Wednesday, June 10, 2009

The Meritz @ KLCC

Meritz is one of the lowest density condominiums in the KLCC area. It is the first ones of Wing Tai Asia's projects in the KL city center, located opposite KLCC in the middle of Jalan Mayang. In my opinion, despite it's prominent position less than 800m from the doorsteps of KLCC twin towers, Meritz's location is really not that perfect today. It is sorrounded by empty prime plots which will see some major constructions soon. The sluggish economy is putting some of these plans on the back burner but once it picks up again, Meritz will be blanketed by sky scrapers.

For a start, the much prized KLCC view will be blocked by Wing Tai Asia's own office block development. However, I do hope that Wing Tai consider constructing an access to Meritz via this development. It will shorten the walk to KLCC by at least 600m and add value. On the other side of Meritz is the mega development by UMLand to be called Lavender Night. Once built, these projects will add value to Meritz and develop the sorroundings of Jalan Mayang. I predict this will cause the price of Meritz to increase by at least 50%. However, during the construction, it will be a nightmare.

Despite the uncertainty of its' sorroundings, I actually like Meritz. More so since it is a low density development. Each floor only has 5 units of 2 or 3 bedroom units roughly sizes ranging from 1000sf to 1600sf. The layouts are actually quite nice, each floor has a nice, bright and spacious landing. There are less than 100 units in this building. The layouts of the interior are functional with ample storage space and allocations of a separate kitchen area which consists of a wet and dry section. This is ideal for long term living. The only kink is the bathrooms which have no windows. Still, Meritz's individual layout certainly beats Idaman Residence flat out.

The facilities are 5 star. It has a small swimming pool, sauna and a nice gym. With only 99 units, I would imagine the facilities will be well preserved and from the looks of it, they are well maintained. The maintainence fees at RM0.45 psf is quite standard for this area although it sums up to around RM500 per month for the smallest unit. Still better than Marc Residence, I guess.... And best of all, the residential title means that they are enjoying lower utility rates compared with Marc, Seri Bukit Ceylon, 231TR and other serviced apartments.

The most desirable units are those facing Phileo or the Australian High Commission. Those facing the other side, i.e. Jalan Tun Razak may suffer from the noise. And the most drab of all, none of the units will be able to escape some kind of construction work in the near future. The price at RM1000psf, definitely over RM1 million each reflects the value of the place. I understand it was launched at around RM700psf about 5 years ago. At today's economy, I actually found 2 fire sales just below RM1 million or approximately RM880psf. Due to the location, most (> 90%) of the units are rented out at between RM5000 to RM9000 per month. The higher end are those larger 3 bedroom units.

Despite an over-built KLCC area and will be even more over-built in years to come, I think Meritz will stand on its' own due to the low density and the high quality tenants.


Anonymous said...

no photos this time ?
keenly awaiting your write ups on other klcc condos :)
are you getting one or still waiting on the sideline ?

sinleong said...

planning to get one in the near future but with current high expectations from sellers, i think it's worth waiting for a while.