CapitaLand-ParkCity joint venture sells more than 70 percent of residential development

Crowds at the launch of the Park Regent development in Kuala Lumpur, Malaysia. The development is a joint venture between CapitaLand and ParkCity. Credit: CapitaLandCrowds at the launch of the Park Regent development in Kuala Lumpur, Malaysia. The development is a joint venture between CapitaLand and ParkCity. Credit: CapitaLand

Park Regent, a joint venture residential development between CapitaLand and Malaysia’s ParkCity Group, sold more than 70 percent of the Kuala Lumpur project’s 505 units after the priority launch on Saturday and Sunday, the developers said in a press release Tuesday.

The development, located in the Desa ParkCity township, sold units at an average 1,100 ringgit per square foot (S$365 or US$267), the statement said.

Prices for units started from 860,000 ringgit, with apartment sizes ranging from 872 square feet for a one-bedroom unit to 4,887 square feet for a four-bedroom apartment, the developers said. All of the apartments have balconies, while the three- and four-bedroom units have private lift lobbies, the developers said.

“We are very encouraged by the positive response to Park Regent,” Ronald Tay, CEO of CapitaLand Singapore, Malaysia and Indonesia, residential and retail, said in the statement.

“The keen interest from homebuyers attests to the development’s attractive qualities – well-designed homes; excellent location within one of the most coveted neighborhoods in Malaysia’s capital; and supported by a host of community amenities and green spaces,” Tay added.

Datuk Joseph Lau, CEO of ParkCity, said the sought-after location made the company confident about launching the project despite a soft property market.

Desa ParkCity is located about a 25-minute drive from the Kuala Lumpur City Centre and Petronas Twin Towers, the filing said.

Malaysians were around 80 percent of the buyers, the developers said.

Park Regent is expected to be completed in 2023, the statement said.

Clarification: This article has been updated to clarify that not all of the units were sold at the weekend launch; the sales figure is as of Sunday evening after the priority launch.

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