Monday, November 25, 2013

Nadi Bangsar

Hap Seng Land rarely have any projects and when they do, they're not really that attractive. Earlier they launched the Horizon Residences which is a block of 330 apartments beside the Royal Selangor Club in Jalan Tun Razak. 231TR and Bintang Goldhill didn't quite make it. So, I wonder how the Horizon is going to make it. Plus worse, it is located on the other side of Jalan Tun Razak from the proposed TRX project and MRT stations.

Nadi location is not really that interesting as well considering the Bangsar address. Not every corner of Bangsar is attractive. For example, there are the low cost flats by the LRT station and also the industrial part where the Unilever and NST offices are located. This latter part is where Nadi will be located.

In terms of competition, Nadi will go head on with the Establishment. Both suffer from a location problem although both of them try to leverage on the Bangsar address. At least for the Establishment, there is talk of linking the building with the Bangsar LRT station. However for Nadi, it will be a long trek out to any public transport. The existing condo opposite the Nadi site is Bangsar Permai and the standard of this apartment compared with the rest of those in Bangsar is a good gauge of where Nadi can be heading to.
Nadi will be a 38-storey block with 416 units ranging from 440sf studios to 1130sf 2br apartments. Hap Seng is pricing them from RM1,500psf, which I think is putting the larger units totally out of whack. For this price, please go for the more established apartments around Bangsar Shopping Complex such as Bangsar Puteri, Jamnah View and Penaga. They are older but somehow they are well in demand with more reasonable pricing to match. Nevertheless, the rental yield in the whole of Bangsar for today's value is already rather poor compared to say, KLCC or Bukit Bintang.
The only units worth considering for Nadi is probably the tiny 441sf studios. They are priced at almost RM700k, which means you need to collect about RM3,500/month rental to make it worthwhile... which is not going to happen considering all the developments that are coming up in Bangsar South which are lower in price by about 20% to 30%.

Although Nadi is freehold, the title is commercial plus the unit does not come with any car parks... That sorts of sealed the fate of this project, in my opinion...

1 comment:

Investor said...

It does comes with a carpark regardless of size. Agent told me initially no carpark I guess they have cost into the new selling price