Plaza Batai, one of Damansara Heights’s OG hidden gems, is set to be demolished for redevelopment after being acquired by businessman Tan Sri Desmond Lim Siew Choon for an estimated RM100 million, as reported by The Edge Markets.
Since his acquisition, Lim plans on developing serviced apartments on the site inclusive of one floor of facilities for future residents, four floors of parking space and two floors of retail space.
A planning application has also been submitted to the Dewan Bandaraya Kuala Lumpur (DBKL) for approval on 23 December by a company called Motif Budi Sdn Bhd.
Industry observers estimate this project to be worth up to RM230 million. However, if Lim is able to get a plot ratio of three instead of two and the price of the serviced apartments rises to RM1,800 PSF from its current RM1,500 PSF in the next two to three years, then the project may be worth up to RM420 million.
Savills Malaysia deputy managing director Nabeel Hussain explained that a medium-rise development is most likely what will be developed as it would probably face fewer objections than a high-rise development.
“Current top-end prices in Damansara Heights are in the RM1,500 PSF range [after discounts], but given the planning requirements and scale of the Pavilion Damansara Heights project [where the residential units have sold extremely well], I don’t see any development on this site coming online in less than two to three years.”
“Fortunately, the fact that the site currently generates income means the holding costs will be offset to a significant degree, and so the new owners can perhaps afford to wait a bit longer than usual,” he said.
The Damansara Heights shop lots built in the ’70s is home to an array of kopitiams, cafes, modern eateries and shops. Among them include The Yellow Brick Road, Sitka Restaurant, Restoran Shangri-La + Pisang Goreng Van, Torii and more!
Also read: Thai Restaurant At Plaza Batai Records A Covid-19 Case, Will Be Closed Temporarily
