Oval Tower, TTDI
Oval Tower (also known as Oval Damansara) is a 34-storey corporate office tower located in Damansara. It is dubbed to make a new landmark of Damansara with its full glass facade and majestically located adjacent to Sprint Highway and in between SS2, TTDI and Damansara Utama.
Besides its full glass feature as its facade, the other prominent features of Oval Tower include 12 lifts, facilities deck on the podium rooftop, 24-hour security (including a turnstile system), and 10ft high ceiling. The first 4 levels of the 34-storey building are for retail shops and a private club. There are a total of 220 units, with intermediate size at 1,500 sf.
Oval Tower is well surrounded by a vast array of amenities nearby. Just across the road there is Tropicana City Mall (with Carrefour and GSC as its anchor tenants) and Damansara Intan Business Park. Besides that, it is within close proximity to One Utama Shopping Centre, The Curve, Tesco Damansara and IKEA.
There is some doubt on this development by investors since Oval Tower is right next to a Muslim cemetery. However, according to the design plan, most units are designed to face the south (SS2). Besides that, not all properties which are very near to cemetery not doing well; as Menara Public Bank, Seri Maya Hotel, and Menara Ampang are doing quite well. The ones that are affected the most are residential development.
Oval Tower was offered by the developer at RM270 psf by the end of 2009. This is quite a steal for investors, as other nearby developments (i.e: Damansara Intan, Tropicana City's Signature Office and BU8) were quoted at about RM300 psf to RM600 psf at the same time. However, it was offered with 20:80 financing package.
The ingress and egress of Oval Tower is also an issue here. As it can only be accessible via Sprint Highway, one need to make a difficult turn into or out from the enclave from the bustling highway. With Glomac Damansara is coming up, the area will surely become very congested soon.
Even though Oval Tower is selling like a hot cake (mainly because of its low price offered), it is still doubtful for investment. There are a lot of new comers into the area, including Dijaya's Tropicana City and Glomac Damansara. Not to forget a few more nearby such as 10 Boulevard, the upcoming Damansara Avenue and Empire City.
According to several property agents, the rental rate in the area has been constant with a little bit appreciation for the past couple of months. But with new supplies in the market, will the rate roar further? And might oversupply occur in this area? Also, as there are a few options available, will Oval Tower beat the rest?