Sunday, February 17, 2013

Upcoming Project in Dang Wangi

How many of us actually know Yut Kee Restaurant along Jalan Dang Wangi? This is one of the very few old style and original coffee shop (KOPITIAM) still left in Kuala Lumpur. For a good taste of Hainanese fare, this is the place to go, even if it means queueing close to an hour during peak hours.



A few months ago, I have read in the news that Yut Kee is moving. But fortunately, they are not moving far. You can read more here in this link.

Yut Kee's location is actually really good. It's close to many office buildings and within 5 minutes off the Dang Wangi LRT station. The happening drinking and party hole, the Heritage Row is also steps away.



Those of us who frequently go to Yut Kee might notice that there is a row of dilapidated shop houses behind the restaurant. A developer has purchased this lot and there is a plan submitted to develop a serviced apartment. With such location, they are going to launch at no less than RM1000psf but the units will be smaller, around 400sf - therefore, average selling price will be about RM400k to RM500k.

If this is not exciting enough, I have heard that there will be DIBS packages thrown in plus a 10-year Guaranteed Rental Return!! No more details are available unfortunately.

There are few drawbacks... Besides the official secrecy about the whole project, Jalan Dang Wangi as well as the off-shoot, Jalan Kamunting are both one-way street. So the apartment can only be accessed by car one-way from Jalan Raja Abdullah. This is going to be a pain. Also, this is not yet a nice part of town. Not quite high class touristy place and at night there are many undesirables such as drug addicts hanging around. However, this will hopefully change with the development but as we can see with Capsquare adjacent to this plot is not particularly flying successfully....

Nevertheless, at the "affordable" price tag and nothing to pay for 10 years, you bet I am queueing up. Apparently, an investor has already blocked 100 units and I am wondering if we will be able to raise sufficient volume to negotiate a deal as well. If you are as crazy as me, get in touch at sinleongng@yahoo.com

2 comments:

Live Long MU Fan said...

I am always skeptical about rental guarantees... Who is the guarantor? A RM2 private limited company? Though I must say, there are some pleasant surprises like GM Klang.

For RM500K property, they must be able to rent at RM2500 per month. Is that doable in that area?

sinleong said...

info is very vague and varies from agent to agent... i also never believe in rental guarantees, same as DIBS - read the small print you will always find the clause that says if the developer defaults, then the buyer will have to pay the bank. however, where else in the city center can you find any new launch priced below RM500k?