KUALA LUMPUR (March 31): Gamuda Land, the property arm of Gamuda Bhd, is looking to launch the 532-acre Gardens Park - an extension of the popular Gamuda Gardens in Rawang - in the next quarter. Project operations COO Wong Siew Lee tells City & Country that the new project, which will expand the developer’s presence in Rawang to more than 1,300 acres, features the concept of “a town in a park”.

The first phase of Gardens Park will offer two-storey terraced homes. “We see an increase in interest from young couples who are starting a family and looking for landed homes for the additional space, sense of ownership, potential for customisation, the appeal of outdoor amenities and a community environment. Gardens Park provides the opportunity for those wanting to experience the [lifestyle] of Gamuda Gardens but seeking a more competitive range of homes,” she said.

In total, Gardens Park will have 10 residential and three commercial precincts. The residential parcels will offer standard terraced homes and possibly bigger units, such as semidees, at later stages. The three commercial precincts will offer shops.

In the same issue, we cover the media briefing on Real Estate and Housing Developers’ Association Malaysia’s report titled “Property Industry Survey 2H2023 and Market Outlook for 2024”.

Some 52% of the 152 property developers in Peninsular Malaysia who participated in the survey had a neutral outlook on growth in the residential property sector for 1H2024, while the rest were optimistic (30%), pessimistic (15%), very optimistic (1%) and very pessimistic (2%).

Tujuh Residences, the first residential project launched within the 94-acre Kwasa Damansara City Centre (KDCC) master plan in Shah Alam, Selangor, has received encouraging market response since its soft launch in early October last year. Over 40% of bookings were secured as at February 2024, according to Malaysian Resources Corp Bhd (MRCB) group chief operating officer Kwan Joon Hoe.

The My Space column features Brandon Chuah, director of Brand C - The Property Community, who comments on the latest release of the Proptrack Home Price Index. Australian residential property prices rose a further 0.45% in February, representing a new national peak in housing prices. It means that values currently sit 6.15% higher than at the same time last year, including a rise of 0.82% so far in 2024. This is the fastest annual growth rate since the middle of 2022.

We also carry two stories from our Singapore counterpart - one on One Meyer hitting a new high of S$2,934 psf, and another on MSCI Real Assets' report about Singaporeans overtaking the US as the biggest group of cross-border investors in Asia-Pacific in 2023.

Read all this in the April 1 issue of The Edge Malaysia weekly. 

https://www.theedgemarkets.com/node/706195