Wednesday, May 28, 2014

The Piece of Land in Jalan Conlay

As we were saying... here, the news is already out... 

KSK Group in RM1.8b project in KL

May 28, 2014

KUALA LUMPUR: KSK Group Bhd is estimating RM1.8 billion in gross development cost for its maiden mixed-use Conlay 8 project in Jalan Conlay.
KSK Land Sdn Bhd managing director Joanne Kua said they are now waiting for the development order (DO) to be approved by the Dewan Bandaraya Kuala Lumpur.
“We will start to call for the tenders in the first quarter of 2015,” she told reporters at a media briefing on the Conlay project here today.
The project with a gross development value of RM4 billion on a 1.6 ha site will be developed by its subsidiary, KSK Land Sdn Bhd, featuring three towers and a 200,000 sq ft retail podium.
The tallest tower is 60-storey high and will house a five-star hotel and serviced apartments.
The other two towers, standing at 50 and 55 storeys each will comprise luxury condominiums.
The construction of the Conlay project is expected to commence by year-end and the first phase of serviced apartment is slated to launch at first quarter of 2015.
The project is slated to be completed by year 2020.
The group is also eyeing to collaborate five star overseas hotel operator, adding that the talk on the collaboration has been ongoing however they have yet to decide, she said.
Looking ahead, KSK Group is looking to acquire more land in Penang and Klang Valley as well as abroad at Central London, she said.
– Bernama

Thursday, May 8, 2014

Exsim Launchez ze Expressionz at Jalanz Tunz Razakzzz....

Sorry for the title but I really cannot help it... developer Exsim is at it again, after the Petalz, Leafz, the Treez and Twin Arkz, they have now launched the Expressionz....

It is indeed a very interesting project and one of the first I think in Malaysia which is centred on Interior Design. Basically, all the units come fully furnished and the developer sells you the ID as much as the unit itself.

The ID work however is pretty refreshing. Nothing like those by the more established developers who make you feel like you've walked into a seedy massage joint in Shekou. Click on the link and you see what I mean...

Expressionz's designers put up some really brave work, incorporating matt black metal blending with glass, wood and pastel colours.

The appeal to the young taste is somewhat very risky considering old money is still dominant in Malaysia. Hoping the quality of material stays with the end product, the price tag of just over RM1000psf seems like a good deal considering the savings one would have had on professional ID.

There are just too many designs to consider with sizes starting from 643sf studios up to 1,400sf loft units. So, I am just going to narrow down this talk to just the unique designs of this project - the Dual-keys...

These are basically 2 units of apartments sold on a single title. They are completely stand-alone with their own bathrooms, kitchens as well as own entrances. They give owners the option of staying in one and renting the other one out or turning one of them into a commercial office separate from their own abode or even renting both out for that additional return. 

This dual key concept is not new. Taragon Puteri behind the Times Square has a similar concept. 

It seems like a pretty good idea considering that 2 units of studio apartments attracts much more in combined rental compared to only a single apartment with the same floor space. Confused?

Let's take the unit below for example. This is 2-studio apartments with total combined floor of 648sf. 

So, each of them is about 300sf after you "waste" approximately 48sf for the entrance. Using the Regalia as a benchmark, a fully furnished studio can fetch about RM2,000/month rent. So, these 2 studio units combined brings you RM4,000/month. A 648sf 1-bedroom apartment however, can only fetch RM3,000/month.

At RM1000psf, the above mentioned unit costs just over RM640,000 which brings you a gross yield of  7.5%. Impressive by today's standards...

Unfortunately, the location is not as impressive... although located within a 2km radius of our famous KLCC twin towers, the off Jalan Tun Razak accessibility is very poor. Not to mention there is no commercial eatery within walking distance, no shops, no commuter stations nor any utilities except for the National Library and a hospital. Not to mention the Bernama news agency's building is located right next door blocking up the views of a substantial number of units.