restaurants. Surrounding it are three

anchor tenants - an Ikea store, a Tesco hypermarket and the Cineleisure

Damansara entertainment complex. The nature and scale of these projects

have already drawn quite a bit of attention.

It was reported last November that RM300 million would be spent to build

the Ikea outlet on a 5.3ha site. Mutiara Damansara developer Mutiara Rini

Sdn Bhd sold the land for about RM56.4 million. With a floor space of

about 270,000 sq ft, the new store will be Ikea's largest in Asia.

Last February, it was announced that Mutiara Rini had entered into a

sale and purchase agreement to sell 3.3ha of land to Tesco Stores

(Malaysia) Sdn Bhd for RM45 million.

With an expected built-up of 271,300 sq ft, Cineleisure Damansara will

comprise an array of family entertainment and lifestyle-related retail and

food and beverage outlets. It will be constructed on a 1.5ha plot. Other

commercial developments in Mutiara Damansara will include a hotel, and

retail and office lots.

Residential units will comprise both landed and flatted developments

such as bungalow lots, bungalows, double-storey terrace houses, semi-

detached houses and condominiums. To create a wholesome living

environment, the spinal road will separate the residential area from the

commercial sector.

The township's amenities and facilities will include shops, a primary

school, a police station, a multi-purpose hall, kindergartens and a food

centre.

Among the residential units which have been launched are the MD1, MD2,

MD3, MD5 and MD6 homes. These are all double-storey terrace houses - MD1

and MD2 also have 2 1/2-storey units - which come with an air- conditioner

for each master bedroom and a solar heater.

The built-up areas for MD1, MD2 and MD3 range from 1,892 sq ft to 2,312

sq ft. Prices start at RM409,000 and go up to RM675,000. The MD5 and MD6

homes have built-up areas of 1,655 sq ft to 1,751 sq ft, and cost between

RM350,000 and RM542,000.

Mutiara Rini is a subsidiary of Boustead Holdings Berhad (which is

listed on the Kuala Lumpur Stock Exchange main board) and a member of the

Lembaga Tabung Angkatan Tentera Group.