Tuesday, December 9, 2008

Villa Inai - Who?

There are these 2 patches of green land on either side of Jalan Bukit Bintang. One patch enclosed by Jalan Ampang and Jalan Tun Razak. And the other one enclosed by Jalan Imbi and Jalan Tun Razak. The one by Jalan Ampang is of course what we know as KLCC today and it's is wildly successful with properties being quoted in the millions. This other patch, still within the 1km radius of the Petronas Twin Towers is less well known and less developed. But within the intricate mesh of streets criss-crossing this patch of land, there are a few interesting properties. Of course, first of all we have the Bintang Goldhill, The Forum and soon to be completed 231TR. These are well known because they are situated right beside Tun Razak and highly visible. I am talking about those hidden within this patch of land.
Among them is Villa Inai. A small and niche condo. Within walking distance is the Imbi Market and various touristy outlets selling chocolates and some interesting eateries. There is even a bus station here which caters to Singapore express buses.
About 8 floors in total, Villa Inai only has about 30 units of 3 bedroom family sized units. The land area is really compact and as you can see in the picture below, most of the parking lots are double decker, operated with a lift.

Facility-wise, there is nothing to shout about. Just sauna, multipurpose room, gym, a small swimming pool and multipurpose hall (room?).

The apartment units are quite nicely laid out. Every unit appears to be a corner unit, very bright and airy. The floor materials are top class, marble floors and wood for the bedrooms. The kitchen is separated with a door, just the way my mom would like it so she can do those high-powered cooking. Very practical for Asian families. The major pity is the lack of balcony because the view is actually quite nice whichever way you are facing. Whether it is KLCC or Bukit Bintang or Times Square.
I learnt that the rental is around RM3500 which should very popular considering the location and the sizes of the units. I can say the management is Grade A but it should not be too difficult to manage such a small property. Being small also means the per unit share of the maintenance fee is high.... around RM600 per month.
Being small also means there aren't many units being sold in the sub-sale market. Currently there is a lack of competition in the area, so less tendency for people to compare prices.
You either like this place or you don't. And frankly, I would buy it for own stay. Most tenants are very discerning nowadays and they would go for those newer locations around KLCC but for RM3500 per month, what else can you get?
What about the price? Being niche, and less competition to compare, owners can really quote whatever they want and hope a suitable and willing buyer comes along but need to bear in mind that a 2 bedroom unit in nearby Goldhill Bintang is asking for RM600k to RM800k. So, naturally, the price for these 1600sf units in Villa Inai should not exceed RM450k. But sometimes, owners have very high expectations....

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