What is happening? Is it oversupply or the older property is not attractive anymore? Or is this just isolated cases of desperate owners in for a hard time?
Tuesday, September 4, 2012
Rental Down?
The notice board at Seri Bukit Ceylon which shares the same building as Ascott's Somerset is plastered with rental notices. Rent for a 1000sf 2bedroom unit has come down to RM4200/month from high of RM6500 and 640sf 1bedroom units are now going for RM3000/month, down from RM3500. That's more than a 10% drop.
What is happening? Is it oversupply or the older property is not attractive anymore? Or is this just isolated cases of desperate owners in for a hard time?
What is happening? Is it oversupply or the older property is not attractive anymore? Or is this just isolated cases of desperate owners in for a hard time?
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Well the expats that our gov targeting is mynmar, Burma, Pakistan , indo , Iranian, Nigerian etc
These group are looking to rent at rm 200
The expat that can rent for rm 3000 are leaving as the country is attracting wrong ppl and also contributed to the high crime rate
Where are those expatriate from? There's economy bad news everwhere over the world.....Siapa boleh?
There are some units where no tenant for years
So owners may just lease out cheaply
Those real expats are getting smarter - they buy instead of rent
Left those who rent are cheap ppl from mynmar indo Pakistan Iran
They do illegal stuff or turn the place upside down
Yes, in fact, the high rise is now oversupplied and expats are full of choice. Only very very wealthy MNC will still pay heftily for expat's accomodation. I know one MNC is paying RM15K/month for a 1000 sqft condo in stonor.
How would this property compare to an 850 sf apartment in sixceylon? Similar rents as the 1000 sq property quote above?
i think people expect to get about RM5k to RM6k for the sixceylon but this might not be achievable under current conditions.
Thanks. Are apartments in six Ceylon selling currently on the secondary market? If so, where to find and how much approx?
i got one i am prepared to sell... will be advertising it here later
Interesting as you appeared not a big fan of sixceylon and BOLTON?
It's hardly worth buying a condo these days
If u can afford to buy landed prop better don't go for condo
As condo tend to attract thugs and robbers
Some condo even have many murders and jumpers or suicides cases
Later they need to perform ritual to get the spirits out
Else it will roam around and the condo become haunted
Shit la me. I don't have enough $ to buy landed. #%^* Poor me already staying with thugs, now gotta worry about spirit pulak. Staying in condo is now for middle lower income, I gotta work harder to get a piece of land. If not, at least get myself a grave, anyway still landed in my afterlife ;)
Sinleong: any updates?
There are many "jumpers" or suicide cases in condo
Last time when I live in condo - every now and then the guard will say - hey there's another "superman" today
Then I look at the guard and say " well great "
what nonsense...
What about sixceylon?
obviously cant sell it until it's VP-ed... how to trnsfer?
im putting up my seri bukit ceylon for sale - with 2 years tenancy by an MNC. any offers?
So, now Condos attract thugs and jumpers.....
There may be a few isolated cases and all of a sudden this is a fact?? Please.....
Are you getting cold feet on the market?
Please provide more details? Why are you flipping six Ceylon? Didn't you have doubts about Bolton? And prefer Verticasi?
Hope to hearing from you soon
What is your email address?
sinleongng@yahoo.com
what cold feet? are you telling me the market is great right now?
every developer in malaysia gives me doubts... u think all of them are fantastic? i can tell you more than half of the purchasers of sixceylon, verticas, suasana, laman, st mary etc are looking to flip. i've already said what i said about verticas. you can see my review in one of the articles in this blog.
and btw... buying, selling and renting out properties in the industry that this blog talks about is something normal... when we sell does not necessarily mean there are problems
Thanks. Btwidont think anonymous was challenging you. Just asking about your feel on the market.
What's the deal at Somerset sinleong? I may be interested. I just took over my unit and doing up some renovation. The building appears empty at night. Not many people staying there. Is that true? I only observed for one night only hopefully I'm wrong.
how much did you pay for the unit? and what's the size?
serviced apartments are seasonal. you can observe the breakfast crowd on the 4th floor. sometimes its packed. but there are only about 200 units in this building. it's quite low density so you tend to not see many people hanging around.
Hi sinleong, I got the 748 sqft unit for 680k. Half the window is facing the wall, but the other half has good view towards the banks and it's breezy. I saw kids playing in the pool and school children coming home which is a good sign. I notice a lot of expats coming out from the side roads towards alor area. I even saw in downtown condo some expat girls renting a unit. I think expat have reduce their expectations. Nontheless, I think Somerset is still a good buy. Good management.
There are many types of property and many people like to invest money in rental property because they no need to invest more money.
Hi Sin Leong,
I tried twice to invest in KL but ended up with lots of problem and headache. Once with MKland at Armanee Terrace at D.Perdana. Another one was Sterling Condo at PJ.
Well, I have certainly paid some school fees. Once bitten, twice shy...or maybe I will be lucky the third times with your help?
Q1) how is the property market doing at KL? Too high to buy now or should I wait?
Q2) I am looking for a property ard 500K, can you recommend anything?
Q3) Do you have any reliable agents whom you can recommend to me?
With best regards
i dont know much about MKLand but i know those people who bought sterling from the beginning made money. it largely depends what you paid for the property. it's important you spend some time to analyse the area and prices before jumping in. i do that and often takes me 6 months to a year before i can secure something at the right price. too high or not depends on what the seller wants. obviously we avoid high prices and let the seller either find his "water fish" or drop his price further. for 500k, i recommend landed properties in the PJ and subang area, or any other freehold areas with the new LRT/MRT track within 2km but not closer than 500m.... i generally do not like to use agents...
Hi sinleong,
You mentioned you were thinking of selling your somerset unit. Which unit do you own and why do you want to sell? The rental occupancy rates is not bad at somerset right? Which other project are you looking at? I'm looking for a 2 BR for own stay in the future. looking at TR231, or one jalatek, or Kampung Warisan for own stay. Any views?
i own unit 5 with KLCC views. i want to sell it to raise money.
i think the whole of KL is facing a glut. however, occupancy for somerset is relatively better than others. i am interested in landed properties nw.. especially those that are no more than 2km and no less than 500m from the future LRT/MRT. for own stay, i vouch for kg warisan. if you like greenery, you will not regret. i dont like the way 231TR is being managed and also the construction is bad. if you really want to buy here, consider unit no. 10 or bintang goldhill
Thanks for your reply, but can you still get a landed property for 500K at PJ area?? New or old property? Who to rent to? What are people willing/afford to pay for rental for a property of 500K? Thanks
if u r buying landed property, you should forget about rental yield. it's going to be bad, 4-5% at best. but you might be able to do better if you are willing to rent our room by room. take PJ close to LRT area for example. you should be able to get a single storey house for around RM450k in ss4, ss23 etc... if you rent out the house, you might be able to get about RM1000/month or slightly better. but if you can put in 4 rooms, at about RM500 - RM600 per room with good furnishing and air-con, you can get better yield.
land is scarce in PJ and KL now. So, landed properties are expected to gain in capital appreciation.
But...I stay abroad, this is not an option for me. Far too messy! Perhaps shop lot, what do you think?
Hi sin leong
What is your current view of the condo market for bukit ceylon? Thanks
it's kinda seasonal.. a couple of months ago, i was getting loads of calls from agents with potential tenants. but now it seems to have quieten down. might pick up again in Jan
or you can pay me to do it for you...haha
Hi sl, do you mean unit no. 10 at Somerset or unit number 10 at 231 tr? I read from your blog you didnt think too highly of Bintang goldhill.
Short stay season ending. Now back to normal I guess.
unit 10 at 231TR.... bintang goldhill is much better than 231TR
Hi SL,
231 TR's management must be very lousy. I was there to view a unit last week and was not too excited about the whole deal though the view is nice. The ceiling seems low and the lobby lacks some class. Its like a hotel without warmth. It seems cold. I thought the view was to kill for.
Back to warisan, what kind of psf should i go for now? i think this is a good piece of property to keep now or at a later stage.
ck
do not buy kg warisan based on price psf... because different units have different value. so if you are trapped in a price psf game, you might end up paying for a less desirable unit at a so-called market price psf. go there and do some survey and view as many units as you can then decide which one you want at a reasonable price. typically, a 3br unit facing the pool is going for RM800k now and a 3br unit facing the army camp may go for around RM600k... irrespective of the size.
Hi sinleong, do you know if vida Soho is going to be built soon? If so, those units at Somerset facing maybank is going to be affected by the noise and the view will be affected right?
that's right... but no idea when they will start construction
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