Solaris On The Park

Solaris On The Park is the extension development of Solaris Dutamas in Dutamas. The site is located right next to Solaris Dutamas and just behind the Federal Territory Mosque. This RM1.3 billion project is an integrated project that consists of 2 blocks of 30-storey office tower, 2 blocks of 6-storey shop-office, 2 blocks of 8 to 12-storey shop-office, 3 blocks of 10 to 12-storey service apartment and a 5-storey shopping mall. This project is expected to launch in 2011. The location of Solaris On The Park is indeed very strategic in the heart of the upcoming Dutamas and in between the city centre, Mont Kiara and Sri Hartamas. There are several amenities around, namely Federal Territory Mosque, Matrade, Duta Hockey Stadium and National Squash Centre (NSC). Besides that, it is also near to KL Courts Complex, Inland Revenue Board (LHDN) headquarters, National Archive Centre, Institute of Islamic Understanding Malaysia, International Institute of Islamic Thought and Civilization (under International Islamic University Malaysia) and the upcoming Syariah Courts Kuala Lumpur (under construction). Solaris On The Park can be reached via Jalan Duta, Jalan Kuching and Jalan Sri Hartamas 1. Besides that, it also nearby the road accesses to Sprint Highway, North-South highway (PLUS) and Duta-Ulu Kelang Expressway (DUKE).

Property Details

Name: Solaris On The Park

Address: Jalan Dutamas 1, Kuala Lumpur

Developer: Ibarat Duta (a subsidiary of Sunrise)

Completion Date: TBA

Type: Office Tower, Shop-Office, Service Apartment & Shopping Mall

Tenure: Freehold

No. of Blocks

Office Tower: 2

Shop-office: 4

Service Apartment: 3

Shopping Mall: 1

No. of Storey

Office Tower: 30

Shop-Office: 6 & 8

Service Apartment: 10 - 12

Shopping Mall: 5

Market Trends

Analysis

Sunrise is indeed a very reputable and experienced developer in the country. Its latest development in Richmond, Canada, called Quintet is the evidence of its ability to expand beyond its home base Mont Kiara. According to its executive chairman, Datuk Tong Kooi Ong in The Edge dated 29th October 2010, Sunrise is on the next phase of growth strategy, labels as 'Stage 3', which marks its expansion into multiple locations. Among other projects planned are MK20, MK22, Solaris Towers (located at Lot 49, opposite Petronas Twin Towers), Kajang landed development and a joint-venture with Sime Darby in Bukit Jelutong. Indeed, market prices of residential in Mont Kiara have been declined due to over-supply in the enclave - which is expected by property analysts. With the latest law imposed by our Central Bank (limiting up to 70% of financing for 3rd property), the property market has lost its momentum - making it worse for high-end properties in Mont Kiara and even Dutamas. Even Solaris Dutamas has not been fully occupied to this date, and one can evidence a long list of Solaris Dutamas shop-offices on auction lists. The market here is bad. However, there is still potential and hope. With the upcoming NAZA KL Metropolis development, Solaris On The Park can be the next commercial hub after KL and PJ. This area is well-planned with residential component and state-of-art commercial developments. Besides, it is supported with the Government complexes that will keep the place alive.