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Continue Reading ⋅ 30 January 2023
Glomac Centro is a 7.62-acre mixed development located in Kampung Sungai Kayu Ara, Petaling Jaya, tucked in the midst of squatter-like surroundings. The project was launched in 2012, and it comprised both residential and commercial components.
As land becomes more scarce, small-scale developers who enter the scene have turned to converting smaller pockets of land into low- and medium-rise developments. With this development, the main prize is its location.
This area have prime townships as its neighbours – Bandar Utama, Damansara Utama, Damansara Jaya, Mutiara Damansara, and Tropicana.
Glomac Berhad launched the second phase of its mixed commercial development Glomac Centro V in 2015. Both Centro projects are located next to each other. The 7-acre second phase comes with letter ‘V’, sits next to the SPRINT Highway, and will bear a Petaling Jaya Utara address.
The concept for both is fairly similar – with residential units sitting on top of commercial shop offices. The interest in these 2 leasehold projects is its location and future potential.
Centro has a large catchment area just about 500m away, in the form of MKH Berhad’s Pelangi apartments. Known as Pelangi Damansara 2, there are about 1,600 units. Launched in 2000, the units are well occupied.
Plus, the Bandar Utama MRT station will put another positive spin as it is about 1 km from Glomac Centro. However, some would opine that that’s quite a long walk. Next to Pelangi Utama Residences is a single block of 6-storey shop offices known as Dataran Pelangi Utama, where the ground floor units are occupied.
The developer believes that this area has a pent-up demand for price-sensitive residential products. Location is the key and these developments represent one of the few remaining ‘developable’ areas in the PJ-Damansara area.
Address: Jalan Teratai, Kampung Sungai Kayu Ara, 47400 Selangor
Property Type: Mixed Development (Serviced Residence & Shop Offices)
Land Title: Commercial
Land Area: 7.62 acres
No. of Storeys:
- Serviced residence: 29
- Shop offices: 2
Total Units:
- 344 residential units
- 56 shop office units
Tenure: Leasehold
Year of Completion: 2016
Built-up Area:
- Serviced residence: 1,175 sq ft – 1,670 sq ft
- Shop offices: 2,185 sq ft to 3,239 sq ft
Facilities:
- Swimming pool
- Wading pool
- Multi-purpose hall
- Barbeque area
- Jacuzzi
- Gymnasium
- Tennis court
- Children’s playground
Launch Price: From RM596,700
Launch Price Per Sq Ft: About RM500 psf (residence) / RM776 psf (shop offices)
Maintenance Fee: RM0.20 psf (residence) / RM0.25 psf (shop offices)
Project Details
Glomac Centro is a mixed development consisting of 2-storey shop offices, and 29-storey serviced apartments. It is located in the well-established location near the well-planned Bandar Utama.
The 56 units of shop offices feature corporate modern office concept with full glass windows and wide frontage of 25 feet. The built-up sizes for the shop offices range from 2,185 sq ft to 3,239 sq ft.
As for the residential units, there are 344 units with built-ups ranging from 1,175 sq ft to 1,670 sq ft. The wide lobby entrance, and double-volume ceiling, lend a nice feel overall.
Key pointers for Glomac Centro:
- High capital appreciation with growing rental demand
- Kitchen cabinet with hood and hob (dry kitchen)
- Strategic location with easy accessibility, and amenities
- Air-conditioners in bedrooms and living room
- Each unit comes with at least 1 parking lot
- 3-tier security system with panic buttons
Maintenance fee is 20 sen per sq ft for the apartments, and 25 sen for the shop offices. Phase 1’s shop offices come with 2 carpark lots, with the option of purchasing additional lots.
Phase 1 was launched in 2012, when property prices were running rather high. It has a gross development value (GDV) of RM382 million (RM264 million for serviced apartments and RM118 million for the shop-offices). Phase two (Glomac Centro V) offers more amenities, and in terms of size, the residential units in phase 1 feature larger built-up areas from 1,175 sq ft to 1,670 sq, compared to phase 2 with units from 560 sq ft to 1,100 sq ft.
|
Unit Types |
Built-Up |
Launch Price |
|
Type A |
· 1,175 sq ft · 3 bedrooms · 2 bathrooms · 1 powder room · Balcony |
From RM596,700 |
|
Type B |
· 1,279 sq ft · 3 bedrooms · 2 bathrooms · 1 powder room · Balcony |
|
|
Type C |
· 1,423 sq ft · 3 bedrooms · 1 utility room · 3 bathrooms · 1 powder room · Balcony |
|
|
Type D |
· 1,670 sq ft · 3 bedrooms · 1 utility room · 3 bathrooms · 1 powder room · Balcony |
Location
Glomac Centro is in a sweet spot, as it is surrounded by the established neighbourhoods of Bandar Utama, Taman Tun Dr. Ismail, Damansara Utama, and Mutiara Damansara.
This also means that the development is surrounded by a comprehensive list of amenities. Everything one needs would be a short walk, or drive, away.
Tenants and residents will have quick access to major highways such as SPRINT Highway, New Klang Valley Expressway (NKVE), and Lebuhraya Damansara-Puchong (LDP). The MRT station at Sri Pentas is about 1.5km away (8 to 10 minutes’ walk).
Here’s an estimate of the distances to popular areas:
- Bandar Sunway: 5 km
- TTDI: 5 km
- Mont’ Kiara: 5 km
- KL city centre: 16 km
Across the SPRINT Highway, there is another shop-office block known as 10 Boulevard. It has 4 blocks of 6- and 7-storey shop offices. That development has good frontage, but some would add that it doesn’t have a catchment population like Glomac Centro.
Accessibility
- 1 Utama MRT station
- Lebuhraya Damansara-Puchong (LDP)
- SPRINT Highway
- New Klang Valley Expressway (NKVE)
- Penchala Link
- Duta-Ulu Kelang Expressway (DUKE)
Education
- Sri KDU / KDU International Schools
- First City University College
- The British International School of Kuala Lumpur
- Joseph’s Institution International School Malaysia
- Garden International School
- Wawasan Open University, Bandar Utama
- SJK (C) Puay Chai (2)
- SJK (C) Damansara
- SRK Bandar Utama
- SMK Bandar Utama 2 & 3
- SMK Damansara Utama
- SMK Taman Tun Dr Ismail
Medical Care
- KPJ Damansara Specialist Center
- Tropicana Medical Center
- Columbia Asia Hospital, Petaling Jaya
Shopping
- 1 Utama Shopping Centre
- IKEA Damansara
- The Curve
- IPC Shopping Centre
- TESCO Mutiara Damansara
- The Starling Mall
- Atria Shopping Centre
- Centrepoint Bandar Utama
- Glo Damansara
- 3 Damansara
Recreation
- Central Park, Bandar Utama
- TTDI Park
- Mutiara Damansara Recreational Park
- KL Golf & Country Club (KLGCC)
- Tropicana Golf & Country Resort
- Kelab Golf Seri Selangor
- The Club, Bukit Utama
Analysis
Glomac Centro’s proximity to established townships offers residents and business owners access to a wide range of amenities, including colleges, universities, malls, hospitals, and hotels.
The development is easily accessible via Bandar Utama and New Klang Valley Expressway (NKVE), and its shop offices could appeal to businesses that are looking for alternatives that has a good catchment area, but away from crowded (and more expensive) places such as Damansara Uptown. Glomac Centro is also about 15 minutes from the Bandar Utama MRT station.
While Glomac Centro has its pull factors, one must also accept the surrounding squatter-like environment. Moving the occupants will not be an easy task, as some are already relatively entrenched in that area.
Available listings in PropertyGuru in January 2021 show that the asking monthly rental for 1,175 sq ft units are from RM1,800 to RM2,100, while purchase prices are asking from RM599,000 to RM722,000.
For units purchased at RM620,000, and rented out at RM1,900 per month, the gross rental yield would be 3.68% per annum.
Here’s a look at residential properties close to Bandar Utama.
|
Project |
Land Tenure |
Property Type |
Completion |
Built-up |
Approximate Launch Price |
|
Glomac Centro by Glomac Berhad |
Leasehold |
Serviced Residence |
2016 |
1,175 sq ft – 1,670 sq ft |
From RM596,700 |
|
Leasehold |
Serviced Residence |
2019 |
560 sq ft – 1,100 sq ft |
From RM589,680 |
|
|
Freehold |
Condominium |
2012 |
2,286 sq ft – 4,719 sq ft
|
From RM1,250,000 |
|
|
Pelangi Utama by MKH Berhad |
Leasehold |
Condominium |
2006 |
920 sq ft – 1,137 sq ft |
From RM190,800 |
|
1 Bukit Utama by Bandar Utama Development Sdn Bhd |
Freehold |
Condominium |
2005 |
1,981 sq ft – 2,000 sq ft |
From RM950,000 |
|
Leasehold |
Serviced Residences |
2019 |
862 sq ft – 2,218 sq ft
|
From RM 857,650
|
Summary
Apart from Glomac Centro, Glomac Berhad’s completed developments include Galleria @ Cyberjaya (commercial), Q1 Condominium at Bandar Tasik Permaisuri, and Aman Putri (integrated township) at Sungai Buloh, among others.
Current developments are Nido Gardens (1½-storey town suites) at Kundang, Rawang, and Plaza @ Kelana Jaya (serviced apartment). The developer’s focus remains on the mid-market and affordable segments, while new launches comprise a mix of affordable high-rise such as GreenTec Puchong, and landed residential projects at Saujana Perdana in Sungai Buloh and Saujana KLIA in Sepang.
Over the longer term, the developer plans to continue to pace its new launches by leveraging on a strong development portfolio with a potential estimated gross development value of RM8 billion that will sustain the group for the coming years.
Here are estimated loan figures for a Glomac Centro residential unit with built-up 1,175 sq ft priced at RM620,000.
- LTV / margin of finance: 90%
- Down payment (10%): RM62,000
- Loan amount: RM558,000
- Loan term: 30 years
- Interest rate: 3.2%
- Monthly repayment: RM2,413
- Approximate required gross annual income: RM97,000*
* Assumptions: No other monthly debt obligations, with 30% of gross income spent on home loan. As a rule of thumb, banks usually loan up to 30% of your gross annual income.
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