Wah, like that all 4 units sure sold out tomorrow already

I viewed the unit for sale there yesterday. The price is RM860K negotiable. But, after spending about 1 hour there, im 100% suree that tis is totally not worth it for a number of reasons:

1) The condo is 19 yrs old (oldest in Bukit Tunku) and is not well maintained. There is extensive plaster cracks on all blocks. The paintwork is original and the management company has not bothered to spend on a new coat of paint despite charging 0.42cents psf for maintenance. The internal walls are worse. Many areas with paint peeling and stagnant water. The condo looks good from the road but once u get up close only then do u see the defects.

2) Very few facilities. Only 1 small swimming pool and 1 squash court. Overall land area is very small and cramped. All blocks are very close to each other so you feel claustrophobic when walking around the grounds. But the grounds itself is beautifully landscaped.

3) The unit itself has been vacant for 1 year. Owner has been trying to sell but sales for this condo has been very poor. Units are big (approx 1550sf) but layout is poor. Big hall (for impression only)but small rooms and alot of wasted space due to poorly angled corners. Kitchen is very small too.

4) Everything in the unit is original 1995 from fittings, electrical and plumbing. Taking over this unit would mean i need to spend about 100K just to renovate and make it livable.

5) Occupancy is not high. Very 'cold' and no sign of life. No family atmosphere for sure. I checked with the guards and they said only about 60% of units are occupied and 80% are Malays.

6) Biggest problem for this condo is that the developer has been blacklisted so many owners are stuck with the units as it will take about 10-12 months to clear the paperwork for a new buyer. Ive also checked with a few banks and they said its difficult to get 90% loan for this condo.

So yes, despite it being in Bukit Tunku but the factors above are enough to put off any buyer. Even Kiara Park Condo in TTDI is a much better place to invest in. Its slightly older than tis condo but very well maintained.

This post has been edited by cybermaster98: Nov 2 2014, 01:15 PM

Excellent groundwork. Just one question out of curiosity. How close is th condo to the KTM rail line.? from wikimapia it looks quite close. did you hear train noises moving in and out of the station from the gruonds.

This post has been edited by corleone74: Nov 2 2014, 01:38 PM

Oh yes! Thats gotta be negative point no 7 for this condo. Its actually very close. The road noise and train noise is bad. You have to keep every single window and door closed for sure. Even then its difficult cuz the condo is old and hence window fittings are worn.

that's what i thought ,too. from wikimapia, i gauge it's just 20m from the boundary of SBT to the KTM line. sri kenny should be better (and more expensive). thanks for sharing. will pay a visit to your kiara park one fine day

This post has been edited by corleone74: Nov 2 2014, 02:06 PM

Huh?

Hmm, this is what happen if a condo is too low dense, even at 0.4psf maint fee, only 80 units, maint fee collected per month is only around 50k? It's definitely not enough to maint 3 blocks.

How big is the land? Sooner or later, some developer might want to buy over the whole condo and redevelop. But maybe have to wait another 20 years until the place is no longer livable.

think cybermaster report is quite accurate. it's too near the railway line and jln kuching, don't think it's so nice. enbloc potential in KL so far not a single one, even desa kudalari also can't go enbloc. from wikimapia the plot looks about 2 acres, so 40 units per acre. try to visit sri kenny next door.

This post has been edited by corleone74: Nov 2 2014, 08:04 PM

Haha I thought nowadays people love to buy MRT condos? Only those not yet complete is preferred? Haha

not me, bro. i know too near MRT or KTM is no good for own stay. noisy and a lot of people hanging around, double parking and so on. MRT condo is good for rental, I guess.

MRT and Komuter is different. Anyway, nobody likes to be right next door to a train station. Walking distance is fine but nobody likes to open their bedroom window and see a train passing.

unless the train station and the line is underground.

Nope, many developers won't touch Kenny Hills high rise as it's really hard to sell cos i think they have restrictions on the density/number of units so the units have to be big..

I know the 'newest' condo in Kenny hills (or the fake part of Kenny) that's still struggling to sell..

Was at TTDI area this morning, so went to check out Kiara Park recommended by cyber.

Park my car at the teksi stand outside thinking to just have a look from outside. Walked to the guard house, no guard was there, so I sneak in la, haha.

Full facilities and still in usable shape, there have everything here, just that it's old. Priced at 570psf. Ok la.

1.Wonder how is the density like? How big is the land, how many units in total?

2. Maint fee should be cheap? Since their maint income per year is only around 1.4mil. And 2013 have surplus of 33k. Financially well managed. Sinking fund left 800k, not enough for a total repaint thou.

3. I don't like stairs, not suitable for my parents, and I need at least 4 rooms, I see there are 2100sf units stated in propwall but non for sale now. Will get a viewing inside unit if got chance.

Main improvements made to the condo since 2013:

1) All 3 swimming pools converted to salt water pools on request by residents due to health reasons. Complete replacement of all pumps and filtrating system.

2) Complete replacement of all underground water pipes to all blocks / units

3) Main guard house being renovated to make it dual entry with distance detection system for residents

4) Lifts for the high rise block to be replaced next year. Tenders currently being evaluated.

Maintenance fee was increased in 2013 (after 8 years) to 0.29 cents psf which is among the lowest in TTDI. But tis was fully supported by all residents because its money well spent and the condo is in very good condition. We dont need to repaint the condo. The current paint is in reasonable condition.

The most expensive units in Kiara Park are the ground floor units in the low rise block at the Court Yard. Units here will fetch approx 950-1mil depending on reno. Approx size 1356sf with 3 rooms. There are 9 different layouts for the low rise units. But these units are snapped up within days if put on sale.

For your use, you need the double volume duplex units but you need to walk up. There are also some big units in the high rise block but it wont be cheap for sure. Total units about 320. But the land area is very big since its a resort condo. That's why there are 2 of each: BBQ pits, tennis, badminton and squash courts in addition to 3 swimming pools (main, kids, toddler). Also got a well equipped gym, library, nursey, laundry, hair saloon, cafe, free wifi, etc.

But the main draw is the residents. Majority of those staying here are Chinese or western expats with families. Many of them are first owners from 1993. Very united community. The residents association is also very strong. There are a few politicians staying here like our ex Home Minister (Syed Hamid Albar)'s daughter. Plus Kiara Park was the only condo in TTDI which was not affected by the water cuts because down the road from the condo is the Syabas Chairman's house.

This post has been edited by cybermaster98: Nov 3 2014, 12:02 PM

Thanks bro, sure is a nice place with strong community for own stay. :-)

why don't you just get MK Astana bro? got 2000sft units.

from your report, basically, i think the Kiara park guard need to buck up their service .

i notice you keep checking the density (no of units / land area).

one question. How the hell did you manage to get their sinking fund balance? you went to the office and ask for a copy of the annual report?

sounds good. may we ask total how many units and what's the land size? agak agak from wikimapia about 10-12 acres?

Hahaha no la I think the security is ok, maybe he went toilet for a while, he was back when I walked out

Yeah density and management income is crucial for condos. Must be enough for up keeping. Too low means you need to pay more in future, too high means too crowded.

They confidently publish their financial statements on their notice board. It's nice.

Actually I almost bought MK Aman 2163sf. Wife stopped me after viewing. 1.3mil for a condo, at that price we can go for landed corner with a bit of traveling. So back to searching again. No rush la, may wait till the next recession only commit. :-)

How about you? Eyeing on anything? For own stay or investment?