Friday, June 17, 2011

Sky Vista Residensi

Just launched, a low density development in Taman Pertama, Cheras which is just by the Bandar Tun Razak/Loke Yew roundabout. I have always liked this location because there is a nice Chinese restaurant at nearby Jalan Kuari and this is also where I used to take my cat to see the vet - yes, the DBKL vet service is here...



The location is not too far from the city center and there is a promised LRT station, which we will probably see the light of in the next generation... And apparently, this is a Freehold project (anyone to verify this?) but the rest of Taman Pertama is Leasehold. Neighbouring Victoria Condominium was launched in 2009 at just under RM300k for 3+1 room 1300sf units. No idea where they cost today but a recently completed Pertama Residency which only have 600sf studio units are going for RM300k per piece. Without car park!!!

But obviously, the target market for Sky Vista is families. Don't expect a great rental yield here as it is unlikely one would be able to get into the expat market here. This is definitely one for the short to mid-term flip flop strategy... There are built-ups from 1450sf to 1700sf. Normally, those punters like us who buy for speculation would straight go for the smallest unit... i.e. 1450sf below. But I think this will be the wrong strategy for this one.


If we all remember back 15 or 20 years ago, double storey landed link houses was the norm in the Klang Valley. There were the standard 20 x 60 or 22 x 75 and also the larger ones 24 x 80 or so.... Those who bought the smallest units probably regret that they didn't pay that extra RM50k or RM100k for the bigger sizes. The reality is, families grow, kids grow and they need more space. And as household income increases, people tend to upgrade and go for bigger units. So, the bigger type A (below) would most likely have the greatest chance of appreciation. And they are all bright and airy corner units which is a great plus.



However, as for me, I tend to go for the minority. In this case, it is the Type D which is also a corner, faces the pool and may even have a speck of KLCC view. This, incidentally is a 3 side frontage which means it has windows on 3 sides of the 4 walls - which makes it extra bright and airy... nice...



The developer is also unheard of, which sets in a risk factor as we are almost surely going into recession next year. And, at over RM600k for this location, this is totally untested. We are talking about Mont Kiara prices 5 years ago... and this is no Mont Kiara and will never be one... this is locals area. At RM600k and above too, one would ask why not buy one of those landed double storey links in Taman Pertama itself or nearby Taman Midah or Bandar Tun Razak? Well... good question... the answer, lifestyle...

8 comments:

Live Long MU Fan said...

you said"we are almost surely going into recession next year.". Yet you continued to invest in property. Why? Isnt it better to wait for recesssion and buy cheaper? Also, based on your more than 10 years property investment experience, have you ever lose money investing in new property or you always make money?

sinleong said...

i'm holding back and advicing people to hold back. this is the time to sell, property prices is at the all time high but not sure if we can go any higher in the next 2 years. but there are some niche projects which we can go into at the right price. unfortunately, as i mentioned in the blog above this is not one of them...

Live Long MU Fan said...

Dear Sin Leong,
Thanks. I appreciate your honesty. Hope you don't mind I asking probing questions. The reason is that I want to learn from you, a property taiko.

Anonymous said...

when is the recession going to start?
when you going to restart invest ?

sinleong said...

if i have the answer, i'd be freaking rich by now don't you think?

Anonymous said...

lol...priceless, your response!

coolg77 said...

Need a advice. I would like to buy a sky vista condo type b (1450sqft@RM 440sqft) face klcc or may by type c(1600sqft@RM 430)extra 2 carpark face panda indah... Which more valuable ?

sinleong said...

the type C has a better layout. but the klcc view is precious too. however, the 2 car parks will come in handy - make sure this is part and parcel of the title. i'd take the type C