BBB post GE ?
There’s been a deluge of launches lately, post GE , probably launches that were held back from earlier in the year, to be launched post GE albeit a more positive sentiment in the market. So many launches to visit, so much food to eat, but unfortunately, also so much of nothing -> all so damn expensive!
These are summaries of some of the recent, and current launches. There are too many to cover, however, seems like it is a lot of nothing for investors .
Amidst all these launches, Old Klang Road (OKR) seems to be getting quite a bit of limelight. (from the start of Old Klang road, in that order)
9 Seputeh, Avantas Residence, Verve Suites, Benteng 8, Pear Suria, Petalz (and where does Grainz fit in all these ?)
By the owner/developer of Pearl Point, Aikbee Timbers (apparently it has been launched abroad to pretty good response). Located right next to Pearl Point, this location is quite strategic, fronting the busy Old Klang Road, and with direct access to Pearl Point. But having said this, I myself have been to Pearl Point only twice my whole life (that perhaps tells you abit about the ‘wong-ness’ of Pearl Point); during my recent visit – noticed that they are refurbishing the whole mall, and it was quite bustling on a busy Saturday afternoon, the anchor tenant there is now Econsave, and an IT center coming up upstairs.
This is a leasehold project, with total of 403 units, an average of 23 units per floor and pricing starting from $400k++.
This is a photo of it taken from Old Klang Road, heading towards PJ, Pearl Point is the green building on the right.
Photo is taken from the Show Office, Verve Suite is the tall green building on the background – so you can imagine the proximity (as well as the difference in pricing!). The second picture shows a bit of the surrounding, there’re some really old flats on the right side (as well as surroundings).
In all honesty, this is one of the more ‘sane’ pricing product along OKR. At what cost ? This is not a lifestyle project, it’s about plain vanilla mass market own stay. Launched in March this year, needless to say, take up has been good with 75% all gone. I like this project for own stay purpose; yields should be pretty decent (in today’s standard) for rental investment. Pricing starting from RM5xxpsf upwards.
USP (unique selling point) – direct connectivity to Pearl Point, direct frontal access to Old Klang Road, targeting more to own stay (rather than lifestyle living).
sales status as of one month ago :
Units are all bare, and the small units have all been ‘sapued’. Some sample floor plans (all readily available in the website ):
By BKP (Bukit Kiara Properties (the kind folks who brought you Verve @ MK, and Hijauan Kiara) Shocking pricing, RM1000psf at least, in Old Klang Road; and maintenance fees inclusive of sinking fund at 0.51c/psf. Expensive ? Well, you’re in the wrong crowd. The regular BKP fans have bought up the small 550sf studios all the way up to 20th floor. You can still get a unit above 20th floor at RM700+k. Really not my playing field, stratospheric pricing for the priviledged few. Currently being offered with 5% rebate, all units come fully furnished with Bosch appliances – hob, hood, fridge, and washer/dryer. And for all that you are paying for, you get only ONE car park! I guess for a studio or 1-bedder, you don’t really need 2 car parks ? A sample pricing : for a 13th floor 708sf unit, it was going at RM807k before 5% rebate. Developer’s providing DIBS, free Loan Agreement and SPA, as well as 1-year of free maintenance. The main highlight of this development is the Vercadicos sky bridge – made up of common facilities such as gym, cafe as well as a mini cinema (a la Verve MK).
This is the layout plan of the smallest unit, 555sf. (left most diagram)The units all come fully furnished, with wardrobes, kitchen cabinets, as well as bed, sofa and dining table. Do check out the layout plan in the middle. As seen in the picture on the right, there’s a ‘hidden’ toilet door (the mirror) next to the cabinet. A few of the layouts have such ‘hidden’ doors. Nice as a gimmick, but a chore for daily living. Shudder to think of oily finger prints or water stained marks on the pristine mirror door.
USP – opulent lifestyle in OKR … that’s about it. While you are there, do take a look at the surrounding at the back, there’s a PPR housing project with a futsal court right behind the show unit.
KL Gateway
This is actually a personal favorite of mine, except for the rather prohibitive entry price. As of now, the current phase of this project has been fully sold – and signing of SPA and loan agreement is being done now. Located at ‘Bangsar South’ or what used to be known as Kampung Kerinchi. It’s developed by Suez Domain (Suez Domain picked to develop Kampug Kerinchi flats), who in 2010, managed to convince the residents of Kg Kerinchi to give up their dwellings, and settle into Kerinchi Residence.
This seems like a doable project, with proximity to University Malaya, direct linkage to the University LRT station, and within a few stops away from the 1200psf KL Eco City; and yet at a price that’s 30% cheaper than KLEC., if not mistaken, the units were going for RM700psf upwards. According to the developer, there will be a future linkage direct from the Sprint Kerinchi link ramp heading into the development. But exiting through that ramp will take you to PJ ; if you want to go to KL, you will need to go through the narrow Kg Kerinchi lights. Located opposite UOA’s Southview, there’s also a future project by YNH coming up. This place is going to get pretty congested soon, and Gateway as the name suggests, it right at the Gateway of Bangsar South, most accessibility location.
This is Kerinchi Residence, where the residents from the current Kg Kerinchi flats will move to. It’s not available for sale, as one of the SA remarked, it’s “bagai durian runtuh” for the flats’ residents.
The 3 picture below shows the future connectivity from Sprint’s Kerinchi link into Bangsar South; the last photo shows where the expected entry will be.
USP – integrated development with linkages to office suite and hotel (as well as direct link to Universiti LRT), accessibility – right next to Federal Highway as well as direct link into Sprint’s Kerinchi link. Right at the KL/Selangor border.
The Hub at SS2
Another SOxO concept, with 40+levels, and total of 256 units. With certain units being loft units, and balance simplex units. In the region of RM1,000 psf, not sure what is SDB thinking. The design is a bit of a throwback to the 70s; as with their other designs Window on the Park, and Dedaun. The scaled model unit has got to be one of the tallest ever.
(pictures courtesy of edit.my)
A very smallish room upstairs, also called “office1” in the layout plan, but comes with 2 residential toilets with showers. At this type of pricing, I’d rather look at Tropics Residence – at least that has a mall underneath and with almost immediate access to LDP and Sprint (albeit a east/west – Muslim cemetery vs Indian cemetery setting). Is this an office or a pure residential ? I think it’s a confused product. I honestly don’t like weird shaped rooms/layout. In this case, the odd kitchen in the middle; as well as the weird layout of the units (to ensure all units get decent views).
The pricing is quite extraordinary, not sure who are they targeting and what investors could possibly be looking at. WIth future KIDEX coming up, that could be the catalyst. But rumor of KIDEX being elevated ….. ?!
KIDEX (Kinrara Damansara Eexpressway) – The project involves the construction of a fully elevated dual two lane expressway approximately 13.5km in length linking Damansara from the NKVE Damansara toll to the Bukit Jalil Highway near Kinrara. The expressway will introduce an efficient alternative route for Northbound and Southbound traffic in the Klang Valley and provide connectivity to existing highways for effective dispersal of traffic.
The current state of affairs between 5stones and The Hub’s site. Hope they will do something and clean up this stretch.
Metropolitan Square Block B @ Damansara Perdana
The cream of the crop of MK’s Damansara Perdana’s Metropolitan Square. Lowest density development of all the MSQ series; only 16 floors, and each floor only 12 units.
The units basically have 2 facings only, facing south (faces the pool) – is the more expensive facing; facing north (faces the forest reserve). The units only come with
The common facilities in the middle, are to be shared with all the other MSQ towers (altogether 6 towers, with 2,100 units)
Current offering is :
Not too bad for completion targeted at end of 2014 ; since the other completions in this time frame are all the Empire series condos. Made up of largely studios, lofts or smallish units. This would make a good own stay proposition, or even for investment (paltry yields perhaps). Price is about roughly RM700psf before discount. Do check on remaining tenure of the lease.
This project is roughly 40% sold as of now. Signing of the SPA is within 2 weeks.
Summary : Pearl Suria and Metropolitan Square B are worth looking at for own stayers. For investors, you will need to crunch the numbers and work out the math – you could perhaps eke out a decent yield from them. But if you are on LTV90, I doubt the returns will be fantastic.
Other notable upcoming launches (hopefully to be covered in the future) :
Petalz on Old Klang Road (deeper stretch, rumoured to be near Taman Kanagapuran stretch of OKR)
565 units
918 – 1270sf
Kitchen Cab , Wardrobe, Aircond, Heater , electrical Appliances
Asking 580psf before Discount
Southview by UOA – Bangsar South (opposite Gateway, next to YNH’s land, fronting Federal Highway)
1000+ units
6xx+sf
Asking RM1000psf before 20% discount (if there’s any left, heard units are being snapped up as this is being typed)
9 Seputeh by Gapurna
To be launched by Gapurna in Q3, this is a huge project with direct access to be build linking to the Pantai Komuter station. River beautifying project is one of its USP (unique selling point)