Property Malaysia

By now, most people would know of someone who has bought a place in this area – it’s actually in Sepang district, but it commonly perceived to be part of the larger and slightly more developed Puchong. Generally, the area is to the east of the LDP (Damansara-Puchong Expressway), between Maju Jaya in Puchong Utama to the last toll enroute to Seri Kembangan / Putrajaya.

In the last few years, there have been many projects sprouting up in this area, some on the ex-mining land, the luckier ones are not. Nearer to the highway are Taman Tasik Prima, Taman Impiana Puchong, Taman Putra Prima Puchong (confused yet?) and Tekali Puchong (the nearer ones are still in Puchong district). Further in, you’ll find part of Bandar Bukit Puchong 2, Meranti Jaya, and this Taman Tasik Puchong, which we will be reviewing here. Further in the road will lead you to the older Putra Perdana, Amanputra and the much talked about Nusaputra (you can read about the fuss here, here and here).

To get here, you have to turn off at the landmark George Kent, and you’ll see the development on the left, just after a row of shoplots under construction. The plot of land isn’t big, there are small hills at two sides with existing power lines running across. On another side are some existing light industrial lots. Directly in front is Taman Meranti Jaya.

The first phase to be launched in this project are a few rows named Venezia. It’s a small 20’ x 60’ linkhome with a very small 1,308sq.ft build up. We’re thinking they might go for bigger built-up units for the later phases, this one is just too small for most Malaysian families. Bachelor pad and student renters, maybe, but at this location and with no public transport to speak of, this might be a hard sell. The porch is hard to fit two sedan cars, and the living is stifling tight. There is a semi-open yard / wet kitchen, and a larger than usual backyard. We’re betting 9 out 10 buyers will renovate the back of the house.

Finishes and specs are standard. Again, let’s hope the next phase they’ll incorporate some changes in these aspects.

For a leasehold property and such a small plot and build-up, they are selling it quite expensive, given that this isn’t a prime location. Prices start from RM250k, although they are giving some discounts at the moment.

The developer is touting the 24-hour security feature as a selling point, and they are also offering some upgrade packages for buyers. With so many competitors in the area, we weren’t impressed. There’s also the power lines back there.

LBS have been in property development for about 10 years or so and have developments all over the country. Some of projects are Bandar Saujana Putra, Kota Perdana, Bandar Putra Indah (Johor) and Casa Tropicana.

There were two articles in the Star Business section yesterday that caught our attention. Both were actually reports of the Fiabci Smart Investor in Property Seminar IV held in KL over the weekend.

According to one of the speakers, Mr. James Wong of VPC Alliance (M) Sdn. Bhd. timing was of purchase is critical in investment. There are 4 stages in a property cycle – bottom, growth, boom and decline. However, in reality, the property cycle does not run in such manner as there are cycles within cycles.

He elaborated that the Malaysian property cycle between 1970 and 2004 had three boom periods:

• from 1973 to 1975;
• 1978 to 1981;
• and 1995 to 1997.

There were two bottom periods:

• from 1984 to 1988;
• and 1997 to 1998.

He went on to elaborate in detail about how the cycles do not always go through the four phases, and how different segments of the property market go through different cycles concurrently.

You are encourage to read the article for the full write-up, or attend the next seminar which is organized by Fiabci and sponsored by the Star.

A related article reported that Ho Chin Soon of Ho Chin Soon Research Sdn. Bhd. was presenting how the population growth was the highest compared to other regions such as Johor Bahru and Penang.

According to the report,

Between 1991 and 2000, the Klang Valley grew at 4.8% per annum, compared to JB (4.6%) and Penang (1.57%),
“If the growth rate of 4.8% per annum in the Klang Valley is sustained, we will have a population of 8 million in 2016”.

Looks like KL will be joining the ranks of the supercities of the world very soon.

While on the topic of snapping site progress photos, we’re looking at the progress of Menara Bintang Goldhill, one of the first projects reviewed here in Property Malaysia (you can read it here).

Well, we’ve only 2 pics, can’t really take that many when you’re in a moving car.

Looks like they’re only at the third or fourth floor of the superstructure after spending a long time on the diaphragm wall and bore piles. By the way, that’s Wisma Technip next to it.

E&O Property Development’s first foray in the property market was Dua Residency, located prominently along Jalan Tun Razak beside the Singapore High Commission in KL. It was among the group of first KLCC condominiums to be launched more than 2 years ago, and now the building is nearing completion.

Taken from their website,

Our maiden development project, Dua Residency, is the first testimony of a product that has been carefully crafted to meet the needs of urban living. The project is located along Jalan Tun Razak, within the vicinity of Kuala Lumpur City Centre (KLCC) and Petronas Twin Tower, the Singapore High Commission and the American Embassy. The 2 blocks of 20-storey condominiums sport a bold, contemporary design that complements today’s ultra-modern living environment in an aura of lasting contemporary elegance.

When we visited them some time last year, the sales was said to be very good, without most units already snapped up.

Below are some of the photos of the site progress taken last week.

Below: The sales office and project signboard.

We received this in the mail some time back, announcing the opening of the Hazel show house in the Berjaya Park development.

Berjaya Park is a large comprehensive development along the KESAS Highway and Jalan Kebun in Bukit Kemuning area. To get there, get on the KESAS Highway and turn off at the Kota Kemuning interchange to go via Bukit Rimau or use the Kebun Interchange for a more direct route.

They are currently Hazel, which is a 22’ x 70’ double-storey link home, touted as the last phase of landed units in the development. From what we could gather, the built-up is 1,907sq.ft.

For more details, check out Berjaya Properties’ website here, or call 016 – 201 8308, 016 – 220 0076 or 03 – 2142 8028.

Right, another month has passed, a little nearer to the end of the year. Can’t help but look forward to our next public holiday, National Day.

Property-wise, we’re keeping tabs on a few projects launching soon, some of them are actually at soft launch stage but without full details. One of them is definitely Setiahills.

As usual, the project reviews page has been updated, you can read it here. The latest addition of projects review in July are as follows:

Lake Vista @ Taman Tasik Prima Puchong (Vista 1 & 2)
Pavilion Residences, Bukit Bintang
The Saffron at Sentul East
Cova Villa, Kota Damansara

As complicated as building projects go, this one is quite so. Let’s start from the ground up. Back in 1992, Hong Kong developer Cecil Chao, via his public listed (HK main board) company, Cheuk Nang, and is local subsidiary Martego Sdn. Bhd., bought up this piece of 1.4ha land on Lorong Perak off Jalan P. Ramlee.

This is a review of Martego’s portion of the project, which called Parkview 2-11 Luxury Suites, and DOES NOT cover Mayland’s portion of the serviced apartment, which we did not view. For info on Mayland’s condo, you can call them at 03 - 21480 808.

The 70-year old Cecil Chao is known (amongst other things. Google him and you’ll find out) as a shrewd business and business investor. After holding the land for 10 years or so, Martego has partnered with the Mayland Group to jointly developed a huge commercial project on the land. Why Mayland, you ask, right? We don’t know, but we suppose that Cheuk Nang would have good relations with Far East Consortium, the Hong Kong parent company of Mayland. The subsidiary involved in this project is called Mayland Parkview (Why Mayland?!).

There are two main phases to this project. Phase 1 is the almost completed Parkview Luxury Suites, CF targeted to be issued at the end of the year. The ground floor of this Parkview will have a management office and some shops. The 2nd to 11th floor is owned by Martego themselves, and they are marketing it as Parkview 2-11 Luxury Suites (hence the 2-11). Martego has sold the higher floors to be marketed by Mayland Parkview, and their product is simply called Parkview Service Apartments (minus the 2-11). This portion was launched some 2 years back, currently 70% has been taken up, according to the salespeople. The Martego owned 2-11 has only been launched early July this year.

The second phase is another serviced apartment called Central Tower, with 300,000 sq ft shopping centre on the lower floors. Currently the plot of land is used as a car park and some entertainment spots. The developer expects the project to be fully completed by 2012.

Okay, now that the background of the building is out of the way, let’s talk location. It’s just like less than a kilometer away from KLCC, and next to the vibrant hotspots like Modesto’s and Beach Club. So a plus point only a few other KLCC condo can match. Surrounding it is the Idaman Residence (currently under construction), and some other old buildings. Lorong Perak is known for the mamak stalls directly behind Menara IMC.

The 10 floors of this development houses 95 units, averaging about 9 to 11 units per floor. There are 4 types of units available – studio units, single bedroom, two bedrooms and duplex units. The building footprint is curved and narrow, common corridor in the middle and units on either side. Lifts are on one end of the building only.

Studio units – sizes range from 493 to 789sq.ft. These are located on the 2nd to the 4th floor. A basic unit, with space for living / dining / bedroom, a partitioned area for kitchen and one toilet. Units are either almost rectangular in shape or odd shaped.

Single and double rooms – these are variants of the studio units but the additional with one or two large rooms, achieved by reducing the number of units per floor.

Duplex units – these come in 905 to 1,755sq.ft. Some come without any rooms, similar to the studios, some come with one room at the upper level. There are toilets on each of the levels.

Some units come with a long bath. Developer is providing some finishing and freebies with the unit.

We didn’t like the round fixed windows every unit has. Makes it looks like some of the government buildings built in the 70s. You can’t open them, and with only one small casement window that can be opened, ventilation is bad. No air-conditioning provided by developer. I see a huge problem here. Your toilet and kitchen will be windowless and mechanical ventilated. Bad.

As a serviced apartment, they are providing features like room service, professional maid services, laundry and valet. As for facilities, there are the usual – swimming pool, gym and sauna at the very top. Nothing spectacular.

We’re generally not favourable to the following things - serviced apartments, studio apartment design and poor layout design. This place seem to encompass all the three. But it’s a matter of personal choice.

The thing about selling an almost completed building can make or break the sale – if the quality is good and everything is impressive, people can see it for themselves. However, the opposite is also true. In this case, sad to say we’re of the latter opinion. The workmanship leaves a lot to be desired, plastering is uneven, doors are quite cheap, staircase tiling are all different colour (we assume it’s because they had to replace them), hacking and replastering marks seen on here and there… On the finishing side, we didn’t like the marble tiles and vanity top they are providing.

On the good side, location can’t be faulted. Starting at RM680psf, it’s cheap. And with the completion of the commercial centre, it’ll be quite an attractive place. But it’s on commercial title. And then there’s the ‘Mayland‘ link…