Damansara Realty Bhd expects its Central Park development in Tampoi, Johor Baru, to have a healthy take-up rate in view of the project’s strategic location.

DAMANSARA Realty Bhd (DBhd) is negotiating for more parking projects in Malaysia and in Singapore.

The company, which recently bagged a five-year car park management contract worth S$18.14 million (RM56.6 million) in Singapore, aims to increase the total contracts secured this year under the integrated facilities management (IFM) segment, which currently stands at RM250 million.

“Among the diversified businesses of DBhd group, Metro Parking is the main contributor to the IFM segment. We are among the top three car park management companies in Malaysia and top 10 in Singapore.

“We are the leading car park management company in the Philippines, with more than 50 per cent of the market share. Overall, we have more than 60,000 parking bays in all three countries,” group chief executive officer Brian Iskandar Zulkarim told NST Business.

He said the advancement of technology and availability of ready-made car park operating equipment in recent years had led infrastructure owners to managing their own car parks.

“That is the challenge faced by car park management companies. However, the diversified services offered by DBhd allow new infrastructure owners to focus more on their core business rather than IFM, which includes car park management,” he said.

On development projects, Brian Iskandar expressed confidence that its Central Park development in Tampoi, Johor Baru would have a healthy take-up rate in view of the strategic location.

Prices range from RM192,000 to RM1.1 million each.

Last year, DBhd’s indirect wholly-owned subsidiary, Damansara Realty Johor Sdn Bhd (DRJ), formed a joint venture (JV) with Hong Kong-listed Country Garden Holdings Co Ltd to develop the 21.45ha freehold land.

DRJ holds a 30 per cent stake in the JV, with the rest held by Country Garden Management Sdn Bhd, which is owned by Country Garden.

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