Wednesday, July 30, 2014

Recently Completed - One Ceylon

The odd half apartment, half car park opposite Seri Bukit Ceylon is now completed and handed over to owners. A never been heard before hotel group called Invito has also started operations of the Guaranteed Rental Returns (GRR) units. Their starting rate at RM238/night suggest they are competing  for the 4-star hotel market.

However, upon closer inspection, the quality of the delivery is hardly anywhere near 4-stars at all. One Ceylon is dominated by 400+sf studio units, fully furnished by the developer. The furnishings unfortunately looks like they came out of a cheap closing down sale.

Built-in wardrobes for example, are made from cheap and thin materials with poor quality sliding rails. I don't think these will last 5 years... and the choice of white colour will compound towards the wear and tear.

The kitchen is also built from the same material.

Being a studio unit, the bathrooms are really small and windowless. The walls are just covered with ordinary tiles and the little bit of Iranian marble for the counter top provides that little class it desires.

The fridge is small as well so the apartment may not come suited for long term stay, especially with the open-style kitchen.

Facilities deck is on the 9th floor, on top of 8 floors of car parks. It has a rather impressive infinity pool and jacuzzi with a killer view.

With every unit supplied with a washer and dryer, I wonder what use is the laundrette on the 9th floor for?

Although the gym has a nice commanding view of the city and swimming pool, it is rather ill equipped. I still like the gym at old Seri Bukit Ceylon which also has a sauna. Something One Ceylon lacks...

Owners are trying to rent out their studio units from RM2,500/month. This is in direct competition with all other 1-br or studio units in this area, mostly in Seri Bukit Ceylon. As we speak, many owners at the older Seri Bukit Ceylon are struggling to maintain their rent from a high of RM4,000/month at its heydays and dropped to below RM3,000/month today. There are many vacant units. But compared with One Ceylon, Seri Bukit Ceylon has a much better layout and size is over 200sf bigger.

The pricing is however quite disproportionate. I understand that while early buyers got their studio units at just over RM500k per piece, later buyers paid over RM700k.

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