I asked him the site looks so raw, can make it by end of 2013? he said after removing the scaffolding then can see... looks like it is on track. It is slow now coz puasa period.

Citadines hotel 70% sold. Only opened to singaporean.

or those staying in Singapore

yeah for Citadines in cyberjaya got around 30 plus units open up for malaysian buyer...around 520k, 527sft. bigger ones around 740k. first 3 years GRR 6%, after that profit sharing....10+5 years lease to the hotel menagement. also got rebate 6% on selling price.

looking at the price psft looks expensive, but considering Citadines is under Ascott which in under Capitaland (same like Somerset also), maybe it's worth a try. Heard that research had been done thoroughly before that, and they are targeting business travellers coming to cyberjaya since there is so many MNC there.

There is an agency who got the exclusive right to sell (which i cannot say here coz later people will report me for trying to sell and remove my reply..hahaa). but for sure i know it is selling like hot pisang goreng! lol

For Citadines

1. Under HDA or not?
2. No carpark?
3. What is the furnishing provided, any showroom?
4. Need to pay maintenance fee during leaseback period?
5. Air cond centralised or individual split unit?
6. Facing pool (north) or facing road (south) better? The facing road one is what view?
7. The hotel start from ground floor and 1st floor is the first storey with the room units so 1st floor is really low level?
8. After first 3 years on profit sharing claiming 6.5% to 8.5% yield on more than RM900psf, achievable?
9. The serviced apartment, Suites@D'Pulze was launched at RM500+psf, isn't it that these GRR unit are priced too high?
10. Currently only about 40% complete, can open in June-July 2014?
11. Which is the company providing the GRR, the developer? Any relation to Ascott group?
12. Any unfavourable terms in the management agreement? How come it is called management agreement and not tenancy agreement?
13. No free stay for owner?

1. i dun think so lor...since the panel bank UOB offers only commercial loan.
2. nope
3. i was told a business class 4 star...dunno wut it really means actually...hahaa 
4. no need
5. didnt ask this question last time...will ask the agent after this. is it important?
6. the road is persiaran multimedia...facing pool also means that it will be facing the residential blocks
7. 1st floor is the pool level...not low lah coz below got mall maa...
8. i'm betting on the name of ascott group n capitaland...i did abit of research, someone told me the original buyer of somerset ampang and bukit ceylon is getting 12-14% pa now. same company, wont b much worse than that gua...so sud b achievable if they only target 6.5-8.5% especially cyberjaya so many business travellers to those MNC n yet not much hotel there.
9. Hotel unit and residential unit are different thing, different market, so cant compare. my fren juz bought a small hotel unit in melaka business centre in ayer keroh, that already cost him 400k leh. 520k for cyberjaya hotel unit, i thk its a better buy than my fren one lah 
10. i doubt it like u oso..progress seems too slow di
11. the hotel management lah give GRR not developer
12. Good question, i will ask my agent later
13. no free stay at all 

btw, are u planning to buy one oso?

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starting at 6%!

FREE Legal Fees
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Project Completing in 4th Quarter 2014
10 years lease with an option to renew (by the Management) for a further 5 years
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http://www.iproperty.com.my/microsite/Buye...=banner_mrbipbc

u vested?

Don't think they will be interested to acquire back after a certain period. This comes from experience as I am currently in the IT hospitality business. For the projects that I handle, hotel management companies usually sign a long term contract with the building owners to manage the place. Same like what we have here, where Ascott will manage the hotel, on a 5+5 year contract that they sign with the individual unit owners.

Even for existing or refurbished units, the hotel management company won't acquire but rather, sign lease contracts with the owners. There are a few examples of serviced residence within the city centre, or to be specific, near KLCC and also along Jalan Bukit Bintang, where I have projects that are based on such practices.

RM900+psf is indeed on the high side. Can easily back calculate to see the feasibility. Assuming a 6.5% GRR from the price of RM470k. That will yield RM31k per year, or around RM2,600 per month. Based on the current hotel/resort pricing of Shaftsbury Residence, Primera Business Suites, Pullman Putrajaya and Putrajay Mariott, a reasonable price will be RM230/night upon launch. Assuming a decent occupancy rate of 60%, that will be 0.6 x 30 days x RM230 = RM4,200.

The gross profit is RM1,600. If you calculate the housekeeping maintenance, electricity bill, hotel/resort maintenance(sinking fund), staff salary, sales & marketing and others, nett profit will be really low and not much.

Doesn't look like a solid, sustainable plan, to be honest.

The room rate is reasonable which is wat developer told buyers.

My whole point of doing the financial modeling was to show that it is rather quite hard to be profitable from the given current pricing. Customers are buying at a high premium and the price that they are paying might include the rental yield too. Possibly a fair price is RM750psf but developer is giving it to buyers at RM900psf.

Might be a little tough to flip upon completion as the property is only limited to rental/investment purpose.

Many Singapore project does that. No issue at all.

D'Pulze does the reverse. Maybe from initial planning, trying to buy time @ Cyberjaya.

really hope no illegal parking at roadside in Cyberjaya.