ParkCity Eastwood TownCentre is a vibrant commercial hub located in Miri, strategically positioned along the Pan Borneo Highway.

Spanning 7.11 acres within a 517-acre master-planned township, this development promises to redefine urban living and business opportunities in the region. With a mix of dual and single frontage shop units, ParkCity Eastwood TownCentre is designed to cater to a diverse range of businesses, providing an ideal environment for both entrepreneurs and investors.

Features

Strategic Location: Situated just 5 kilometers from the new Miri Sentral Bus Terminal and easily accessible via the Pan Borneo Highway, ensuring excellent connectivity for residents and visitors.
Commercial Units: The development comprises 54 double-storey shop units, including:
- Dual Frontage Shops: 20 units ranging from 2,836 to 3,795 square feet, offering maximum visibility and accessibility.
- Single Frontage Shops: 34 units with sizes from 2,752 to 6,402 square feet, providing flexibility for various business needs.
Generous Specifications: Ground-floor shops boast an impressive 11-foot ceiling height, while first-floor units feature large windows for ample natural light and ventilation.
Investment Potential: Competitive pricing ranging from RM 977,000 to RM 2,303,000 for single frontage shops and RM 1,231,000 to RM 1,738,000 for dual frontage shops, along with a leasehold tenure of 60 years.
Sustainable Design: Focus on energy efficiency and smart technology solutions to ensure a sustainable and future-proof commercial environment.
Community Ecosystem: Designed to foster a vibrant commercial ecosystem that encourages collaboration among businesses and enhances the overall consumer experience.

Project Details:

Location: EASTWOOD BY PASS
Master plan township: 517 Acres
Project Size: 7.11 Acre
Storey: Single / Double Storey
Land Title: Commercial Lot
Tenure: Leasehold 60 years
Total: 54 units
Estimated Completion: 36 Months After Sign SPA
Type: Single Frontage, Dual Frontage

A. Single Frontage

Total : 34 units
Build up: 2752 – 6402 sqft/ 22′ x 68′ / 27′ x 68’/
Special intermediate
Selling Price: RM 977,000 – RM 2,303,000

B. Dual Frontage

Total: 20 units
Build up: 2836 – 3795 sqft/ 24′ x 68′ / 34′ x 68′
Selling Price: RM 1,231,000 – RM 1,738,000

Market Analysis for ParkCity Eastwood TownCentre

1. Economic Context

Miri, one of the major cities in Sarawak, Malaysia, has witnessed significant economic growth over recent years.

The local economy is diversified, with key sectors including oil and gas, tourism, agriculture, and retail.

The increasing urbanization and population growth in Miri are driving demand for commercial properties, making developments like ParkCity Eastwood TownCentre highly attractive for both investors and businesses.

2. Demand Analysis

Growing Population: Miri’s population has steadily increased, leading to a higher demand for retail and service-oriented businesses. As more residents move into the area, there is a corresponding need for shops, restaurants, and services that cater to their daily needs.
Urban Development: The ongoing urbanization in Miri is accompanied by infrastructure improvements, including the development of transportation networks and public amenities. These enhancements not only make the area more accessible but also attract businesses seeking to capitalize on the growing consumer base.
Changing Consumer Preferences: With a shift towards modern urban living, consumers in Miri are increasingly seeking diverse shopping and dining options. This trend aligns with the offerings at ParkCity Eastwood TownCentre, which aims to provide a blend of retail, dining, and service experiences.

3. Competitive Landscape

ParkCity Eastwood TownCentre operates in a competitive environment characterized by various commercial developments in Miri.

Key factors influencing the competitive landscape include:

Location: The strategic positioning of ParkCity Eastwood TownCentre along the Pan Borneo Highway enhances its visibility and accessibility compared to other commercial centers. This prime location is a significant advantage in attracting foot traffic and customers.
Tenant Mix: The development aims to curate a diverse mix of tenants that cater to different market segments. This includes retail shops, food and beverage outlets, and service providers. A well-planned tenant mix not only enhances customer experience but also encourages cross-shopping among businesses.
Pricing Strategy: The competitive pricing of shop units for both sub-sale and rental arrangements positions ParkCity Eastwood TownCentre favorably against other commercial developments. Offering flexible pricing options can attract a broader range of businesses, from startups to established brands.

4. Investment Opportunities

Sub-Sale Market Potential: The transaction prices for units at ParkCity Eastwood TownCentre reflect a growing interest in the sub-sale market. With prices ranging from RM 977,000 to RM 2,303,000 for single frontage shops and RM 1,231,000 to RM 1,738,000 for dual frontage shops, these prices are competitive compared to similar developments in the region.
Rental Income Potential: The rental market at ParkCity Eastwood TownCentre is showing promising signs of growth. With rental prices ranging from RM 3,000 to RM 8,000 per month depending on unit type, investors can expect a favorable return on investment as demand for commercial spaces continues to rise.
Long-Term Growth: As Miri continues to develop economically and socially, the long-term growth potential of ParkCity Eastwood TownCentre looks promising. The planned infrastructure improvements and population growth will likely contribute to an increase in property values and rental rates over time.

5. Challenges

Despite the positive outlook, there are challenges that could impact ParkCity Eastwood TownCentre:

Market Saturation: As more commercial developments emerge in Miri, the competition for tenants may increase. It will be essential for ParkCity Eastwood TownCentre to differentiate itself through unique offerings and tenant engagement strategies.
Economic Fluctuations: External economic factors can influence consumer spending patterns. Any downturns in the economy may affect retail sales and occupancy rates within the development.
Regulatory Changes: Changes in government policies related to commercial property development could impact future expansions or modifications within ParkCity Eastwood TownCentre.