SunCity confident of Casa Kiara II
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PETALING JAYA: Sunway City Bhd (SunCity) is so confident of the property and rental market in Mont' Kiara that it is offering a 8% guaranteed rental return to new buyers of its Casa Kiara II condominium.
However, the special scheme, available for a year, is valid for a limited 30 units only.
“The scheme is part of SunCity’s objective to provide more value to buyers and it exemplifies the company’s confidence in the buoyant property and rental markets in the area,” said a company spokesman.
A high-end 37-storey tower of 206 units, including four penthouses, “in the vibrant global community of Mont' Kiara”, Casa Kiara II is a freehold address in what is regarded as one of the most affluent neighbourhoods in Kuala Lumpur.
Launched in January, the project is already 60% sold.
An artist’s impression of Casa Kiara II
“The vibrant Malaysian property market, following the waiver of real property gains tax and the relaxation of Foreign Investment Committee guidelines, is bringing cheer to foreign homebuyers,” the spokesman said.
The development offered excellent investment returns based on the current 8% rental returns of the surrounding properties in Mont' Kiara, she added.
Built-up areas start from 1,375 sq ft with most units (3+1 bedrooms and three bathrooms) having their own balcony, wet and dry kitchens and generous foyer entrance serviced by three lifts.
Prices start from RM586,000 per unit.
SunCity is offering buyers special features such as free kitchen cabinets for the dry and wet kitchens, five air-conditioners, Internet broadband cable and two parking bays per unit.
There will also be recreational facilities such as a swimming pool, children’s playground, a gymnasium and function rooms.
“All these will be housed in an adjacent block, which has a built-up area of 20,000 sq ft, offering buyers greater privacy and exclusivity,” said the spokesman.
The development will also have three-tier access with security alarm linked to the guardhouse.
Casa Kiara II enjoys easy access through various expressways such as Sprint Highway and North Klang Valley Expressway.
Casa Kiara II units offer spacious master bedrooms
Construction of Casa Kiara II is expected to complete by end-2009.
Showing posts with label Kuala Lumpur Twin Towers. Show all posts
Showing posts with label Kuala Lumpur Twin Towers. Show all posts
Monday, June 25, 2007
Monday, April 30, 2007
SelProp to launch two stalled projects by next year
SelProp to launch two stalled projects by next year
KUALA LUMPUR: Selangor Properties Bhd (SelProp) will launch two projects, which have been stalled for some time, by early 2008, said financial controller Lee Boon Kian.
The projects are a 107-unit high-end condominium along Jalan Batai, Damansara Heights, and a joint venture with E&O Properties Bhd for offices and serviced apartments on a 6.5-acre site along Jalan Semantan.
The gross development value (GDV) of the first project had yet to be determined, Lee said after the company AGM yesterday. The other project, he added, had an estimated GDV of RM500mil.
“We are now submitting plans and, if all goes well, we will launch them by early next year,” Lee said.
On why the second project had taken so long to get off the ground, he said: “The approval was given earlier, but there is a change of plans because of height restrictions.”
The parcel of land is located next to the palace reserve, which has restrictions on height.
Lee also said SelProp aimed to maintain its earnings for the current financial year after having posted a 35.8% growth in after-tax profit to RM89.6mil for the financial year ended Oct 31, 2006.
For the first quarter ended Jan 31, the company posted an after-tax profit of RM31.5mil, a three-fold increase over that in the previous corresponding period. However, Lee said it would be tough to rake in the additional RM50mil or so after-tax profit to meet its target.
The earnings increase in the first quarter was mainly due to a write-back of RM33.6mil for its investment in Australia-listed Multiplex Group Ltd, whose share price has since gone up.
On criticism that the company has not revalued its property assets since 1980, Lee said: “We have actually revalued the investment properties and have booked in a revaluation surplus of RM168mil, which is shown in our accounts (for the first quarter ended Jan 1, 2007).”
KUALA LUMPUR: Selangor Properties Bhd (SelProp) will launch two projects, which have been stalled for some time, by early 2008, said financial controller Lee Boon Kian.
The projects are a 107-unit high-end condominium along Jalan Batai, Damansara Heights, and a joint venture with E&O Properties Bhd for offices and serviced apartments on a 6.5-acre site along Jalan Semantan.
The gross development value (GDV) of the first project had yet to be determined, Lee said after the company AGM yesterday. The other project, he added, had an estimated GDV of RM500mil.
“We are now submitting plans and, if all goes well, we will launch them by early next year,” Lee said.
On why the second project had taken so long to get off the ground, he said: “The approval was given earlier, but there is a change of plans because of height restrictions.”
The parcel of land is located next to the palace reserve, which has restrictions on height.
Lee also said SelProp aimed to maintain its earnings for the current financial year after having posted a 35.8% growth in after-tax profit to RM89.6mil for the financial year ended Oct 31, 2006.
For the first quarter ended Jan 31, the company posted an after-tax profit of RM31.5mil, a three-fold increase over that in the previous corresponding period. However, Lee said it would be tough to rake in the additional RM50mil or so after-tax profit to meet its target.
The earnings increase in the first quarter was mainly due to a write-back of RM33.6mil for its investment in Australia-listed Multiplex Group Ltd, whose share price has since gone up.
On criticism that the company has not revalued its property assets since 1980, Lee said: “We have actually revalued the investment properties and have booked in a revaluation surplus of RM168mil, which is shown in our accounts (for the first quarter ended Jan 1, 2007).”
Main selling points of Paragon Heights homes
Main selling points of Paragon Heights homes
PROPERTY TALK
By S.C. CHEAH
”THERE are 40 good reasons why you should buy Paragon Heights at Bukit Jalil in Kuala Lumpur.”
This is the sales pitch by marketing agent Reapfield Properties (Puchong) in a hand out to prospective buyers.
However, it took me just an hour's visit to this 93-year leasehold development next to a forest reserve in Puchong to be convinced that its top three selling points, especially for the Phase 2 houses, may be enough reasons for one to buy the 3-storey terraced house that is as big if not bigger than some bungalows.
First, the view is great!
Many of the Phase 1 buyers of the Paragon Heights 3-storey terraced houses have turned the flat car porch roof into a roof top garden
Paragon Heights' three-storey link houses stand atop a 200ft high hill overlooking Bandar Kinrara and a forest in the distance. If you have bought a house along the premium row that faces Bandar Kinrara, you will enjoy a sweeping view of the golf course below.
Unlike some houses that cling onto the edge of the hill, Paragon Heights' houses are buffered from the edge by a wide road. The entire development is gated and guarded.
Even if your house is in the second or third row, you can still enjoy the splendid view, especially in the cooler evening, by coming out of your house and walking to the main road fronting the edge of this hill.
Many of the Phase 1 buyers of the Paragon Heights 3-storey terraced houses have turned the flat car porch roof into a roof top garden
Second, the 3,388 sq ft built-up area and RM488,000 price tag with lots of extras is definitely value for money.
With six bedrooms (not including a big study area on the top floor that is as big as the master bedroom), it is ideal for big families with rooms to spare for visitors and tenants and even for a little home business.
You may want to compare the Paragon Heights with Bandar Puteri Puchong's Grande View 22ft x 70ft two-storey terrace house with 2,000 sq ft built-up area (priced from RM383,800) and The Peak 22ft x 70ft two-storey terrace house with 1,900 sq ft built-up area (from RM379,800).
Both freehold types launched last year are about 400ft above sea level.
UOA Holdings Sdn Bhd's leasehold Happy Garden priced their recently launched 3 and 3½-storey terraced houses from RM612,900 to RM852,900 with built-up areas from 2,367 to 4,060 sq ft.
And third is the very spacious top floor that I like so much.
There is a maid's room on the ground floor and a spacious master bedroom (with ensuite) and another two bedrooms on the first floor.
I was surprised to find another two spacious bedrooms on the second floor, each with its own attached bathroom! A bigger surprise is the open room or study area with a smaller room on this floor.
This study area can be used as a gym, SOHO (small office, home office), library, or music/karaoke room. Four mahjong tables can fit in comfortably while the smaller room can be used as a toys room or children's study room.
This study area is even bigger for the corner units as it has no void looking down onto the first floor. This is because the corner unit has a window on the side of the wall, allowing more natural lighting into the house.
Having given my top three reasons, there are also many other plus points such as its location near a proposed hypermarket and the bustling Bandar Puchong Jaya and other housing estates.
Although the Phase 2 houses are priced RM38,000 more than the Phase 1, 3-storey houses with the same 22ft x 85ft lot size (which were priced from RM450,000), the developer Paragon Expression Sdn Bhd is giving extras worth about RM50,000 more.
These extra features include air-conditioner wiring points, 3 ceiling fan points for the two bedrooms and study area on the second floor as well as water heater wiring points for bathroom 2 (first floor) and bathroom 3 and 4 on the second floor.
Phase 2 houses will also have shower glass doors for three of the six bathrooms, granite instead of cement render for the car porch and marble for the front terrace and balcony floor. Another extra are the glass wash basins with fittings for some of the bathrooms.
Instead of the Phase 1 1ft x 1ft ceramic floor tiles for the living and dining areas, Phase 2 houses will have 2ft x 2ft quality ceramic tiles. The family area on the first floor will also have plain plaster ceiling.
Among the features found in all Paragon Heights houses are the unique flat car porch roof where many Phase 1 buyers have turned into a roof-top garden, 11ft high ceiling for the ground floor, 600-gallon instead of the usual 400-gallon water tank, three-phase wiring, big refuse chamber and booster pumps.
A powder room near the staircase is another attraction.
No wonder all 171 Phase 1 houses have been sold and handed over late last year. About half of the 174 Phase 2 units have been sold. Launched in January, they are 75% completed and are expected to be ready end of the year.
PROPERTY TALK
By S.C. CHEAH
”THERE are 40 good reasons why you should buy Paragon Heights at Bukit Jalil in Kuala Lumpur.”
This is the sales pitch by marketing agent Reapfield Properties (Puchong) in a hand out to prospective buyers.
However, it took me just an hour's visit to this 93-year leasehold development next to a forest reserve in Puchong to be convinced that its top three selling points, especially for the Phase 2 houses, may be enough reasons for one to buy the 3-storey terraced house that is as big if not bigger than some bungalows.
First, the view is great!
Many of the Phase 1 buyers of the Paragon Heights 3-storey terraced houses have turned the flat car porch roof into a roof top garden
Paragon Heights' three-storey link houses stand atop a 200ft high hill overlooking Bandar Kinrara and a forest in the distance. If you have bought a house along the premium row that faces Bandar Kinrara, you will enjoy a sweeping view of the golf course below.
Unlike some houses that cling onto the edge of the hill, Paragon Heights' houses are buffered from the edge by a wide road. The entire development is gated and guarded.
Even if your house is in the second or third row, you can still enjoy the splendid view, especially in the cooler evening, by coming out of your house and walking to the main road fronting the edge of this hill.
Many of the Phase 1 buyers of the Paragon Heights 3-storey terraced houses have turned the flat car porch roof into a roof top garden
Second, the 3,388 sq ft built-up area and RM488,000 price tag with lots of extras is definitely value for money.
With six bedrooms (not including a big study area on the top floor that is as big as the master bedroom), it is ideal for big families with rooms to spare for visitors and tenants and even for a little home business.
You may want to compare the Paragon Heights with Bandar Puteri Puchong's Grande View 22ft x 70ft two-storey terrace house with 2,000 sq ft built-up area (priced from RM383,800) and The Peak 22ft x 70ft two-storey terrace house with 1,900 sq ft built-up area (from RM379,800).
Both freehold types launched last year are about 400ft above sea level.
UOA Holdings Sdn Bhd's leasehold Happy Garden priced their recently launched 3 and 3½-storey terraced houses from RM612,900 to RM852,900 with built-up areas from 2,367 to 4,060 sq ft.
And third is the very spacious top floor that I like so much.
There is a maid's room on the ground floor and a spacious master bedroom (with ensuite) and another two bedrooms on the first floor.
I was surprised to find another two spacious bedrooms on the second floor, each with its own attached bathroom! A bigger surprise is the open room or study area with a smaller room on this floor.
This study area can be used as a gym, SOHO (small office, home office), library, or music/karaoke room. Four mahjong tables can fit in comfortably while the smaller room can be used as a toys room or children's study room.
This study area is even bigger for the corner units as it has no void looking down onto the first floor. This is because the corner unit has a window on the side of the wall, allowing more natural lighting into the house.
Having given my top three reasons, there are also many other plus points such as its location near a proposed hypermarket and the bustling Bandar Puchong Jaya and other housing estates.
Although the Phase 2 houses are priced RM38,000 more than the Phase 1, 3-storey houses with the same 22ft x 85ft lot size (which were priced from RM450,000), the developer Paragon Expression Sdn Bhd is giving extras worth about RM50,000 more.
These extra features include air-conditioner wiring points, 3 ceiling fan points for the two bedrooms and study area on the second floor as well as water heater wiring points for bathroom 2 (first floor) and bathroom 3 and 4 on the second floor.
Phase 2 houses will also have shower glass doors for three of the six bathrooms, granite instead of cement render for the car porch and marble for the front terrace and balcony floor. Another extra are the glass wash basins with fittings for some of the bathrooms.
Instead of the Phase 1 1ft x 1ft ceramic floor tiles for the living and dining areas, Phase 2 houses will have 2ft x 2ft quality ceramic tiles. The family area on the first floor will also have plain plaster ceiling.
Among the features found in all Paragon Heights houses are the unique flat car porch roof where many Phase 1 buyers have turned into a roof-top garden, 11ft high ceiling for the ground floor, 600-gallon instead of the usual 400-gallon water tank, three-phase wiring, big refuse chamber and booster pumps.
A powder room near the staircase is another attraction.
No wonder all 171 Phase 1 houses have been sold and handed over late last year. About half of the 174 Phase 2 units have been sold. Launched in January, they are 75% completed and are expected to be ready end of the year.
Tuesday, April 10, 2007
Malaysian property prices are trending up...
Malaysian property prices are trending up, fuelling expectations that top-end residential properties in the country’s most desired locations are within striking distance of RM2,000 per square foot (S$880 psf) this year.
Property consultants Regroup Associates said an ‘uplift’ in prices is in sight, especially around the Kuala Lumpur City Centre (KLCC) and the prestigious Twin Towers, and should top RM2,000 psf later this year. The RM1,600 psf price One KLCC achieved recently for its last two apartments in the 94-unit OneKL which faces the iconic Kuala Lumpur Twin Towers indicates prices are heading up. There is not much left by way of top-end properties in the KLCC area and developers - where they can - are upping the ante.
Depending on the quality of the apartments, developers are demanding between RM800 and RM1,000 psf. Regroup executive chairman Christopher Boyd said recent feedback points to a tightening of the property market. A rosier stock market also seems to have boosted demand.
Interestingly, a CH Williams CEO opinion survey for the property sector in 2007 was less bullish. In the poll, which was conducted over September and October 2006, CEOs surveyed were less optimistic than in the preceding year. Respondents expressed caution with regard to the surplus supply of condominiums and commercial shophouses in 2007. About 20 per cent - or almost double that of the previous survey - thought the number of transactions would drop by about 20 per cent. One-third surveyed expected decreases in apartment prices in 2007, but nearly all believed construction cost constituents would increase. Sixty per cent believed they would rise by more than 10 per cent.
Some 70 per cent (compared to 75 per cent in 2006) anticipated that rentals of landed residences and commercial properties would increase or remain stable in 2007. More respondents continued to expect rentals of apartments and condominiums to dip. In terms of interest, the respondents believed foreign investors would be consistent in their preference for condominiums. They were also of the view that foreign interest in factory premises and industrial land is on the rise - a trend confirmed by property agents in Johor. As in the previous year, the supply of Malaysian real estate remains large in a relatively soft market. The stream of high-end condominiums coming onto the market does not seem to be slowing, raising questions of a glut and lower yields. But developers with the right location, product and branding continue to report decent - in some cases impressive - take-up rates.
In the past two years, rental yields for residential apartments have averaged 6-8 per cent, slightly less for bigger apartments of more than 3,000 sq ft, Prestige Homes manager KK Yap told BT. In places such as the Klang Valley’s Mont Kiara, which is popular with expatriates, increasing numbers of developers have jumped on the bandwagon following the success of early pioneer Sunrise’s projects in the area.
Real estate surveyor and valuer Ho Chin Soon Research observes 30-40 per cent of Mont Kiara’s 486 hectares have already been developed with numerous projects - mainly condominiums and apartments - earmarked on the remaining land. The success of the area has led to developments in adjacent areas such as Segambut Dalam ‘adopting’ the Mont Kiara address.
In a recent property focus on the area, Mont Kiara developers maintain the suburb is not overbuilt. According to them, demand has generally matched supply. Although more than 1,000 condos and apartments will come on stream in the coming years, they observe current non-occupancy is not in excess of 30 per cent. To bolster their argument, they point to the rise in rentals and capital appreciation. Rental yields average 8-10 per cent, they said, with the better properties fetching as high as 15 per cent.
Capital appreciation obviously varies, with better products commanding higher prices. As an example, units at Ireka Land’s i-Zen@Kiara II changed hands last year at more than RM500 psf compared to its average launch price of RM380 psf in 2004. Sunrise chief marketing officer Lee Meng Tuck maintains that return on investment for Mont Kiara properties tops those in the KLCC area.
According to him, Mont Kiara’s return is 7-7.6 per cent compared to 4.5-5 per cent for the latter. Despite the stiff competition, developers indicate prices are likely to continue to rise given the increase in land price, the higher cost of construction materials and other charges. Steeper price tags aside, developers who understand their target groups will do well.
‘The market is increasingly competitive. There are a lot of products but good schemes are selling well,’ said Regroup’s Mr Boyd. Estate agents gave the example of One Menerung in Bangsar, which was launched last June at an average of RM750 psf. About 60 per cent of the 229 apartments have been sold and remaining units are now being priced at RM850 psf.
In Petaling Jaya, Selangor Dredging’s Ameera Residences saw brisk sales of its 290 units in January. About 30 per cent of the development - sold at an average RM300 psf - was snapped up in two weeks.
Getting your target market right is important. Prestige’s Mr Yap believes the mid-range segment of smaller apartments costing less than RM500 psf is saturated. He is bullish on larger luxury units - exceeding 3,000 sq ft - which is a more viable option for bungalow owners looking to apartment living. But the mid-market range of RM300,000 to RM500,000 has seen growing interest from Koreans, especially in the Ampang area. Many are settling in the area under the Malaysia My Second Home programme. However, those with fatter wallets prefer Mont Kiara.
In terms of residential potential, Mr Boyd believes KL Sentral has a great future as prime offices are coming up in what is becoming a well-established transportation hub. He also favours the top end of the KLCC area and Damansara Heights, as well as Mont Kiara - or rather developments with the right products.
He is confident office space values should reach RM900 psf within the next 24 months, with prime buildings hitting RM1,200 psf. Office rentals in prime buildings are also inching towards RM7 psf - one or two already lay claim to such rates - from an average of RM4-5 currently.
Yields on commercial investments are expected to dip slightly, averaging 6 per cent, down from 7 per cent, he said, but any shortfall is offset by the prospect of capital appreciation.
Whether the property sector picks up significantly this year remains to be seen. After a promising start, a possible party spoiler for the sector is the equities plunge at the end of February which, if repeated, could dampen real estate demand.
Source: The Business Times, 10 April 2007
Property consultants Regroup Associates said an ‘uplift’ in prices is in sight, especially around the Kuala Lumpur City Centre (KLCC) and the prestigious Twin Towers, and should top RM2,000 psf later this year. The RM1,600 psf price One KLCC achieved recently for its last two apartments in the 94-unit OneKL which faces the iconic Kuala Lumpur Twin Towers indicates prices are heading up. There is not much left by way of top-end properties in the KLCC area and developers - where they can - are upping the ante.
Depending on the quality of the apartments, developers are demanding between RM800 and RM1,000 psf. Regroup executive chairman Christopher Boyd said recent feedback points to a tightening of the property market. A rosier stock market also seems to have boosted demand.
Interestingly, a CH Williams CEO opinion survey for the property sector in 2007 was less bullish. In the poll, which was conducted over September and October 2006, CEOs surveyed were less optimistic than in the preceding year. Respondents expressed caution with regard to the surplus supply of condominiums and commercial shophouses in 2007. About 20 per cent - or almost double that of the previous survey - thought the number of transactions would drop by about 20 per cent. One-third surveyed expected decreases in apartment prices in 2007, but nearly all believed construction cost constituents would increase. Sixty per cent believed they would rise by more than 10 per cent.
Some 70 per cent (compared to 75 per cent in 2006) anticipated that rentals of landed residences and commercial properties would increase or remain stable in 2007. More respondents continued to expect rentals of apartments and condominiums to dip. In terms of interest, the respondents believed foreign investors would be consistent in their preference for condominiums. They were also of the view that foreign interest in factory premises and industrial land is on the rise - a trend confirmed by property agents in Johor. As in the previous year, the supply of Malaysian real estate remains large in a relatively soft market. The stream of high-end condominiums coming onto the market does not seem to be slowing, raising questions of a glut and lower yields. But developers with the right location, product and branding continue to report decent - in some cases impressive - take-up rates.
In the past two years, rental yields for residential apartments have averaged 6-8 per cent, slightly less for bigger apartments of more than 3,000 sq ft, Prestige Homes manager KK Yap told BT. In places such as the Klang Valley’s Mont Kiara, which is popular with expatriates, increasing numbers of developers have jumped on the bandwagon following the success of early pioneer Sunrise’s projects in the area.
Real estate surveyor and valuer Ho Chin Soon Research observes 30-40 per cent of Mont Kiara’s 486 hectares have already been developed with numerous projects - mainly condominiums and apartments - earmarked on the remaining land. The success of the area has led to developments in adjacent areas such as Segambut Dalam ‘adopting’ the Mont Kiara address.
In a recent property focus on the area, Mont Kiara developers maintain the suburb is not overbuilt. According to them, demand has generally matched supply. Although more than 1,000 condos and apartments will come on stream in the coming years, they observe current non-occupancy is not in excess of 30 per cent. To bolster their argument, they point to the rise in rentals and capital appreciation. Rental yields average 8-10 per cent, they said, with the better properties fetching as high as 15 per cent.
Capital appreciation obviously varies, with better products commanding higher prices. As an example, units at Ireka Land’s i-Zen@Kiara II changed hands last year at more than RM500 psf compared to its average launch price of RM380 psf in 2004. Sunrise chief marketing officer Lee Meng Tuck maintains that return on investment for Mont Kiara properties tops those in the KLCC area.
According to him, Mont Kiara’s return is 7-7.6 per cent compared to 4.5-5 per cent for the latter. Despite the stiff competition, developers indicate prices are likely to continue to rise given the increase in land price, the higher cost of construction materials and other charges. Steeper price tags aside, developers who understand their target groups will do well.
‘The market is increasingly competitive. There are a lot of products but good schemes are selling well,’ said Regroup’s Mr Boyd. Estate agents gave the example of One Menerung in Bangsar, which was launched last June at an average of RM750 psf. About 60 per cent of the 229 apartments have been sold and remaining units are now being priced at RM850 psf.
In Petaling Jaya, Selangor Dredging’s Ameera Residences saw brisk sales of its 290 units in January. About 30 per cent of the development - sold at an average RM300 psf - was snapped up in two weeks.
Getting your target market right is important. Prestige’s Mr Yap believes the mid-range segment of smaller apartments costing less than RM500 psf is saturated. He is bullish on larger luxury units - exceeding 3,000 sq ft - which is a more viable option for bungalow owners looking to apartment living. But the mid-market range of RM300,000 to RM500,000 has seen growing interest from Koreans, especially in the Ampang area. Many are settling in the area under the Malaysia My Second Home programme. However, those with fatter wallets prefer Mont Kiara.
In terms of residential potential, Mr Boyd believes KL Sentral has a great future as prime offices are coming up in what is becoming a well-established transportation hub. He also favours the top end of the KLCC area and Damansara Heights, as well as Mont Kiara - or rather developments with the right products.
He is confident office space values should reach RM900 psf within the next 24 months, with prime buildings hitting RM1,200 psf. Office rentals in prime buildings are also inching towards RM7 psf - one or two already lay claim to such rates - from an average of RM4-5 currently.
Yields on commercial investments are expected to dip slightly, averaging 6 per cent, down from 7 per cent, he said, but any shortfall is offset by the prospect of capital appreciation.
Whether the property sector picks up significantly this year remains to be seen. After a promising start, a possible party spoiler for the sector is the equities plunge at the end of February which, if repeated, could dampen real estate demand.
Source: The Business Times, 10 April 2007
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