PETALING JAYA (Oct 27): Property development company DK-MY Properties Sdn Bhd is targeting to launch its mixed development project D’Immersione at Dutamas by the end of this year.
DK-MY Properties is the property development arm of DK Group of Companies, which is known for its automotive leather upholstery products marketed through its holding company, DK Leather Corp Bhd.
The project is located on a 3-acre freehold land at Jalan Duta, Kuala Lumpur and has an estimated GDV of RM850 million.
“It will be a mixed development comprising shop units and office suites, one corporate office tower and one block of SoHo (Small-office Home-office) units.
“We target to open the shops, office suites and office tower for sale first, followed by the residential component,” DK-MY Properties managing director Danny Koek shared with EdgeProp.my.
Meanwhile, the group’s DK Impian project is currently open for bookings. The 14-storey 2.4-acre leasehold project is located at Section U5, Shah Alam. It offers a total of 658 SoHo units with built-ups from 592 sq ft to 893 sq ft while prices start from RM312,800 onwards.
The project has a GDV of RM285 million. The maintenance fee is 30 sen psf including sinking fund. There will be over 30 facilities in the development including a sky garden, sky deck, Jacuzzi and infinity pool.
According to Koek, the project is surrounded by ample amenities and great connectivity. “Construction has started and we have received very good response so far. We see there is a market for students or those who are not locals looking for properties to stay there,” he said.
The development is near education institutions HELP University and REAL International School; hypermarkets; shopping malls Star Avenue Lifestyle Mall, Sunway Giza and Citta Mall; and medical centres Ramsay Medical Centre and Tropicana Medical Centre.
“Many of them are paying RM800 to RM900 per month for their rent; they may not even be able to use the kitchen to cook and they may need to share bathrooms with the other tenants.
“However, as most of our units in DK Impian are dual key units, they can have have greater privacy,” said Koek, adding that one can also rent out the other unit for passive income.
Only 10% to 15% of the total units are the conventional 2- and 3-bedroom types to cater to small families.
The development is accessible via the Guthrie Corridor Highway, North Klang Valley Expressway, Federal Highway and the upcoming DASH Highway. It is also located 10 minutes away from two township developments — Ara Damansara and Kota Damansara. DK Impian is slated for completion in 2020.
On the current property market, Koek expects it to improve after the general election.
“It will strengthen business sentiment and boost the overall economy. We believe demand for properties will never diminish, even when the overall market is soft. In fact, when you look deeper, you will realise that affordable housing demand is getting higher.
“A house is needed as a first investment or for future planning. Therefore, our project DK Impian, which falls under the affordable housing price range at RM310,000 onwards for a 2-bedroom unit in a good location with good design and layout, suits current market needs,” Koek explained.
The group has some 45 acres of landbank in the Klang Valley with an estimated GDV of RM4.8 billion.
“We are constantly looking for new pieces of land. We are also targeting to extend our business outside the Klang Valley and overseas as well,” he offered.
This story first appeared in EdgeProp.my pullout on Oct 27, 2017. Download EdgeProp.my pullout here for free.