KUALA LUMPUR (May 7): ParkCity Property Holdings Sdn Bhd and CapitaLand Ltd are set to launch their first joint venture (JV) development, Park Regent, a premium condominium project at Desa ParkCity here.

The 5.6-acre project, to be developed by the 50-50 partnership, will have 505 units across two towers, which the partners aim to start selling from the third quarter of this year. 

The development offers residents the unique opportunity to live by the waters of the famed Desa ParkCity Lake, whilst enjoying stunning views the area’s parklands, ParkCity said in a statement today.

“This joint-venture with CapitaLand will see us deliver on this commitment to value at a completely new level, as it brings together the experience, expertise and proven track record of two major property developers in the region,” said ParkCity Group chief executive officer (CEO) Datuk Joseph Lau.

“Park Regent will feature spacious, well-detailed homes that embrace the best views at Desa ParkCity, complemented by amenities to meet the evolving needs of a diverse group of homeowners, from empty-nesters to families. With details such as private lift lobbies for larger units, powder rooms in every home, as well as beautifully-appointed kitchens, we are confident Park Regent will become an address that stands the test of time,” Lau added.

In the same statement, CapitaLand Singapore, Malaysia, and Indonesia CEO Ronald Tay said CapitaLand is delighted to partner with ParkCity to jointly develop Park Regent, which he described as “a unique development that taps into our extensive track record in developing and building architecturally excellent homes”.

Desa ParkCity, which occupies a 473-acre site, was launched by ParkCity in 2002. It is a master planned development, which features homes, as well as public spaces such as lakes and parks.