Not many projects can alter the complexion and very geography of an existing urban area. OUG Parklane serviced apartments is one such project. This mammoth mixed-use development was fully completed in 2015 and comprises 4,225 units with a built-up area of 950 sq ft each, housed in 11 tower blocks. It has 204 shop offices in total.
The entirety of OUG Parklane occupies a freehold, commercial land parcel of just over 30 acres in the Petaling district of Kuala Lumpur. It is located near where Old Klang Road (Jalan Klang Lama) links with Jalan Puchong, and from where it is also accessible via the New Pantai Expressway and the Shah Alam Expressway. There are three proposed LRT stops within 3km of OUG Parklane: Awan Besar, Kampung Muhibbah and Bukit OUG.
The development comprises three phases: Phase 1 (Zone E) comprises three 31-storey blocks housing 1,053 units of serviced apartments, and 32 units of 2-storey shop offices; Phase 2 (Zone D) has two 33-storey blocks with 778 units and 33 units of 2-storey shop offices; and, Phase 3 (Zones A, B, C), the largest, has six 33-storey blocks with 2,394 units and 139 units of 3-storey shop offices. All the serviced apartments are of the same design and built-up area (3-bed, 2-bath, 950 sq ft), while the 2-storey shop offices are between 2,558 to 7,579 sq ft and the 3-storey shop offices, between 3,456 and 7,832 sq ft.
Perhaps of interest to feng shui practitioners is the location of large bodies of water nearby: the Klang River can be found several hundred metres to OUG Parklane’s northwest, and more significantly, the watershed of Sungai Kuyoh (a tributary of the Klang River), appears prominently to the south of the development.
According to its developer Akisama Land Sdn Bhd, OUG Parklane is 100% sold, although some developer’s units could still be available. Attractive incentives were offered to buyers, such as standard fittings of water heaters, air conditioners, shower screens, bedroom wardrobes and kitchen cabinetry, as well as free legal fees for the sale and purchase agreement, and two years’ free maintenance. Some units were available with two parking bays. Akisama’s launch gimmick was the presence of Hong Kong star Raymond Lam, who drew them in by the droves.
Akisama Land Sdn Bhd is part of the Akisama Group of companies, which is involved in the construction, building supplies, and property development and investment industries. Other Akisama Group developments include the completed 288 Residences in nearby Kuchai Lama, and One Residences in Sungai Besi, both being Akisama’s attempts to pitch itself upmarket and indirectly burnish the resale value of all its products.
The response of the market to the investment potential of OUG Parklane is mixed, given that many of the units are buy-to-let properties, and there is only a single type of design available (3-bed, 2-bath, 950 sq ft). According to Brickz the median transacted price was RM442 psf as at Nov 2015, the latest data available. However, tenants may be attracted by the number of amenities nearby and the location.