Tuesday, December 9, 2008

Ampang 971

Now I've ventured into Ampang Hilir which is one of the property hotspots in KL. Ampang Hilir has always been very popular with expatriates with family because it is close to many International Schools and obviously there are also many foreign embassies operating in this area. Ampang Hilir is also a short drive from KLCC and various country clubs such as the Royal Selangor Golf Club and The Raintree Club. Although I hate the traffic crawl that Jalan Ampang is so notorious for, I must say I am quite impressed with the tree-lined streets mesh within this area, especially on the southern part of Jalan Ampang.
We've been talking about condominiums and apartments all these while and Ampang 971 is going to be a breath of fresh air. This is no condominium. It is a strata-titled freehold town-house concept consisting of large duplex 3 to 4 bedroom units fit for an average family with maid. They are basically 2 double storey terraced units stacked on top of each other. The price ranges from RM700k for an intermediate upper floor unit while the lower floor corner units fetch well over a million.
As mentioned, this is a family-oriented development. So, the typical unit consists of a living room, master bedroom and 2 bedrooms on the upper level while the lower level consists of a large kitchen, separate dining area and maid's room. The upper units are 4 flight of stairs up, with no lifts. So, if you have some heavy stuffs to move, do think twice. It is bad enough a chore climbing all those steps coming home every day.

The developer owns a number of these units which they kept for rental income. At the time of my visit, it appears like there are many vacant units looking for tenants. So, the developer seems quite keen to dispose off their units at a low price. However, most of their units are facing TNB's land with a very visible electric grid less than 50m from the back of the properties.

The set-up of the area is indeed quite attractive, with gardens, swimming pool, squash courts and certainly a lot of space for the kids to run about. However, the developer could have done more justice to the place by better managing it. The gardens are not well tendered, the children's play area is overgrown by mold and slippery and the reception area felt like a low class PD resort.

Typically, the rental goes for around RM4500 to RM8000 depending on the size of the units, the location within the community and the quality of furnishings. I am sure Ampang 971 has seen some glory days and the introduction of new properties literally next door and down the road have drawn away many of its' tenants. Under the present management, I doubt if this place would ever catch up and certainly in a short time, the prices both sale and rental will be adjusted downwards. If you can catch a bargain here, I think it's not too bad for own stay or to attract tenants looking for a place to rent in this area for less than RM5000, even at the level of RM3000/month. The density for a start is very low and it is literally walking distance to the Gleneagles medical center and the Great Eastern Mall. At any rate, certainly its' land would be worth something in years to come.

8 comments:

Edith said...

Hello SinLeong,

Thanks so much for all your advice. I wasn't sure where to put this question in your blog, but here goes:

Do you have any opinion on the Menara Avenue building (previously Menara Promenade)? I looked at a unit there about a year ago, around 1000sf, 1+1 bdrm, going for 420K, but was turned off because it was facing the office building right next door, and the very noisy Jalan Tun Razak in back. If you could get a unit on the other side of the building, away from the road, do you think the building would be a good investment? 929sf @ 545K but I think average rental there for this size is about 2800/mo. Building itself and location seem quite good. Thanks.

sinleong said...

hi Edith, I often have tenants feedback to me their experience after viewing Menara Avenue. The latest was a Singaporean who commented that the place is sorrounded by high-rise. He felt claustrophobic. So, he turned it down despite the rent being only RM2300/mo for the 1+1. The lifts are quite slow too and the building looking tired. But it's quite good for people working nearby at Menara Citibank, Promenade Avenue or KLCC because the rent is relatively cheap compared with all the new development. It competes with D'Mayang and Vista Damai which goes for around the budget of RM2k plus plus which is quite rare around this area.

Edith said...

Hi Sinleong,

I spoke to someone who told me that the larger units in Menara Avenue are on the side of the building facing the courtyard below; i.e., the better view. But I was impressed with the facilities and security here. The building seemed to be in good condition to me, don't remember about the lifts, though. I saw a unit in Vista Damai that was also facing the busy road. I was more impressed with Men. Av. because of the brightness, super high ceilings and spacious feel of the living & master bdrm. The one unit I saw in Vista Damai seemed kind of dark and dingy to me, needing a complete overhaul. Men. Av.'s bathrooms were very small, though, and the extra bedroom was little more than a closet. Kitchen also small, so the fridge was in the living hall! I haven't seen d'Mayang. Of the three buildings: D'Mayang, Men. Av. and Vista Damai, which would you consider as having the best potential for attracting tenants?

sinleong said...

to be honest, i'm not so familiar with any of these 3...

Edith said...

Hi SinLeong,

Thanks. Hey, do you still have your one-bdrm in Kampung Warisan, or have you sold it? I know of another such unit in Kendana block going for 410K. Looks like it needs a lot of upgrading. Do you think doing do would raise the potential rental yield much above 2.1K, which is what it is now?

sinleong said...

yes...wow 410k... if u offer me 410k maybe i'll sell u mine lock stock n barrel plus u dont need to do any upgrading. the rental is going at a rate of 2.3k to 2.5k now but it's not easy to find tenants these days unless u dont mind renting to iranian students...

Edith said...

Well, I've seen ads for the same unit for as much as 428K, then 418, 410, and back in Sept. for 400 (neg). I don't think I'd be willing to pay more than 370 or 380 for it, because it needs some upgrading. Very simple furnishing, old-fashioned kitchen, bath, cabinets. But then, maybe Iranian students don't care that much and just want a cheap place to stay? Not so many working expats looking for units in KW anymore?

AT said...

prob because sri maya is cheaper than KW...