CapitaLand, ParkCity condo project in Kuala Lumpur over 70% sold

MORE than 70 per cent of the units at Park Regent - a joint-venture (JV) freehold residential development in Kuala Lumpur by mainboard-listed CapitaLand and Malaysia's ParkCity Group - have been sold.

Homebuyers have snapped up more than 353 of the total 505 units at an average of RM1,100 (S$365) per square foot, as at 6pm on Sunday, after the priority launch weekend.

Malaysians made up 80 per cent of the buyers so far, CapitaLand said in a media statement on Tuesday.

Prices start from RM860,000, and apartment sizes range from 872 square feet (sq ft) for a one-bedroom unit, to 4,887 sq ft for a spacious four-bedroom apartment.

Park Regent is scheduled for completion in 2023.

Located in the Desa ParkCity township, the twin-tower residential development overlooks a scenic lake and is close to dining and retail outlets as well as international schools.

Kuala Lumpur City Centre, the Petronas Twin Towers, and the city's new business district, Tun Razak Exchange, are a 25-minute drive away.

Park Regent was designed by Serie+Multiply, which is a JV between London-based Serie Architects and Singapore-based Multiply Architects.

All its apartments will come with balconies, while the larger three-bedroom and four-bedroom units will also come with private lift lobbies. The condominium will have a sky garden and an infinity pool.

Desa ParkCity is home to an international community of around 16,000 residents. Eight out of 10 of these residents are Malaysians, while the others are of a wide range of nationalities, according to Joseph Lau, chief executive of ParkCity.

"(Park Regent has) a strong following among buyers and a sought-after address - which is what makes us confident about launching a new development even in a soft property market," he noted.

Ronald Tay, chief executive of CapitaLand Singapore, Malaysia and Indonesia, residential and retail, said: "The keen interest from homebuyers attests to the development's attractive qualities - well-designed homes; excellent location within one of the most coveted neighbourhoods in Malaysia's capital; and supported by a host of community amenities and green spaces."

"We are confident that Park Regent will continue to see strong sales interest both locally and internationally," Mr Tay added.

CapitaLand's portfolio in Malaysia spans retail, residential, lodging and business parks.

Shares of CapitaLand were trading at S$3.64 as at 2.05pm on Tuesday, up one cent or 0.275 per cent.