Never believe wholesale what sales people say

back in 2011, everything was rosy...if the property prices can ride on 2011 sentiments for the next 10yrs, am sure MS will surely open the mall 'not long' after completion of phase 1.

now its a hard fact the malls are truly and overly supplied in KV. it will be committal suicide if MS proceed to open the mall in the next 2-3 years.

same thing with BBCC TRX BDR MALAYSIA all comes with malls.....if you believe in their vision and execution...then part your hard earned cash in these projects.

when the economic turns south....got mall could hurt the apartments too.

when market is good, every one will claimed they are master, guru in property investment...

but when market is bad....just know to blame this and that....

The central pattana mall is mostly exploring stage. It didn't happen.

Today, a property does not necessarily will do well with a mall, even with a mall that has some footfall.

The secondary market is based on demand and supply factors, needs-based factors, affordability factors and the comparative benchmarking sense, ie where else can I get a property of similar price.

There are a few other integrated developments that were launched around the same time back in 2010-2011 together with this development, namely :-

1. Sunway Velocity, launched April 2011. Velocity Shopping opened December 2016.

2. Uptown Residences, launched end of 2011. Stirling Mall opened January 2017.

Why the other developers can deliver on their malls despite the challenging market?

Whether there are too many malls in KV, is a separate issue. The point here is developer promised a mall when they were selling the overpriced products (which were overpriced to fund their cash flow to build the mall), but failed to deliver on time.

Argument that the apartments/offices may not necessarily do well even with the presence of the mall, is again a separate issue.

Its like you invest in Bandar Malaysia because of the HSR, and after VP, you are told that it is still in planning stage......enough said.

I am afraid you miss the issue here, whether the property does well or otherwise in an integrated development is not the issue here.

The issue is, when you have charged a purchaser premium on the selling price due to the future incorporation of a mall, but subsequently renege in delivering this promise.

Perhaps, to make you understand the issue better, BBCC is being sold today with Mitsui Fudosan managing their mall and TRX with Lend Lease managing their mall. Purchasers of either project, have expectations that their properties would be easily rented out due to presence of footfall. How would these purchasers felt, if the mall that was promised is to be deferred indefinitely after VP?

We were based here at Icon City for a few months and based on our conversations with the many buyers they bought in the property here due to the connectivity and infrastructure (the many access ramps) and the concepts such as the Gourmet Street stratified retail lots (which is not a mall) and the urban park. Many prospect tenants would love to see the park as the other side offers less desirable view or highway. A well known property guru almost bought into the Gourmet Street too.

In fact some didn't even know there was a shopping mall here, unless perhaps the much much later buyers.

In terms of pricing, I feel that it's on the high side judging by the surrounding demographics and the location itself. There are many other issues pertaining to the infrastructure of the roads too (not all ramps will be done in Phase 1). It is also not easily "connected" to Bandar Sunway, if that would happen, then we would have many student prospect tenants.

We have assisted to close a few rental deals here but due to our internal issues I am no longer able to continue my business here.

This post has been edited by accetera: Apr 4 2017, 10:07 AM

I also didn't know Icon city has phase 2 let alone ada mall.........
the mall part of biz is really hidden.
I dun pretend to be known this icon city very well as I never paid close attention to this project. I know MS cant deliver and the site and location just not suitable for project like this.

whereas other projects such as BBCC TRX Velo all have 'visionary mall' being promoted as part of their projects.

same like Icity in shah alam...apa mall from Thailand and Empire City...ada paris Hilton mari dan pergi. Now these two project buyers are banging balls now....

Paradigm OUG....they sold with mall clearly indicated as part of the project. when now they cancelled the mall, they are refunding the money to early purchasers and cancelled the spa.

well said bro....

too many people (especially from developers and agents) like to twist this and that when what their promise cannot be delivered....

so.. be wise and due diligence before putting your hard earn money into any projects...

even you also cabut from here....

is weird when you said is going to well connected to Bandar Sunway as one of the selling point... why people din buy at Bandar Sunway instead of this project when the price is about same?

I said "not easily connected" to Bandar Sunway... Icon City cannot tap into Bandar Sunway rental market. As you come out to LDP... the traffic flow direction is not good.

conclusion... is failed project....

Too early to say... but the timing of VP was bad as well.

In fact, most newly completed VPed last 8 months and the next many months will need more time to get some rental cashflow, though cannot cover instalment except very few new VP properties (hint: in KL area).

The market is soft and established matured demograhic areas still the better bet even though rental cannot cover because at least you can have some cashflow, ie. easier to get tenant. The smaller unit builtups will have smaller shortfall gap between rental and instalment.

Today, many newly completed VP is even scarce to get prospect viewing or enquiry.

This post has been edited by accetera: Apr 4 2017, 10:45 AM

Sigh...the only good thing is the night view is spectacular..



Attached thumbnail(s)

From Icon City go out to LDP, it is direct access to Bandar Sunway. Just go up the bridge and don't turn right to Shah Alam.
Just from Sunway to Icon City, you need to go further and go under flyover in front Western Digital and U-turn back.
Anyway the traffic not so jam at this distance as I observed from last week

Coming out from Icon City on Jalan SS 8/39 to join LDP, you will miss the bridge as got road barrier.




Once on the lane below the bridge and keep right, this is how it looks like:




The traffic flow is leading to Federal Highway Shah Alam bound. Unless you dare to put your car infront there like black car.



This post has been edited by accetera: Apr 4 2017, 07:29 PM

The thing is a lot of ppl do like what the black car does. Lol. Unless there's a policeman there of course. Typical Malaysian drivers

Yeah.. I do same like the black car even traffic police just stand in front at junction there..
So far no problem..
I think this is allow right? Just stay at left lane if want to head to Sunway

yellow box bang... u pass exam or not.

Ahh? Tak perasan🙈