Palm Spring is located in the rapidly developing township of Kota Damansara, about 20 kilometers from the city centre of Kuala Lumpur. This high-density development is made up of 6 tower blocks that house a total of 2,180 residential units. It was developed by Muafakat Kekal (Muafakat who?) and was completed in 2005. The property sits on leasehold land on Jalan PJU 3/29, just down the road from Sunway Opal Damansara and Cita Damansara. On the eastern side of the condominium (off Persiaran Surian) are Damansara Mutiara and Suria condominiums.
The current (correct at the time of this review) asking prices for units at Palm Spring range from RM360 psf to RM450 psf, while rental rates are from RM1.40 psf to RM2.00 psf. Another high-density property in the area (about 5km away) with almost the same built-up sizes for its units, De Rozelle, sells from RM250 psf to RM350 psf. Units here are let from RM1.30 psf to RM1.50 psf.
If we are to compare these two to another property in Kota Damansara, Casa Residenza, Palm Spring will emerge to be in the moderate price range. Casa Residenza units are currently sold from RM510 psf to RM640 psf, but then again the latter is much newer and addresses a slightly more upmarket demographic. To check if these are fair prices to pay, use this property valuation guide (free to download).
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We have tried to do a background check on the developer Muafakat Kekal, but we have come up with nothing substantial unfortunately. It’s not uncommon to have “one-off” companies which are set up to develop a particular project, and this is by no means an indication of something dodgy is going on (bigger developers like IOI Properties do this). However, this “hidden hand” approach is a red flag to some.
And so we resorted to do a query at the Oracle of the Gods (known more commonly as Google) and found this blog which has got some really unflattering reports on both the property and the developer (click here). That blog was created in 2005 and so some of the issues may be irrelevant now. Or not. Who knows. Do your own due diligence. 🙂
Living in Palm Spring
Each of the six blocks of Palm Spring is U-shaped, giving the illusion that there are only a few units per floor. Additionally, each block also comes with its own swimming pool. This is consistent with the “resort living” imagery that the developer promoted during the launch.
The units have built-up sizes ranging from 915 sqf to 1,259 sqf. Full condominium facilities are provided by Palm Spring to its residents. These include a clubhouse, kids’ wading pool, gym, tennis court, kids’ playground, sauna & jacuzzi, badminton court, nursery, driving range, round-the-clock security and covered car park. Each unit is allotted a parking space and there are extra 329 parking bays and 38 slots for visitors.
Amenities are not a problem as there are rows of commercial shops right beside Palm Spring. Moreover, a number of shopping complexes may be reached within short driving ranges from the property.
On the positive side, we still think that Palm Spring is better than De Rozelle, as the latter does not provide parking spaces for unit owners, and cars are parked on a first-come first-served basis. Moreover, the facade of De Rozelle looks more like a low-cost apartment, rather than a condominium. Additionally, both De Rozelle (and even) Casa Residenza seem to lag behind Palm Spring when it comes to facilities. With the new developments in the area, which include the MRT, the value of Palm Spring may increase over time. Further, its location near the Mutiara Damansara malls (The Curve, Tesco, IKEA, Ikano) as well as 1 Utama is a major selling point.
On the negative side, well, there have been reports which we found online which complained about the property’s shoddy construction, as well as an unresponsive developer. These are unverified, of course, and so, remember to do your own homework if you are thinking of getting a unit here. We here at PropertyReviews.my place a high premium on developer reputation, and in Palm Spring’s case, we wouldn’t make an exception.
Finally, the price will be a major determinant factor on whether a unit here would make sense both in terms of capital and rental yield. To help you figure out Palm Spring’s (or any property for that matter) fair market price, we have collaborated with GoodPlace.my to produce a free ebook on how to value a property. To get a copy for free, enter your email address below (the download link is emailed because we don’t want it to be torrented) and we will send you the link. 🙂