By THE STAR
More than 90% of the 260 shop offices in The Strand Damansara have been sold since its launch in October 2005.
Encorp Bhd CEO Yeoh Soo Ann is pleased that the first phase shop offices that were originally sold at RM1.088mil each had appreciated more than 30% in value. The latest launch was sold for between RM1.8 mil and RM1.9mil.
Despite the price increase, he said, the demand continued to be strong with many repeat buyers. The facade and quality finishes were among the selling points.
The 45-acre leasehold development with a gross development value (GDV) of RM1bil comprise shop offices, business suites, service apartments, shopping mall and office towers. The project, designed by French architect, Nicolas Ayoub, has al fresco dining along the main cobble-stoned boulevard.
“There is no such commercial or dining area in Kota Damansara but there is demand for such a concepts,” Yeoh said, adding that the shop offices would be completed within 15 months instead of the usual 18 to 24 months.
The mall, apartments and office towers will be launched in the third quarter of this year and construction to begin by year-end. The entire project is scheduled for completion by 2011.
Its other project, the residential 209-acre Cahaya Alam has a GDV of RM700mil and will comprise 2,414 units of linked and semi-detached houses, shop offices, apartments and flats. It is scheduled for completion in 2015.
In April, Encorp’s subsidiary Encorp Must Sdn Bhd partnered with Indi Makmur Sdn Bhd and Lunarhati Sdn Bhd to develop two parcels of land into a mixed development.
“It will be a niche, high-end development comprising bungalows and commercial projects on 47 acres. It is located near the Bukit Cerakah Forest Reserve and will be launched early next year,” Yeoh said.