Kuala Lumpur, 27 September 2017 – Pavilion Group and the Canada Pension Plan Investment Board (“CPPIB”) held an exclusive unveiling of Kuala Lumpur’s most anticipated integrated development, Pavilion Damansara Heights in one of the most prestigious addresses in the country – Pusat Bandar Damansara (PBD), today.
Representing Canada Pension Plan Investment Board (“CPPIB”)’s first direct real estate investment in Malaysia and Southeast Asia, Pavilion Damansara Heights is an upscale integrated development spanning 16 acres of prime freehold land comprising 10 corporate towers, 5 residential towers and a retail mall. With a gross development value (“GDV”) of RM9 billion, this exciting development is situated at one of the most prime and affluent locations in Kuala Lumpur.
Strategically located, Pavilion Damansara Heights is highly accessible through an integrated network of roads. It is directly accessible from Sprint Highway and linked to the newly operational MRT line 1. The mall is centrally located and seamlessly connected to the Pavilion Damansara Heights MRT Station along the Sungai Buloh-Kajang MRT Line. It’s just five stations between Pavilion Damansara Heights and Pavilion Bukit Bintang MRT, the development’s dynamic location is primed for success. The MRT had over 7.4 million ridership from December 2016 to August 2017 and it serves as a corridor with an estimated population of 1.2million. This is a high and growing catchment for the mall to capitalise on, in addition to serving the convenience for mall retailers and employees.
Dato’ Tracey Lai, Sales & Marketing Director of 1 Pavilion Property Consultancy Sdn Bhd said, “Private preview has commenced early this year by invitation only and of the nine corporate towers that have been launched, 85% has been sold. The luxury residences, which will be designed to impeccable standards are priced at an average of RM1,800psf. With close to 2,500 potential buyers who have registered their interest, a high take-up rate is expected.”
Dato’ Tracey Lai further attributed the tremendous interest of the buyers to the strong Pavilion branding, the Damansara Heights address and the much anticipated Pavilion Damansara Heights mall.
Dato’ Joyce Yap, Chief Executive Officer of Kuala Lumpur Pavilion Sdn Bhd added “The mall will be a destination for the senses, bound to capture your hearts with contemporary retail, curated dining, entertainment, edutainment, music, arts, culture and leisure concepts. Not only will we engage the five senses (to see, touch, taste, smell and hear), we promise you the engagement of the sixth sense – ‘to feel and be happy’. And as we plan, we will constantly evolve to create moments of aspiration and indulgence, inspired by the latest world trends”.
Jimmy Phua, Managing Director and Head of Real Estate Investments Asia, CPPIB, said: “We are pleased and privileged to be part of this prestigious development. Pavilion Damansara Heights will no doubt redefine the landscape of Pusat Bandar Damansara into a destination of choice.”
Guest of Honour, Minister of Federal Territories, Y.B. Datuk Seri Utama Tengku Adnan bin Tengku Mansor commented, “The meticulously crafted Pavilion Damansara Heights is set to raise the city’s stature and offer total rejuvenation around the area. This new development will help strengthen Kuala Lumpur’s position as the premier destination for both local and international tourists and investors. In addition, residents in the surrounding areas will benefit from a significant increase in their property value. This is complemented by the availability of world-class infrastructure, increased job opportunities, and further economic growth that comes in line with the development. I strongly believe that this development is a massive step forward towards positioning Kuala Lumpur amongst the Top 20 cities in the world by 2020.”
The entire Pavilion Damansara Heights development is expected to be completed in stages by 2022.
For more information on Pavilion Damansara Heights, please visit: www.paviliondamansaraheights.com
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2017, the CPP Fund totaled C$326.5 billion. For more information about CPPIB, please visit www.cppib.com
Quick Factsheet of Pavilion Damansara Heights