PROPCAFE Peek : PJ Midtown By IOI Sime Brunsfield

Petaling Jaya’s Section 13 has been going through huge changes since it was rezoned from industrial to commercial back in 2008, although back then there has already been the question of congestion, nothing much has actually been done to deal with this issue : Rezoning may cause congestion. Except the development of KIDEX Skyway to supposedly help ease the notorious traffic around that area.  The KIDEX Skyway by itself, is a rather controversial project – with numerous groups/residents protesting against it.

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Since then there has been a series of new developments seen in that area , the latest being : Property projects with GDV of RM 2.5bil proposed for Section 13 PJ.  Following map was taken from Lowyat forum :

s13 map

And the latest 2014 release, an integrated commercial/retail by the big boys – a joint-venture between of Sime Darby, IOI and Brunsfield, called PJ Midtown.

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map

Launched at a price of RM850psf prior to Chinese New Year, it has received a rather lukewarm response from the public alike.

Tenure : Leasehold
Density : 127 per acres
Total Units : 702units

It is located on the currently empty plot of land next to Ah YAt Abalone/Unique Seafood.  The highrise blocks basically face : Jln Kemajuan – South East, Section 13 – North West, and West – towards Centrestage.  There are altogether 30 floors, with the apartments starting from 8th floor upwards, until the 29th floor; and the 30th floor will be the sky lounge; there are altogether 351 units in this particular launched block.

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The units all come partially furnished with :

–       kitchen cabinet – hob and hood

–       wardrobe in master bedroom

–       wardrobe in second room

–       air cond units in living area, rooms

There are 3 different types of layout : 600sf, 900sf and 1200sf

600sf has all been “stickered’ (1 +1 layout) , 900sf (2 bedroom) still has units available, and 1200sf (3bedroom) limited units available.  All units come with 1 car park, except the 1200sf unit which has 2 car parks, with an option to purchase an additional carpark upon VP.  I find this 1-car park allocation rather annoying, whilst its acceptable for the 1-bedders to have 1 car park, to expect a 2-bedder to have one car park is quite ridiculous in this day and age.  Most households these days have a minimum of 2 cars – perhaps they expect the tenants to rent, or purchasers to buy the extra car park.  Anyway- regardless, the allocation of 1 car park for a 2-bedder is a big no-no. The proposed maintenance is a reasonable  RM0.21psf

The 1200sf layout is most interesting, whilst it is located on lower floors, it is on the same level as the resident’s car park.  The selling point of these units is that, the car park is located right outside the unit.  So similar to a house, the resident will not have to take any lifts to access the unit.  Later closer to VP time, the owner might have an option to purchase a 3rd parking lot, which is side by side with the first two (non tandem).

Signing of the SPA should take place around May-June period, and the developer is currently offering 5% discount off listed price.  Booking fee is only RM5,000  The estimated completion time frame for this project is 48-months upon signing of the SPA.  Whilst most units are stickered, I do foresee some drop outs with the credit tightening these days – so buyers who are really keen on getting a unit, should get in touch with the sales office in Ara Damansara.

 

Sample pricing 13th floor 900sf unit:

Unit price :                   RM 803,800

Price after discount :  RM 763,610  (works out to RM848psf)

Downpayment , 1st 5% : RM  40,190

Balance upon signing of SPA : RM 35,190

 

Conclusion :

Pricing, in terms of pricing, the units are offered at similar pricing to the Pacific series, 63 and Star, which I deem as not as more inferior to Midtown’s  location.  Whilst LRT is not a definite selling point, the developer sells the development on the merit of its locality and not so much on LRT connectivity.

With the current Jaya One Evo estimated asking rental of RM2000-2500 and subsale of RM 830psf, the Midtown project is deemed fair price in this location.

The facilities are rather limited, and to be shared with 2 blocks.  Future development of the surrounding industrial estate should do well for this project.  Location of being in heart of PJ, proximity to University Malaya, University Hospital, as well as easy access to Sprint/Kidex/Federal Highway means it is in an area with big population pool.

Target market ? Ownstayers perhaps – due to lack of new mass market sized condos (in the region of 1000sf) coming up in PJ.  There are some rental potentials once the area develops, specifically for the smaller units..  But owners should expect a below average rental yield, due to competition from small sized units in the area (e.g. Pacific series, Centrestage).  Large sized family units should be quite safe.

Upside potential on flipping – quite questionable, given its already rather high entrance price.

 

 

 

 

1 Comment

  1. […] Avenue D’Vogue PJ is located at Section 13, Petaling Jaya. We would not want to drill into Section 13 Petaling Jaya, the location may we just term this as ‘MILF’, Mature, Ideal, Luring, F*** Famed. We have also reviewed another project here in Section 13 earlier, just in case you are interest in MILF properties,  you may read it here. […]

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