As the world adapts to a new normal, there is increased optimism for the local economy as well as the property market in 2022.
Respondents in a recent Real Estate and Housing Developers’ Association Malaysia (REHDA) survey are hoping that herd immunity will help accelerate the property market recovery in the first half of next year.
For affluent residential areas such as Damansara Heights, one of Kuala Lumpur’s most exclusive residential enclaves, brighter days are on the horizon.
Here’s why Damansara Heights continues to stand the test of time.
1) An enduring and elite address
Damansara Heights is much sought after by the crème-de-la-creme of Malaysians, and expatriates alike. Sprawling bungalows, villas, and other luxury residences fill the landscape of this exclusive enclave. Purchasers have been consistently drawn to this low-density neighbourhood due to its expansive landed residences and limited high-rise buildings.
The area shelters residents from the hustle and bustle of the city, while being cocooned by ample serenity and lush greenery. In fact, Lonely Planet named Damansara Heights as one of the World’s Top 10 coolest neighbourhoods, alongside New York City’s Sunset Park district, Tooting in London, and Business Bay, Dubai.
According to Aegis property director who’s also a specialist in Damansara Heights, Shawn Fernandez, residents at Damansara Heights are mainly owner-occupiers, and most buyers are existing residents who are looking to either own a property or buy a bigger place in the current market, especially with borrowing rates remaining low.
“It is worth pointing out that over the last 3 economic slowdowns, market activity in Damansara Heights showed a steep climb (both in transactions and prices), as soon as the economic woes were over,” he said.
2) Moving around with utter ease
The conveniences that this locality offer is clearly a major pull factor. Apart from being sandwiched by upscale neighbourhoods, Damansara Heights is also in a sweet spot between Kuala Lumpur and Petaling Jaya. The area sits in a prime location that’s close to KL city centre and other popular haunts like Bangsar, Bukit Tunku and Mont Kiara.
Residents at Damansara Heights also enjoy excellent connectivity via SPRINT Expressway. Easy access to public transport at the Pavilion Damansara Heights MRT Station on Line 1 provides a convenient link to the city Centre and Kuala Lumpur International Airport (KLIA).
3) Where prestige and convenience converge
From renown institutions like the Cempaka International School to recreational clubs like Bukit Kiara Equestrian & Country Resort, and of course a plethora of eateries in the area, many trendy brands have found home in the vicinity.
The locale is also surrounded by numerous shopping malls including Plaza Damansara, Plaza Batai, and Damansara City Mall. What’s more, the upcoming Pavilion Damansara Heights integrated development will add another 1 million sq ft of net lettable retail space and feature a 500 meter gastronomic gourmet boulevard.
4) Resilient outlook despite the pandemic
In a recent report, Knight Frank pointed out that in the secondary market, the locality of Damansara Heights is the only exception where selected schemes monitored registered higher average prices (on a per sq ft basis) in H1 2021 when compared to H2 2020.
The research consultancy also noted that asking rentals in certain localities including Damansara Heights remained in positive territory.
“We expect 2022 to see moderate to fair price increases for landed properties in Damansara Heights. For the rest of 2021, there will be transactions which will mop-up current existing stock, which will reduce supply and thereby allow price to revise upwards. The second half of 2021 has seen several transactions of existing properties in Damansara Heights. This will continue for all levels of properties in the locality and will involve both strata and landed properties,” Fernandez tells PropertyGuru.
5) A much-awaited project
One catalyst that is expected to support the demand and price growth of properties in Damansara Heights is Pavilion Damansara Heights.
Corporate offices, spread out over 9 towers in the integrated development with a lifestyle mall, are fully sold. Meanwhile, three blocks of luxury residences offering 1,314 units in total, have seen robust sales recording an encouraging take-up of over 70%.
The new residential towers in Phase 2 are expected to launch in 2023.
Fernandez opines that mega projects such as Pavilion Damansara Heights is a worthy investment as prices of strata developments with access to a mall have consistently remained firm, with good rental yields.
“One only need to look at the appreciation of the condominiums in the Mid Valley area to understand this. The added advantage that the Pavilion development has is the corporate towers within the development and the walking distance to the MRT station. So, not only will one have connectivity, accessibility, and convenience, but also an aspirational address,” Fernandez shares.
Save more when you partake in the Home Ownership Campaign (HOC)
Those looking to purchase a luxury residence in a coveted address with the potential for solid appreciation may want to consider securing a unit through HOC. But you’d have to hurry as HOC ends soon!
To be eligible for the exemptions and discount, the Sale and Purchase Agreement (SPA) must be stamped between 1 June 2020 and 31 December 2021. So, there’s still a few weeks left for those wanting to call Pavilion Damansara Heights home.
Check out Pavilion Damansara Heights’ listings here!