It is confirmed now, the 1970s Bolton Court at No. 6 Jalan Ceylon will be demolished and in its ashes rise the "SixCeylon". Bolton owns Bolton Court which consists of large duplex units for rental income. As it is 40 years old now and looking extremely tired, it's time for Bolton to tear it down and use the land for more income.
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The project is expected to be launched this June. It will consist of small 600sf studio units right up to larger 2, 3 or 4 bedroom units and apparently will be priced from RM750psf onwards. As the developer has announced that the price will start from RM600k, it is likely the studio units will be priced at RM1000psf. Like Wing Tai's Verticas, Lion's One Residency and UMLand's Seri Bukit Ceylon before it, every new project in Bukit Ceylon happens to be priced one step higher than the last one.
Will this be a good buy? I won't be queueing up for it. There is a huge glut in high end condos in KL at the moment. Tenants who are willing to pay for expensive condos are currently lacking severely. Bolton is touting 6% to 7% returns on SixCeylon which means one is expecting a rental of about RM3500/month. This is currently the rent in Seri Bukit Ceylon although many owners have pushed their rent downwards to grab tenants. So when the newer and better SixCeylon comes into the market, it means Seri Bukit Ceylon and One Residency will be pushed below RM3000.
No problems so far for rentals RM2000 or less. Today alone I had to turn down 2 prospective tenants.
7 comments:
hi, was thinking of getting a studio unit six ceylon there for an investment, one residency's price has been over speculated. that area is prone to flood.from ur blog, it seems that rental appreciation will not be a good ones, question now, is it worth to get one for sub-sale then?
the one prone to flood is regalia. it's far far away.
whether sixceylon would be good for flipping, i really can't tell. it's like looking into a crystal ball. starting at RM600k, will sixceylon studio appreciates up to RM1million, the benchmark selling price for a 1-bedroom unit at st.mary's? one cannot use the last propoerty boom as an indicator because there were many factors involved include the abolishment of PRGT that led to speculative activities. i am very against speculators because they create a false price level which blows up in the face of long term investors when they exit.
sixceylon is open for sales and it's selling fast...
apparently 85% sold...
http://realtymalaysia.blogspot.com/2010/07/preview-of-sixceylon-by-bolton.html
Sixceylon, richmond, or verticas?
What would be best pick
Buy to let with 5 to 15 year investment horizon, total return rent plus capital appreciation
Thx for your insights
Anonymous said...
Sixceylon, richmond, or verticas?
What would be best pick
Buy to let with 5 to 15 year investment horizon, total return rent plus capital appreciation
Thx for your insights
none of the above.
but i think, tenants wud prefer to be in verticas than sixceylon by the scale of luxury...
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