Klang Valley's million ringgit launches
Saturday, July 31st, 20100 Comments | New Straits Times, Jul 30, 2010 | by S.C. Cheah
HAVE you noticed the increasing number of “million ringgit”-plus property launches of late? Several of these developments have either been completed or are about to be ready, and their developers are trying hard to sell off their remaining units by giving hefty discounts and other financial incentives.
In the Klang Valley, the asking price of terrace houses in prime areas is easily over RM500,000 and paying upwards of RM1 million for a spacious landed unit isn’t unheard of nowadays.
Here’s a snapshot of a few new upmarket launches in the Klang Valley:
Pavilion Residences 1
SEB Asset Management, the asset management arm of an international banking house, recently extended an eight per cent discount on the list price and a further eight per cent rebate on the Sale and Purchase Agreement (SPA) price for the final release of its Pavilion Residences 1 Uber Collection. This completed condominium project in Kuala Lumpur city sits atop the Pavilion KL shopping centre, with the available units comprising some threebedroom condos, 19 Sky Villas (four bedrooms) and three Sky Palaces (duplexes).
With the financial incentives in place, a 4,157sq ft, four- bedroom Sky Villa on the 31st floor with views of the Petronas Twin Towers is much lower than its list price of RM7.03 million.
After the eight per cent discount on the SPA price and further eight per cent rebate, the final price is RM5.95 million or RM1,431psf. Furthermore, instead of paying the usual 10 per cent upon signing the SPA (amounting to RM646,760), investors need only pay two per cent or RM129,352.
For the larger duplex unit with 6,689sq ft of space, a condo on the 38th floor that was listed at RM11 million is now available for RM9.3 million – a sizeable RM1.7 million discount!
That means instead of paying the 10 per cent downpayment or RM101,236 as per the SPA price of RM10.124 million, with the eight per cent rebate factored in, it is only two per cent or RM202,473.
Checks show that Singaporean investors have bought some of the units in this 43-storey Tower 1 (with 142 units in total) priced from around RM1,100psf to RM1,450psf (after discount) as the rate is said to be cheaper than the RM1,400psf to RM1,700psf currently offered in the secondary market.
Besides the six-storey Pavilion KL and the 99-year leasehold Pavilion Residences that comprises two towers (the second is 50 floors high), other components of the development include a 19- storey office tower and the proposed 200-room Raffles Kuala Lumpur.
Surian Residences
A recent exciting new launch was that of the two-block, 311-unit Surian Residences in Selangor’s suburb of Mutiara Damansara.
This much sought-after township landmarked by retail centres such as the Curve, Ikea, Ikano Power Centre and Tesco has consistently drawn so many buyers that the developer, Mutiara Rini Sdn Bhd, has had to conduct balloting exercises for its units.
The latest ballot early this month saw 6,000 invites sent out, which garnered 80 per cent sale on the first day even though the units at Surian Residences were pegged from RM507,000 (for an 850sq ft apartment) to RM1.24 million (2,250sq ft) or about RM600psf.
And just to think, when Mutiara Rini launched its first condominium in 2003, the 346-unit Surian Condominium, it was pegged at around RM250psf (half of what it is now worth).
Laman Granview
When developer IJM Land Bhd opened the second and third phases of this project in Saujana Puchong at the end of last month, it treated visitors to a lion dance, fire safety campaign, magic show and feng shui talk.
Located 450ft above sea level – the highest point in Puchong – residents will be able to enjoy panoramic views of the surroundings that include the Ayer Hitam Forest Reserve.
The project’s features include a “residents’ only” clubhouse with infinity pool and 24-hour security with guard patrol.
The current launch involves 56 units of two-and-a-halfstorey semi- detached houses with 3,577sq ft of space sitting on land with dimensions of 40ft by 80ft as well as 29 units of three-storey zero- lot bungalows (built-up 3,651sq ft; land dimensions 45ft by 85ft).
The former starts from RM1.54 million to RM1.64 million, the latter from RM1.95 million to RM1.98 million.
When this 53-acre gatedand- guarded leasehold scheme was initially launched in 2007, its first batch of semi-dees were from RM1.18 million to RM1.26 million while the zero-lot bungalows were from RM1.3 million to RM1.34 million.
The Westside One
Following the sell-out of the first batch of condos in the 40- storey Westside One located within Desa Parkcity in KL, award- winning developer Perdana Parkcity Sdn Bhd opened the second release, pricing the units from RM806,000 to RM2.36 million.
Pool Villas
Dijaya Corp Bhd has also launched 54 units of the three-storey villas priced from RM3.7 million to RM4.9 million at its Tropicana Resort Homes in Petaling Jaya.
All units averaging 7,000sq ft in size come with their own lift and private pool, two master bedrooms, six other bedrooms and three living areas.