Tuesday, December 14, 2010

M is for.... ?

Developer Mah Sing has launched M-Suites, a project along Jalan Ampang, consisting of 2 blocks of 20 towers with units ranging from 550sf studios to larger 1600sf. The site is at one of the most jammed up roads in Kuala Lumpur, at the intersection of Jalan Ampang and Jalan Jelatek. The closest LRT station is Putra's Jelatek, about 1km into Jalan Jelatek. The site is freehold, despite being sorrounded by Embassy Suites, Mutiara Upper East and Suria Jelatek, all of which are leased hold. However, it is sitting on a commercial title land.

With Ampang Hilir being dominated by relatively larger units for the expat family market, the size of the units and location of M-Suites suggests a direct competition against Sucasa, Holiday Villa and to a certain extent, the ageing Shahzan Court opposite Gleneagles Hospital.
Would it make it?
Well, the location further down Jalan Ampang compared with Sucasa and Holiday Villa means further from KLCC. It's in the same radius as Shahzan Court but one can get away with paying RM2000 rent at Shahzan but doubt we can make it with M-Suites. The small 550sf units price starts from RM1000psf and the 3 bedroom 1600sf units go for RM800psf meaning rental should really start from RM3500 to be able to see any light.

Despite the hefty price tag, the sale board above suggests that it is doing well. People are investing in this... While today I felt like spending money, the sales office failed to inspire. There was no show room, no floor plan, no layouts to look at besides some posters on the wall and a plastic model. The lone sales man probably needs to be kicked a little. I never managed to get more than 3 sentences from him each time. Perhaps sales is already a little too good... he's already struggling to spend his commission.

So, what does the M in M-Suites stands for?

Many, I should say... with 16 units on each floor served only by 3 lifts. It's a little too high density.

Mediocre, would be an overstatement...

Most-expensive, more like it...


Anonymous said...

off track abit...

what do u think about shahzan's court investment potential? thanks.

sinleong said...

used to be good... how much is shahzan court now?

Anonymous said...

last i heard from a property agent, the last transacted sale was ~RM480-500/sqft.

it looks kind of run down, and i think faces quite some rental competition from sucasa or holiday villa albeit bigger(also further away fr kl downtown).

At RM480/sqft, would you go for it? Foresee needs at least some renovation.

sinleong said...

yes...probably need to throw in at least 30k to 50k for reno and new furnishings.. rental for the 1br is good and easy. the issue is hardly find anyone willing to sell... i think location not too bad, opposite gleneagles medical center and the shopping mall

Edith said...

Hi Sinleong,

What's your opinion of Holiday Villa? Any idea what the rental yield on a 2-bdrm unit would be there these days? 1000+sf, 580K, reno okay but needs new furnishings. KLCC view (west? hot in afternoon?)

Anonymous said...

my opinion,

on a good day, RM3k/mth sure no issue, fully furnished an nice design.