Taragon Puteri

I have seen someone trying to market Taragon Puteri as a Bukit Bintang property. Just as Casa Mutiara is not a Bukit Bintang property, Taragon Puteri certainly is no Bukit Bintang as well in my opinion. Taragon Puteri is Imbi or Pudu. Given the notorierity of the 2, I don't think it matters anymore as long as people don't get fooled into thinking that this is Bukit Bintang.

What is the general impression of Pudu and Imbi?

Pudu = Red Light district

Imbi = Gangsterland

Related to the slightly more posh name-sake in Jalan Yap Kwan Seng (Taragon YKS), Taragon Puteri is the second development in KL to carry the prefix Taragon. It used to be a long abandoned project at the back of Berjaya Times Square through the notorious backlanes of Imbi. Relaunched by developer Taragon Capital, Bluestone and Singaporean Allco as an integrated condo residence, hotel and retail outlet last year, I believe Taragon Puteri will change the landscape of Imbi's backstreets for the better or worse; something Times Square has not been successful at doing. The hotel will be managed by Rendezvous hotels and resorts international (http://www.rendezvoushotels.com.au/).

Coming out of the success of Seri Bukit Ceylon which is co-branded with the international serviced apartment group Somerset, Taragon Puteri's association with Rendezvous should turn out to be a successful one. Subject that the economic crisis does not eat into it...

Taragon Puteri consists of a mixture of family sized 3 bedroom units and studios. The 522sq ft and a rather odd sized 1044sq ft studios are fully sold at launch around RM600psf. While I can perfectly understand spending RM300k for a studio, I am puzzled how someone would even consider paying in excess of RM600k for the 1044sq ft unit. It is a very strange unit with a separate entrance for the kitchen, 2 living rooms (!!), 2 bathrooms and only 1 bedroom.

The most popular units also seems to be the Type 7, approx 1500sf unit which consists of a 2 bedroom and 2 bathroom with an adjoining studio unit which has a separate entrance. This is a very good idea for own stay and you have a separate studio unit to earn you valuable rental income or somewhere to stick your mother in-law or your wayward teenager.

picture above: The adjoining studio unit

Picture above: The studio unit has its' own kitchen

In my opinion, this is good value for the RM900k price tag as the studio would easily earn you at least RM2000/month (benchmark on Times Square) and if you decide to rent the 2 bedroom unit as well, it should be able to fetch at least Rm5500/month giving you a combined income of RM7500/month for a 1500sf plot. It should not be too difficult to rent out the studios especially considering there are only 5 units of studios per floor including the oddly laid 1044sf studio. Type 7 is the only one which has a view of KLCC. No wonder it is SOLD OUT:

However, there are still a few units of Type 8 which has a similar concept (i.e. a larger 3 bedroom 3 bathroom unit with an adjoining studio which has a separate entrance). I reckon Type 8 is not as popular as it is a corner unit which has a wall facing the hotel and the rest is overlooking ... Cheras...

The showroom at the site models the Type 8 which in my opinion is a disappointment. The kitchen is really too small and dim with a connecting maid's room. The bathroom connected to the maid's room is really just a toilet and a sink. The maid will have to share your bathroom as I cannot see any possibility of installing a shower within the tiny space...

Picture above: The larger Type 8 unit's kitchen is really too small and dim

Picture above: Type 8's 3rd bedroom

Picture above: Type 8's Living Room

Final verdict on this?

Well, the smaller studios are probably a better buy considering the benchmark that Times Square has set at RM2500/month rental. The low density of studios compared to Casa Mutiara and Times Square would mean little internal competition and faster movement. Type 7 although sold out would be a value buy if it comes out into the sub-sale market especially if it is a firesale in the rougher economic doldrum next year when Taragon Puteri is expected to be completed end of 2009 (bad timing).

The location is not exactly great, especially when one needs to negotiate crime and vice infested backlanes of Imbi to get to Times Square and the monorail station. Hopefully, the prestige of an international-grade hotel will change the neighbourhood for the better. Getting to Bukit Bintang by car is also not straight-forward due to the one-way road scheme.