Putrajaya - Yara 8

With Cyberjaya booming, the housing market will be making a windfall. I think some of it will be rubbing on to Putrajaya. That is why, there has been some interesting developments here recently. But nothing is more interesting than Yara8 by Putrajaya Holdings as this is a very niche development of Semi-D units by the Putrajaya Lake. There are only 26 units.

Yara8, aptly named after Melbourne's Yarra river (though a bit deceiving as this development is by a lake, not a river!) is located in Presinct 8. There is a very nice jogging path running along the development which is by the lake with a breath-taking view of the Putra mosque and the imposing Prime Minister's office.


Putrajaya Lakeclub (below) is located right beside. And not too far across the road is a school, a foodcourt, wet market and small township with banks.


As the Yara8 semi-Ds back into the lake, the front actually faces existing semi-Ds. These were built and sold for less than RM750k about 10 years ago and currently few units have surfaced in the market at around RM1m. Not too great an appreciation one would think but that could be due to its' heinous designs.



Obviously, Putrajaya being a seat of the Federal government, the first occupants are mainly government servants. There are also quite a number of Bumiputera allocated units which tends to suppress the price capability.


The best selling point, has to be the view. With complete unblocked views of either the lake or a park ...


... which flows right into the master bedroom window like a scenic painting on the wall..


...also enjoyed from the bathroom...


...and some may even get the impressive view of the Putra mosque...


The units itself do not look too bad. With contemporary straight lines, flat roofing and large windows...



These are 3 storey units. The lowest floor consist of the maid's quarters, complete with a small pantry, storage room and bath. There is also a separate maid entrance. There are 3 sides which includes the said maid's entrance,



The front porch entrance...


And the back entrance which opens out to the lake and jogging path. This part also includes a small pool, suitable as a spa jacuzzi or a fish pond, depending on your fetish...


Privacy is ensured by lifting the pool part one level above the jogging path outside.


The large windows are designed with no other motive except to enjoy the views outside. The living room and dining area is exceedingly spacious.



There is a open sky garden in the middle of the living area which separates the main entrance and the living hall.


There are 2 kitchens - one being a dry kitchen that is also part of the living hall and a wet kitchen. Unfortunately I was not able to photograph the kitchen as it is very small. This is without the cabinets so I wonder how bad it will get when the full set up is moved in.

Despite the hefty price tag starting from RM1.8m, I am also quite disappointed to find a lack of luxury materials such as marble or quality granite to adorn the baths and flooring.


Nevertheless, at the range of RM1.8m to RM2m per piece, this is still not a bad investment considering the prized location and the limited 26 units. Also, comparing against the projects in Cyberjaya such as MyDiva or Trillium which are almost similarly priced, the Yara8 is a steal. This is a collectors item.

Cyberjaya

Giant Multinationals have expanded or expanding into Cyberjaya. Shell is creating thousands of jobs and construction is running to keep up with the demand for housing. This certainly warrants an exploratory visit to this nook of the Klang Valley...


I have looked at several potential investments in Cyberjaya. The most impressive has to be OSK Property's Mirage by the Lake (pictured above). But OSK should be sued for misrepresentation because this project is no where by any Lake. Some of the taller units in the condo blocks may have a view of the Putrajaya Lake but in order to get there, one has to cross a road and trespass into another housing area before one gets to any water... However, the concept is a good one, although quite pricey, with the smaller condos selling above RM650k to 2 storey villas at around RM1.5m to 3 storey villas going for RM2m and above . The beautifully designed villas surround a salt-water spa.


Cyberjaya specialists, Setia Haruman is building their 2nd phase of the popular Perdana Lakeview, called Summer Glades, at Perdana Lakeview West (above). Few years back when Perdana Lakeview East (picture below) was launched, I was actually the 1st to register at the launching event. The whole event turned out to be a farce as after 2 hours and my 6th chicken wing, I was still the only person who turned up. So I decided then that placing a booking would be a bad idea and I left. At that time, a typical intermediate unit was going for RM450k. Today, it is almost fully tenanted with a minimum rental of RM4000/month and rare units come into the market at no less than RM750k. But the layout is arguably the worst I have ever come across - it is un-describable. So, Perdana Lake View West is set out to correct this mistake although the location is not as great... Summer Glades is sold out within weeks with intermediate units sold at RM750k and above...


On the topic of location, perhaps the best location goes to Shafted-berry, I mean Shaftsbury Square serviced apartments. This is as central to Cyberjaya as you can get and it is actually a mixed commercial, offices and residential development. As one would know, Shaftesbury (with an e in the middle) is a posh part of central London with fine boutiques and designer lofts. But one can't help but feel "Shafted" by the Cyberjaya version as one views the el-cheapo furnished serviced suites showroom... priced from RM300k and above for a tiny studio unit. Their 906sf 2 br unit below might be a more sober purchase at around RM600k. However, I do wish their units come unfurnished as I ponder on how to demolish and cart away those horrible built-ins they will be providing.


Nevertheless, Shaftsbury will be popular due to its location, and the commercial units downstairs are all taken up and it is said that all the banks will have one branch there. So, you won't be wrong with this one but the price says it all...

Also on the list is Trillium and MyDiva which are located adjacent to Perdana Lakeview East... minus the lake... But these Semi-D units are so over-priced, I think they deserve a miss...

More Coming Up in Bukit Ceylon

The parking space opposite Somerset Seri Bukit Ceylon has now been wrapped up, ready for something...
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At the same time, there is a project on-going beside Menara Bukit Ceylon and SixCeylon. And the plot beside Olympia College or behind the KLSE which was once said to be a new luxury condo named after a London Underground station is being cleared. It's really getting hot here...
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Mayland's Regalia Hit By Stop Work Order!

Respite for Villa Puteri

City Hall issues stop-work order after airspace intrusion outrage

SITI NURSURAYA ALI

Monday, March 21st, 2011 12:38:00

ON HOLD: Work on the Regalia service apartments has been suspended until City Hall and the developers find a solution — Pix: Arif Kartono

KUALA LUMPUR: After three years of filing complaints about noise, dust pollution and traffic congestion to KL City Hall, residents of Villa Puteri and Villa Putera condominiums in Jalan Tun Ismail here finally got what they wanted on Saturday when a stop-work order was issued to developer Mayland View Sdn Bhd and their contractor Bina Puri Sdn Bhd from continuing construction work on the neighbouring Regalia service apartments.

The order came after a site visit by a City Hall enforcement team led by Federal Territories and Urban Wellbeing Ministry deputy secretary-general Datuk Adnan Ikhsan, following a report by The Malay Mail last Friday in which residents expressed outrage over a flyover beam that allegedly intrudes into their airspace.

Adnan, accompanied by City Hall planning department director Mahadi C. Ngah, also met with Villa Puteri residents and management committee.

"Clearly, there are some safety measures which the Regalia contractors have not been adhering to," Adnan told The Paper That Cares.

"Based on the site plans provided by the condos' management committee, it appears the residents' complaints that a flyover beam has intruded into the condos' airspace is true, although we will have to wait for an official report by a surveyor on this."

Adnan assured residents he would monitor the case closely.

"I instructed City Hall to work with the residents and developer to find a solution acceptable to all."

During the weekend visit, residents expressed their frustration, anger and disbelief about City Hall's reaction to their complaints over the years.

When asked how approval could have been given for the Regalia project due to its extreme proximity to the Villa Puteri condo, Mahadi said: "The original plans allowed three developments and there were no problem when the whole land was under one ownership. In the early 1990s, the land was sub-divided into three different lots under three different owners. However, the Regalia developer carried out the project based on the original plan before it was sub-divided."

When asked by the Villa Puteri management committee why it took so long for City Hall to act on their complaints, Mahadi said he had no knowledge of the current developments and he was not aware the situation was that severe.

Residents call off protest

SAHARUDDIN: Protest halted after order issued

SIM: City Hall kept informed of the situation

VILLA Puteri residents called off a protest yesterday after City Hall issued a stop-work order to the developer of the neighbouring Regalia service apartments.

"Due to City Hall's latest action, we did not go ahead with the protest and removed all our placards," said Villa Puteri building manager Saharuddin Dollah. He said the management committee was planning the next course of action with its lawyer.

"We hope this matter will be resolved soon, although some residents want legal action to be taken against those involved in approving the flyover beam into Villa Puteri's airspace."

The management committee's lawyer Sim Kok Yew, said they were surprised City Hall was not aware of the flyover beam despite the committee keeping it informed of the situation every month for the past three years. He said the commitee had raised with City Hall the problems of dust, noise pollution and traffic congestion.

Villa Puteri resident Michelle Lim said: "I will believe the stop-work order when the developer demolishes the flyover beam. Most of the time, City Hall is all bark and no bite."

Another resident, Peter Chin, 52, said: "We are grateful to Federal Territories and Urban Wellbeing Ministry deputy secretary-general Datuk Adnan Ikhsan and City Hall for coming here and issuing the stop-work order, but we want to see real changes to the situation here."

Bandaraya's 6Capsuare

6Capsquare is going to be BRDB's 2nd condo on their flagship Capsquare located at this locality, which is like an island flanked by the green Bukit Nanas on one side, the seedy Dang Wangi and vibrant Masjid India on another side. For a very long time, the commercial Capsquare mall has not really taken off. The place has a cinema, some shops and chic bars and cafes but business has not been fantastic from the looks of it. Clark Hatch also has a gym here.

But is this all going to change? From the way BRDB is pricing their latest project, the 6Capsquare, it seems they are quite optimistic about it. Among some notable changes, is a brand new Grade A office tower built on Capsquare. As usual, the smaller 1br units which is priced from RM850k have all been snapped up (by staffs and directors of BRDB?) and sales for the bigger units, nothing less than RM1.2million are expected to pick when they go on a roadshow later this quarter.


Typically there are 8 units on each block, served by 4 lifts and 2 service lifts. Unlike nearby St.Mary, almost all units enjoy excellent forever unblocked views of KLCC or the greens of Bukit Nanas and Bukit Tunku or the vibrance of Masjid India.


Also, unlike St. Mary, the layout of the units are also incredibly liveable. Every unit comes with a wet and dry kitchen, suitable for an Asian lifestyle and at least one bathroom has a window with a view.



I especially like the corner Type D1 which has a nice almost wrap-around balcony to enjoy that fantastic view. It is however a pity that the architect chose to have both bathrooms located inside the bedrooms so it is not that convenient to have guests over for dinner...


So, how is this place going to do against the competitors?

I think as long as Capsquare can be raised into a destination on it's own, in the near future, there will be a potential. The problem is, it is suffering from a too near to walk and too far to drive syndrome. For example, St.Mary and Vipod has Pavilion, the Raja Chulan/Sultan Ismail business district and commercial Bukit Bintang as neighbours. The KLCC condos obviously have... well... KLCC and that huge park... and the Bukit Ceylon posse has Changkat. So, how can 6Capsquare justify that kind of KLCC pricing? For what you have to wait 3 years of construction for, you can get an immediate move in unit at Marc or Idaman Residence. And I doubt expats paying close to RM8k to RM10k rental would like to get lost in Masjid India or venture into any of the neighbouring LRT stations as proven by the lacklustre K Residence. And crossing the road to go clubbing at Maison may get oneself robbed...


But, price and location aside, I like this 6Capsquare. It is that "liveability" factor, the nice layout and good views. So, for long term keep and own stay, it's OK especially with the Residential Title unlike most of the city center developments these days all sitting on commercial title. However for investment, it would be tough competition especially with the steep outlay to stay afloat.

Pics courtesy of BRDB's capsquare brochure....

YNH's 188 Suites

YNH has been pretty aggressive lately. It's hard to imagine, this one time contractor from Sri Manjung, Perak has grown to become an established luxury condo developer in the KL City Center. They've even established a trade mark for themselves, aligning with a reknown Serviced Apartment brand such as Fraser.
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My brush with YNH was when they launched Lot 163 with a fully-furnished studio unit going for as low as RM333,000. That was the time when one can get a unit at Parkview or Somerset SBC for less than RM300k. I recall I was looking at a 1-bedroom higher floor unit at around RM580k. When I went back to place the booking a week later, they have increased the price to RM800k. Clearly, shortly after that YNH announced that Fraser will be managing Lot 163 as serviced suites. What I can't comprehend is, when launched, YNH was touting an 8% 5 years guaranteed rental return for Lot 163. So, with the increased price, obviously the returns would be much lower - down to about 5%. And yet people are still buying for investments...

So backed by this experience, YNH is at it again with 188 suites. Honestly speaking, this is probably the worst location there is for a "KL City Center project". The site is flanked by a Muslim graveyard on one side and a busy elevated highway on another side. 188 is located directly opposite Cendana which has not really been doing very well. At least Cendana is shielded from the graveyard by another project, The Crest and thanks to 188 suites, Cendana will soon be shielded away from the noisy AKLEH highway as well. Cendana also has a direct link to the popular Rennaisance hotel next door.
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The biggest drawback is also the narrow one way access from Jalan Sultan Ismail. Unfortunately, the access entrance is only 50m away from the Jalan Ampang junction which is one of the most congested intersection in KL. So, you would imagine getting stuck in traffic on your way home and on your way out in the morning. If you have left the access road and realized you left something at home, you'll have to make a huge turn via Jalan Ampang and Kampung Baru to get back - a journey that would easily take you 45 minutes during the rush hour.
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Yet, it is odd to find that besides Cendana, The Crest and now 188 Suites, there will be at least 2 more new luxury project coming up in this Leasehold location. Developer Sunway and PV both have plots next to 188 Suites. The pricing of 188 Suites which starts from just over RM900psf for a larger 1200sf unit to over RM1300psf for the popular studio units is not quite surprising. Not surprising not because the property will be managed by Fraser, but the attractive 8% guaranteed returns over 5 years. That would give you a positive cash flow of over RM2000 per month over 5 years which totals RM120k - which means a contribution by the developer of more than RM200k for the smallest unit. So, as the smallest 610sf unit is priced at RM790k, it means the real value should really be RM590k.... the "smart developer" has built the "Guaranteed Rental Returns" into this purchase.
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Buyers would be attracted by the 0 entry cost because during this pre-launch period, the developer is offering a 10% discount which is taken off the down payment and interests absorption during construction. Investors will see no upfront investment and will be able to reap at least RM120k worth of rent over 5 years and hopefully will be able to flog it off with a 20% capital appreciation at the end of the 5 years. This is the exact modus operandi of the other successful YNH project at Lot 163 which is now known as Fraser Suites. However, the risk is in what happens after the 5 years and what happens if Fraser packs it in...
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Flippers would find it tough to off-load at a premium due to the limit on the Guaranteed rental return. And in the 1st 5 years, one is not able to rent it out except via Frasers. It will be bound by an exclusive contract. The 8% returns has also not deducted costs. And obviously, one has to look into the burden of re-investing to patch up wear and tear after the initial 5 years...
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Having said all that, most of the choice units especially the studios facing the swimming pool have all been snapped up by repeat YNH buyers...

Mont Kiara MK28

I never liked Mont Kiara, and this latest trip reaffirmed that position. I think Mont Kiara is the most high density residential area in the whole of Malaysia. It is a victim of its own success , causing every developer to want to build something there. The place looks like it is perpetually under construction. Now, the borders of Mont Kiara has even expanded into Segambut. The road has already been linked (below).

The position of Mont Kiara as an expat enclave can only be stamped due to the presence of the international schools there. Or else, I cannot understand why expats would want to live in such a high density construction zone when better options in next door Sri Hartamas, Bangsar and Damansara Heigths are available. But I've recently learnt that the rental market in Mont Kiara now has been suffering due to the over-building. An expat friend is apparently paying only RM2000/month for a fully furnished 2 bed-room unit in I-Zen Kiara II which is worth more than RM600k. I am sure not all owners are so desperate but there are really many units vacant from the looks of it.

So, developer Sunrise has launched yet another super luxury condo in Mont Kiara... This one is located on the same row as Mont Kiara International School - so I guess it is catering towards that market of locals or expats who put their children there. The units sizes start from 2500sf - this is definitely a family oriented type setting with rental expectation no less than RM10k for a fully furnished unit.

Facilities-wise, they're pretty standard... swimming pool, tennis court, bla bla bla... in a very resort-like setting. This is probably something of a luxury now in Mont Kiara as land is getting pretty scarce and developers are starting to put small-ish pools and facilties on their roof top to manage space - similar to KLCC these days. So, MK28 is leaving nothing to make this a truly luxury experience.

The show room is a 2700sf unit which really is quite comfortable for a family of 4 with a maid. The dry kitchen has an open concept that opens out to the living and dining room.

Inside, there is another kitchen... for heavier cooking and this is linked to the maid's quarters and washing area. The maid has her own entrance.



It has to be noted that, each unit has its own private lobby with 3 serving lifts (below).

The thing I liked about the unit is the bright and airy layout. From the maid quarters all the way up to every room in the unit has a window which is due to the corner layout - it's more like a bungalow in the sky as there are 3 sides to corner unlike the 2 sides to most corner units. There is also a very nice study area tucked in the middle of the layout.

Every one of the 3-bedrooms has its own bathroom. Interestingly, the bathroom showers have a full glass door that opens out to the balcony (below). I would imagine that at the point of life when one can afford to buy or rent this unit, one would be too fat and wrinkled to worry about anyone finding it worthwhile to climb up to the balcony to take a peek... if anything, that would have been a bonus...

The walk-in closet that opens out into this large bathroom is well thought out.

Construction is in progress... The northern flank of the condo faces the busy NKVE just past the Duta Toll, so I would avoid this view due to the noise. The Southern view which also faces the school should be sought after. Prices start from around RM700psf, round about where KLCC was a year ago. This is after consideration of the horrendous traffic and dense location. There is no public transport however that would not be necessary for people who can afford to live here.