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Continue Reading ⋅ 30 January 2023
Damai Hillpark @ Cheras is a freehold development by CTM Realty Sdn Bhd, which was completed in 2015. It is located at Bandar Damai Perdana in Cheras South. The 3.95-acre freehold project was marketed as country-style living that’s just minutes from the city. Units are planned well for practical living.
Living in Cheras South equates to conveniences such as shops, commercial hubs, schools, and accessibility are within a short walk or drive away. Earlier developments in Cheras South were mostly landed homes or low and medium-cost homes to cater to the factories’ workers in Balakong.
As land gets more scarce, the area has seen more higher-end high-rise residences that cater to the middle-income group. These projects can be found in different parts of Cheras South.
Some of these projects have lent to the increase of property prices for existing projects, with more amenities popping up to cater to the younger demographic segment who grew up in nearby and older areas, and they now prefer to live in Cheras South.
Address: Bandar Damai Perdana, 56000 Cheras South, Selangor
Developer: CTM Realty Sdn Bhd
Property Type: Serviced Apartment
Land Title: Commercial with HDA
Land Area: 3.95 acres
No. of Blocks: 2
No. of Storeys: 20
Total Units: 420
Tenure: Freehold
Year of Completion: 2015
Built-up Area: 1,020 sq ft – 1,070 sq ft
Facilities:
- Observation deck
- Sky garden
- 3 BBQ pavilion
- 2 Reflected pools
- Kid’s pool
- Sunken sun deck
- Swimming pool
- Yoga deck
- Floating gym
- Dining pavilion
- Kids’ playground
- Foot reflexology
- Exercise deck
Launch Price: From RM455,000
Launch Price Per Sq Ft: From RM440 per sq ft
Maintenance Fee: RM0.22 per sq ft
Project Details
Damai Hillpark consists of 2 blocks, with a total of 420 units. Units have built-up areas ranging from 1,020 sq ft to 1,070 sq ft, and there are 15 units per floor.
The development offers a nice list of facilities, including an observation deck, sky garden, 3 BBQ pavilion, 2 reflected pools, swimming pool, exercise deck, reflexology path, yoga deck, dining pavilion, floating gym, and more.
Depending on where the units face, residents will enjoy views of KL, Damai Square, Damai Garden or Cyberjaya.
The breakdown of levels are:
- Ground & 1st Floor: Shop offices
- 2nd to 6th Floor: Car park
- 7th to 20th Floor: Residential units
As for security, card access is required to enter the lobby, lift lobby and car park.
During the launch, there was a developer package that encompassed free legal fees for SPA and loan agreement, 2 free car park, fitted bathroom, and timber flooring for all bedrooms. Bumiputera discount was 10%, while non-bumi purchasers were offered 5% rebate upon release of second payment.
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Unit Types |
Built-Up |
Launch Price |
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Type A |
· 1,020 sq ft · 3 bedrooms · 2 bathrooms · Balcony |
From RM455,000 |
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Type B |
· 1,050 sq ft · 3 bedrooms · 2 bathrooms · Balcony |
|
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Type C |
· 1,070 sq ft · 3 bedrooms · 2 bathrooms · 1 utility room · Balcony |
|
|
Type D |
· 1,020 sq ft · 3 bedrooms · 2 bathrooms · Balcony |
|
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Type E |
· 1,020 sq ft · 3 bedrooms · 2 bathrooms · Balcony |
|
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Type F |
· 1,020 sq ft · 3 bedrooms · 2 bathrooms · Balcony |
Location
Damai Hillpark @ Cheras is situated along the bustling corridor of Bandar Alam Damai – Bandar Damai Perdana, which is a bypass of Cheras centre to Cheras South and Seri Kembangan’s prime area. It is also accessible via 6 major highways, as listed below.
The freehold development is located near many amenities, including Giant hypermarket, and AEON BiG, and Jusco. There is also Damai Square 2 which has a private market and commercial complex, offering a plethora of amenities.
There are several schools in the area, including SK Alam Damai, SMK Bandar Damai Perdana, SK Desa Baiduri, SRJK © Connaught (C) and SRJK (C) Bandar Damai Perdana 2. Slightly further off sits UCSI University.
The area that borders Kajang was renamed as Cheras South (also known as Balakong) after the opening of the then Jusco Cheras Selatan in 2016. Cheras South is located next to Bandar Sungai Long, and about 20 minutes away from the KL city centre.
Accessibility
- Sungai Besi Expressway (Besraya)
- Kajang Dispersal Link Expressway (SILK)
- Sungai Besi–Ulu Klang Elevated Expressway (SUKE)
- Cheras-Kajang Highway (Grand Saga)
- KL-Seremban Expressway
- Middle Ring Road 2 (MRR2)
- Taman Connaught MRT station
Education
- SK Alam Damai
- SMK Alam Damai
- SK Desa Baiduri
- Sekolah Islam Integrasi Tahfiz As Syakirin
- SRJK (C) Connaught II
- SRJK (C) Bandar Damai Perdana 2
- UCSI University
Medical Care
- Columbia Asia Hospital
Shopping
- Market @ Damai Square 2
- Commercial complex @ Damai Square 2
- The Mines Shopping Mall
- Wet market
- Giant (Taman Connaught)
- AEON Cheras Selatan
- AEON Big Bandar Tun Hussein Onn
- IKON @ Connaught
Recreation
- Besi Forest Reserve
- Mines Golf Course
- Selangor Turf Club
- Bandar Alam Damai recreational park
Analysis
Upon its launch, interested buyers wondered whether the development would be completed because the developer was deemed as a small or new player in the industry. Damai Hillpark was their first project.
However, some pointed out that the main contractor of the project was CNQC International Holdings Ltd, which is listed on the mainboard of Hong Kong Stock Exchange, and have worked on various projects internationally. Safe to say, the project completed in 2015.
The plus points for Damai Hillpark are that units come with high ceiling, are partially furnished, has a big balcony, and of course, located in a mature area. It is also located near the Sungai Besi Forest Reserve, which would serve as a green lung for the area.
What could be construed as a downer is that the property has a commercial title. As for the shop lots on the lower floors, those are not managed by the developer, and that could mean a lack of quality control on the types of retail tenants.
In 2019, Kuala Lumpur City Hall (DBKL) investigated cracks that appeared at several houses in Bandar Damai Perdana, believed to be caused by rock blasting activities at 2 nearby project sites.
Available listings in PropertyGuru in March 2021 show that the asking monthly rental for 1,020 sq ft units are from RM1,100 to RM1,300, while purchase prices are asking from RM460,000 to RM520,000.
For units purchased at RM460,000, and rented out at RM1,200 per month, the gross rental yield would be about 3.13% per annum.
Here’s a quick look at residential properties in Cheras.
|
Project |
Land Tenure |
Property Type |
Completion |
Built-up |
Approximate Launch Price |
|
Damai Hillpark @ Cheras by CTM Realty Sdn Bhd |
Freehold |
Serviced Apartment |
2015 |
1,020 sq ft – 1,070 sq ft |
From RM455,000 |
|
Angkasa Condominiums by Connaught Heights Sdn BhdAngkasa Condominiums by Connaught Heights Sdn Bhd |
Freehold |
Condominium |
2006 |
920 sq ft – 1,000 sq ft |
N/A |
|
Leasehold |
Condominium |
2015 |
1,142 sq ft & 1,364 sq ft |
From RM245,000 |
|
|
Freehold |
Condominium |
2015 |
973 sq ft – 1,457 sq ft |
From RM340,000 |
|
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Shamelin Star by Landmark Zone Sdn Bhd (subsidiary оf Enrа Grоuр Bеrhаd) |
Leasehold |
Serviced Residence |
2016 |
774 sq ft – 1,587 sq ft |
From RM665,000 |
|
Freehold
|
Serviced Apartment |
2017 |
596 sq ft – 1,240 sq ft |
From RM563,000 |
|
|
Freehold
|
Apartment |
2019 |
1,130 sq ft – 4,670 sq ft |
From RM650,000 |
|
|
Freehold
|
Serviced Apartment |
2018 |
624 sq ft – 888 sq ft
|
From RM805,000 |
|
|
Leasehold |
Serviced Apartment |
2020 |
807 sq ft – 1,356 sq ft
|
From RM1,103,440
|
|
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Freehold
|
Condominium |
2021 |
840 sq ft – 1,195 sq ft |
From RM566,000
|
Summary
CTM Realty Sdn Bhd was incorporated in 1995 with a keen interest to acquire land for industrial, retail, commercial and residential developments.
The company acquired the freehold 3.95 acres and obtained conditional approval for a mixed development comprising 2 storeys of shop/office and 420 units of service apartments, with a gross development value (GDV) of RM270 million.
Apart from Damai Hillpark, the developer has 2 other projects – Taman Mutiara Barat, and Taynton View Hotel, both in Cheras.
If you’re interested in a 1,020 sq ft unit at Damai Hillpark priced at RM460,000, here are its estimated loan figures.
- LTV / margin of finance: 90%
- Down payment (10%): RM46,000
- Loan amount: RM414,000
- Loan term: 30 years
- Interest rate: 3.2%
- Monthly repayment: RM1,790
- Approximate required gross annual income: RM72,000*
* Assumptions: No other monthly debt obligations, and 30% of gross income spent on the home loan. As a rule of thumb, banks usually loan up to 30% of your gross annual income.
Calculations are based on the PropertyGuru Home Loan Calculator, and PropertyGuru Home Loan Eligibility and Affordability Calculator. Try them to estimate the figures that are right for you!
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