Thursday, November 20, 2008

Desa Kudalari

Desa Kudalari is located within the 1km radius of KLCC, situated just behind the new and posh Oval condominium and Menara Tan and Tan along Jalan Tun Razak. The contrasts between Desa Kudalari and the poncy new condos around it could not be bigger. Desa Kudalari is the oldest condominium in Kuala Lumpur and much of it's facilities are indeed looking very tired. However, the per square foot price can fetch up to RM1000. Not a great deal different from its' neighbours.

So, what is the attraction of Desa Kudalari? There are basically 2 main types of layouts here - the large 800+sf low rise 1 bedroom cabana units and a high rise building housing 2 bedroom units. The cabana units have an interesting set-up. They are basically 3 storey walk ups or walk downs with no more than 2 flight of stairs to get to the highest unit because the 2nd floor is actually at the ground level. The 2 bedroom units are approximately 1400sf consisting of 1 master bedroom and 1 smaller bedroom both sharing an adjoining bath. There is a small maid's room next to the kitchen but most owners knock it down to have a larger and brighter kitchen. The living room comes with a small toilet cum powder room.

As mentioned about the maid's room, the 2 bedroom units are architecturally very primitive. The kitchen has no windows and it even has a back door, preumably so that the maid does not share the same entrance as her masters. Unfortunately, the floor plan is such that your main entrance could be facing somebody else's back door. Not quite a feng shui favourite.
While there is a lack of attention paid on the back part of the units, the front part is rewarded with a very leafy and nice view. Because of the triangular shape of the balconies, 3 out of 4 units on each floor have a KLCC view.

A quick check on rentals show that Desa Kudalari is not exactly a good performer. Considering that the Cabana units are going for a price tag of RM700k and the 2 bedroom units are selling well above RM1million, they are only fetching on average RM3000 and RM4500 per month rental respectively. Due to the new competition in Marc Residence, Binjai Residency, Hampshire Place etc, this once rental hot cake of KL is finding it harder and harder to get tenants.
But it seems people are still snapping up the units whenever a sub-sale is available. The Cabana units are particularly popular. Most of the investors are long term. You see, Desa Kudalari is one of the very few low density developments in KL. With less than 300 units on the 8 acres of grounds, one is investing in it's future. Many investors with extra cash will buy up units here with the hope that one day some rich developer will come along and en-bloc the place. This appears to be the craze with old properties in Singapore during the boom. According to the law there is 70% of the owners agree to sell, the rest must follow suit and the offer for the land is usually very attractive considering the scarcity of top notch addresses these days.

However, Malaysia does not yet have this en-bloc law. So it may be some time before one can take fruits of this investment. But the value and the quality of the land in Desa Kudalari is certainly worth waiting for.


Ying said...

Thanks for your good blog... I follow your blog since your Kampung Warisan write up.. keep up the good work!

Matt said...

I'm thinking of renting here definitely not buying for the area very cheap rental price.

The layout is exactly as you described