QUOTE(BrandsOutlet @ Sep 10 2012, 12:11 PM)
as usual, ppl used to compare current dev price to a new project and always think it is expensive due to the higher price point without further consideration.
is >750/sqft justifiable?
think about this two factors:
1) confirmed developments in bj --> jalil city is the latest just confirmed mega project in bj. apart of that, there r more developments in the coming years...
2) green and contemporary facade/life-style concept.
if (most likely i think will happen) KM1 East going to launch 550/sqft (for 1300+sqft) or higher, do we still think that 650/sqft (for 1300+sqft) for Twin Arkz is expensive?
I see Exsim always not simply putting the price without proper market analysis, just like how other developers did..
Yes, it is common for people who put into consideration of comparing new project against current subsales value, and due to easy entry and newer property, people tend to be accepting anything expensive or higher than current subsales market value or price. But expensive is one thing and overprice is another meaning.
Bukit Jalil new condo benchmark value might be around RM 500 psf. Some certain projects can sell it at RM 550 psf because it's not bank valuation unable to match the project asking price but it's always developer who sell 10-30% higher than current valuation by valuers.
Some other projects can sell it at RM 600 psf and people still buy it if it was due to freebies, partly furnished, DIBS, 5% or 7% discount, deposit to pay by installment and etc attractive planning.
But to say > RM 750 psf is justified or not, this is a good question especially for Twins Arkz.
We can say it justified due to all you listed as above. Superb materials, wonderful pieces glass and windows, perfect looking facade, superb life style that even Troika lose, contemporary that even One Menerung unable to match.
But we can disagree to it, because all above was untested and yet to deliver for now. Don't we found out that any project with RM 400 psf, RM 500 psf, RM 600 psf, RM 900 psf called it contemporary homes, lifestyle concept, great facade and etc.
The biggest issue is the developer itself for the name of Exsim Group. I agree that the facade and concept is something really different, which far better looking than ZR, KR2 or even Covillea externally, but we yet to be seen internally due to Exsim's The Treez is still under construction and yet to deliver, hence, we can call it risky.
We cannot call it a justification due to Jalil City is coming up with boom development and mega projects, it's a promise yet we are waiting it to be true.
Yes, sorry but seriously, RM 750-800 psf is quite risky, but IMHO, some pool of buyers would still buy. Even at RM 650 psf, I still call it expensive but it is still do-able, bcz in my consideration, no matter how high end is a condo, the exclusivity is going wrong the the high density of over 300 units ( I was told by friend ) in such 1.9 acres land only. Or I call it, kenot see it at all.