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KLCC Property Prices : A Softening market?


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#1 DrBubb

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Posted 28 February 2016 - 12:22 AM

KLCC Property Prices : A Softening market?

 

Signs of a Softening Market - at a well-located properties (like K-Residence & Marc Residences)

 

klcc-AveMon_zpsgkmxcdro.jpg

 

The data reflects a drop in asking prices. 

There is no Index for KLCC condos (that I know of).

So I created one, using five Condos of different sizes in the KLCC area.

 

This new Index shows a drop of about 6.5% from the Sept/Oct. Peak.

 

Ave For-Sale price (asking, psm)  

                       

Month-- 1Ston. : S-Sky : Amps : K-Res :MarcR: Index : vsPeak

Sep 2015: 0.673 : 1.066 : 1.135 : 1.253 : 1.426 :: 1.000 : -0.33%

Oct 2015 : 0.592 : 1.056 : 1.104 : 1.315 : 1.603 :: 1.003 :: 0.00%

Nov 2015 : 0.584 : 1.064 : 1.117 : 1.273 : 1.427 :: 0.973 : -2.99%

Dec 2015 : 0.592 : 1.056 : 1.026 : 1.268 : 1.521 :: 0.971 : -3.26%

Jan 2016 : 0.574 : 1.015 : 1.072 : 1.181 : 1.422 :: 0.938 : -6.52%

=======             

 

This represents asking prices, and so the actual transactions prices are likely to be lower,

perhaps by 5-10% or more

 

Here's the source:

> http://www.propwall....c/k_residence/1

 

K Residence, KLCC (188 units, mostly large)

 
K_Residence__46__thumb.jpg

K Residence is a 50-storey tower, which is Malaysia's first and tallest luxury condominium. It offers 2-bedroom, 3-bedroom, duplex and triplex penthouse units just right across the road to Petronas Twin Towers.

K Residence is one of the most luxurious and expensive condominiums in the KLCC vicinity which was developed by KL Landmark. The exterior of the building is covered with very posh and huge glass windows. Overall, it seems to be a friendly intimidation with an added class.

K Residence has the total Gross Development Value (GDV) of RM480.3 million, and each individual investment value ranges from RM1 million to RM10 million. With Suria KLCC mall so conveniently nearby and Avenue K just right underneath, it is an experience where one could enjoy the cosmopolitan lifestyle.

For those concerned with security, residents at K Residence have their own discreet entrance via Jalan Mayang, which has a 4-tier security access, starting from the car park all the way to the door steps of the residences. K Residence is serviced by six single deck high-speed elevators as well as a heavy-duty service lift.

K Residence is directly accessible through the Light Rail Transit (LRT). It is the only residential condominium situated right above an underground link to KLCC. This luxury condo proves to be in a location reachable through many means. If one could afford K Residence, private transportation should not be a problem.

Property Details

  • Name: K Residence

  • Address: Jalan Ampang, 50450 Kuala Lumpur

  • Developer: KL Landmark

  • Completion Date: 2008

  • Type: Condominium

  • Tenure: {Tenure}

  • No. of Blocks: 1

  • No. of Storey: 50

  • No. of Units: 188

  • Built-up: 1,405 - 10,650 sf

  • Maintenance Fee: RM0.50 psf

  • Launch Price: RM700 - RM2,300 psf

  • Subsale Price: From RM2,063,100

  • Rental: From RM2,900


The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#2 DrBubb

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Posted 28 February 2016 - 12:23 AM

Here are others, nearby :

 

Ampersand (71 large units) : 2,613 to 5,852 sf

Average For Sale Price (asking)
Month--- : RMY psf
Sep 2015 : 1,135 psf
Oct 2015 : 1,104
Nov 2015 : 1,117
Dec 2015 : 1,026
Jan. 2015 : 1,072

===

Ampersand (also known as Ampersand @ Kia Peng) is an exclusive condominium located along Jalan Kia Peng developed by IJM Land. It is situated right besides Top Hat Restaurant and opposite of CENFAD College. It was launched in the 1st quarter of 2006 and expected to be completed in January 2010. It holds a 99-year leasehold tenure.

Ampersand is a super low density residential as it only offers 71 units with built-up areas of 2,613 to 5,852 sf. It comprises of 3 blocks of 7 to 12 storeys on about 2 acres land. Block A and B are located in front of the entrance while Block C which is the largest and highest block, located behind both two. Facilities provided include swimming pool, gymnasium, sauna and multi-purpose hall. Movable timber louvered panels line the external balcony, sheltering or exposing to suit the weather. Its dining area is built with showcase kitchen.

===
 
a newer one, with a large number of units - but 1 km away from KLCC
 
Setia Sky Residences, KLCC (844 units, in 4 blocks)

Setia Sky Residences (also known as SSR) is an exclusive and futuristic freehold serviced residences nestled at the junction of Jalan Tun Razak and Jalan Raja Muda Abdul Aziz. It was launched in 2008 and scheduled to be completed in 2011.

The luxury condominium is set on a 5.96-acre land at the intersection of Jalan Tun Razak and Jalan Raja Muda Abdul Aziz, just 1 km away from KLCC. It is neighboring The Orion, National Heart Institute (IJN) and National Library. Setia Sky Residences comprises a total of 844 apartment units with built-up sizes from 990 sf to 1,755 sf. There are 6 units on each floor and they are served with 7 lifts with private lift lobby
==
 
And an older property - with Low denisty :
 
1A Stonor, KLCC - ex Conlay Court (97 units)
1A_Stonor_thumb.JPG

1A Stonor is a low rise and low density condominium located at the junction of Jalan Stonor and Jalan Conlay. It was formerly known as Conlay Court. Among its immediate neighbours are Perbadanan Kemajuan Kraftangan Malaysia, Badan Warisan Malaysia, Sarawak Foundation (Yayasan Sarawak) and Istana Kelantan.

1A Stonor comprises of 3 condominium blocks with a total of 97 units with built-up areas from 615 to 1,444 sf. Each block consists of 8 to 10 floors. It features glass lift, letting you enjoy panoramic view of the city centre while heading to your unit.

Amenities surrounding the area are very colorful. There are several shopping malls within the area. Suria KLCC, Avenue-K and Pavilion are just within walking distance from 1A Stonor. Also, you can drive several meters from the condominium to several other shopping malls such as Lot 10, Times Square, Sg Wang Plaza, BB Plaza and Low Yat Plaza to fulfill your shopping lust.

There are also several hotels located nearby, namely Prince Hotel, Traders Hotel, JW Marriot Hotel and Westin Hotel. Within short walking distance, you can reach Seri Melayu Restaurant that serves Malay delicacies, and Hakka Restaurant which specializes on Chinese cuisine. Conlay Club is also within short walking distance

 

Analysis

One of the drawbacks of 1A Stonor is its maintenance fee, which is very high at RM0.58 psf considering its age and so-so maintenance delivered. This is the cost of low density residential has to be bear by the owners. It is even more expensive than most of new and high-end condominiums within the enclave. Most new high rise residency in the area charge the owners RM0.35 psf and above for the maintenance fee. This expensive fee is a huge turn-off for investors and buyers to own a unit here.

There are massive residential developments in KLCC enclave which mostly are high density condominiums. Most are to be completed by the end of 2009, including One KL and The Troika. 1A Stonor is one of the lowest density residential developments in the area. Other low density developments are The Avare (78 units), One KL (94 units), 2 Hampshire (93 units), Taragon Puteri YKS (32 units) and Ampersand (71 units).

1A Stonor is a great residential for single expatriates to call home. But it does not seem suitable for a family due to its small built-ups. Plus, the enclave itself seems not appropriate for a family living due to lack of amenities to raise family.

> http://www.propwall....c/1a_stonor/164

 

Marc Residences:

 

 

Analysis

In terms of location, Marc Service Residence is situated at a hot spot of Kuala Lumpur, but that would equals to having difficulties going in and out of the condominium. This is because of the congested traffic in KLCC where hundreds of cars will be roaming the streets daily. So, unless you are working nearby, Marc Service Residence is not the perfect location for one that works far from KLCC.

If you are looking for a condominium that is cheap, then Marc Service Residence is definitely not up for your choice. The reason being, the subsale price as of September 2014 starts at RM1,300,000 just for the Studio unit. Thus, bigger units must definitely be undeniably expensive. Renting a unit would cost about RM3,000 or more for a 1-room studio unit, and a whopping RM20,000 for a luxurious 4-room penthouse. This condominium probably targets high-end buyers and investors.

Those who bought Marc Service Residence when it was first completed had a better deal at about RM700 psf developer's price, which is an impossible price now. In 2007, this condominium managed to secure fifth place in the top ten most expensive developments in Kuala Lumpur.

> http://www.propwall....ce_residence/10


The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#3 DrBubb

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Posted 28 February 2016 - 03:49 AM

(from KLCC Spreadsheet):

 

Ave For-Sale price (asking, psm)  

                       

Month-- 1Ston. : S-Sky : Amps : K-Res :MarcR: Index : vsPeak

Sep 2015: 0.673 : 1.066 : 1.135 : 1.253 : 1.426 :: 1.000 : -0.33%

Oct 2015 : 0.592 : 1.056 : 1.104 : 1.315 : 1.603 :: 1.003 :: 0.00%

Nov 2015 : 0.584 : 1.064 : 1.117 : 1.273 : 1.427 :: 0.973 : -2.99%

Dec 2015 : 0.592 : 1.056 : 1.026 : 1.268 : 1.521 :: 0.971 : -3.26%

Jan 2016 : 0.574 : 1.015 : 1.072 : 1.181 : 1.422 :: 0.938 : -6.52%

=======                          


The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix




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