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By Rosalynn Poh of theedgeproperty.com Monday, 28 June 2010 10:43

KUALA LUMPUR: All 147 units of terraced homes within Desa ParkCity in Kuala Lumpur, known as Casaman, were sold out within five hours on Saturday, June 26. Over 650 registrants turned up for the balloting, which started at 8.30am, some even as early as 5am. Casaman, with a gross development value of about RM360 million, comprises 108 units of 3-storey terraced homes and 39 units of 2-storey terraced homes. The 2-storey homes, with a built-up of 3,100 sq ft were tagged from RM1.75 million while 3-storey homes with built up options of 3,900, 4,300 and 5,400 sq ft were priced at RM2.14 million. Perdana ParkCity’s sales & marketing director Susan Tan told theedgeproperty.com that Casaman units are located on elevated ground: “It appears like a detached home eventhough it is a actually a link home. The size and proportion of the internal spaces, however, are comparable to that of semi-detached and even some bungalow houses.” Features such as internal courtyards and double volume ceilings are incorporated into the interiors to maximise natural lighting and ventilation. "While the average selling price of Casaman is about RM650 psf, it is impossible to project the upside of the property as prices in the secondary market in Desa ParkCity have always over-exceeded our own expectations. We believe the registrants who showed up for the priority sales have done their homework and is confident of a comfortable upside," Tan added. She said the prices were benchmarked against the prevailing secondary market prices of terraced homes in Desa ParkCity such as Amelia terrace homes. It is interesting to note that secondary market transactions for 2-storey Amelia terraced homes recently are RM1.4 million while 3-storey homes are transacting at RM1.9 million. 2-storey Zenia homes, on the other hand, are transacting at RM1.3 million and 3-storey at RM1.9 million. "About 40% of our Casaman buyers are repeat buyers. We did anticipate good response as many of the registrants were offering to purchase the units when they received the invitation letters. In order to alleviate the stress of having to queue for hours or days, we decided to plan an elaborate and transparent balloting system instead. However, i must admit that the response was simply overwhelming," she said. Prior to the priority sales launch on June 26, there were over 4,000 registrants for Casaman. The Casaman neighbourhood, she says, is gated and guarded with facilities such as an infinity and wading pool, children’s playground, an exclusive clubhouse only for Casaman residents complete with facilities such as a gumnasium, multi-purpose room, surau and open areas for barbeque. Apart from that, Casaman residents will also receive free membership at the existing ParkCity Club and SportsCentre, currently being enjoyed by other residents within Desa ParkCity. "We believe that the market for landed properties is still strong, due to the scarcity of landed projects especially in good locations. Our purchasers recognise Desa ParkCity as a thriving township which will have in place all facilities and amenities which other townships are not providing," Tan said. Desa ParkCity is currently 50% completed. An international school and a private hospital are under construction and due for completion in 2011 and 2013, respectively. A limited early bird discounts of 3% were offered during the launch, while 2% discounts were given to repeat buyers. The developer had a priority launch on June 5 and sold over 90% non-bumputera units of condominium The Westside One, also within Desa ParkCity.