Now prices have steadily moved upwards and now we are approaching RM1 million for something as small as a 500sf studio apartment. Developers justify this by making it look luxurious, throwing in furniture which from my experience is usually mass produced and hence, low quality. I don't pretend that prices are still the same as 1998 but I don't think prices would have floated more than 1000% above what we used to pay in 1998. So, by throwing in furnishing which I don't believe are worth more than RM50k and making the building posh, developers are now justifying their studio units at RM1 million.
Tribeca is a project by the Low Yat group, their projects are rare to come by. The location is quite good although with a notorious address of Jalan Imbi. It is right behind Starhill complex, opposite the Ritz Carlton hotel and Dorsett Regency. Details are scarce right now as they are preparing for a launch in September this year. The apartment consists of almost 300 units from 500sf to 1000sf each. The damage starts from RM950k....
Tribeca will have 2 infinity swimming pools and some common areas scattered over the building which they call Sky Pods. They claim this Sky Pod concept is the first in Malaysia but obviously they have not been to Verticas Residensi which came up with this concept earlier and in fact is now nearing completion.
For more details to justify this RM1 million tag, we just have to wait and see...
Just directly opposite the Tribeca site, developer Mayland is going to build a serviced apartment beside their Dorsett Regency hotel. Currently there is no name and I was at first told, the price starts from RM1.1million. So my first impression is, these guys are going to present 2 or 3-bedroom apartments so I smartly commented that they should instead focus on smaller and affordable units as the luxurious studio market is kinda saturated at the moment and I doubt there will be many rich Malaysians or foreigners putting so much money in Malaysia when for RM1 million, they can also buy a studio apartment in Singapore. But lo and behold, it turns out the price tag is in fact for a 680sf studio!
Again, let's see what they have when it is eventually launched in December 2012.
Serviced Apartment at Jalan Raja Chulan
I blogged about this still nameless project some months ago. I was told the launch will be any time now when the show room is ready and they anticipate the price to be around RM1500psf. There will be 1-bedroom, 2-bedroom as well as 3-bedroom units. The smallest unit will be about 500sf, but expect smaller units to be more expensive per square feet - so it will be expected to be close to a million too. Nothing much else is known about this project...
Not quite a million dollars but not exactly million dollar address. This project by PJD takes after the "successful" Swiss Garden Residences at Jalan Pudu. But the location is at the other end of Jalan Pudu, at the junction of Jalan Brunei which is quite a rough area. It is not quite CBD but close enough and close to the Jalan Pudu hawker street. They have 135 units of various types starting from 688sf studios. The design is somewhat similar to Mayland's Dorsett Place which has windowless living room/kitchen separated from the bedroom. I don't quite like this. They are pricing this from RM700k.
For those who can't wait too long (and can't pay too much), Mayland's Regalia is going to hand over keys this Autumn. There are still some choice studio units facing the pool priced around RM300k-RM400k in their Melrose Tower. But expect high density from Mayland - this one has 1,100 units. It's close to the LRT station and also the refurbished Sunway Mall but it's also in a rough part of KL...
One @ Bukit Ceylon
UOA's One @ Bukit Ceylon is in full swing of construction opposite Somerset Seri Bukit Ceylon. Suddenly, their 400-odd sf studios with 6% Guaranteed Rental Return at RM600k seems like a bargain!