**This thread is for sharing information and discussion only. Not agent.


PICASSO RESIDENCE
Premier De Muara Sdn Bhd
Joint venture company between Furniweb Industrial Products and Almaharta


Project Name: Picasso Residence

Location: Adjacent to Suria Jelatek on Jalan Jelatek, off Jalan Ampang

Towers: 2x 38 storeys

Units: 270+202 = 472 units

Website: http://www.picassoresidence.com.my/




















This post has been edited by accetera: Nov 22 2014, 11:23 AM

What an Italian name but I like it.

How big is the land size? Quite futuristic design.

around 3.7 acres.

Almaharta, the landowner here was the developer of Suria Jelatek.

Now going few steps higher.

Wow... your information is really advance. Mind to share more? What is the selling price?

project design looks quite nice on paper, but those iron claddings on the side of the building may obstruct some views from the corner units looking out, and the front entrance made of iron(?) may end up looking ugly with wear. just my 2c.

This post has been edited by corleone74: Nov 22 2014, 12:51 PM

this is nice
diamond design

It could be perforated aluminium mesh though as per current trend in architectural design.

Awesome pool and frontage

Any indicative price?

How much is the selling price rm/sq ft?

My guts feeling could be around RM1100-RM1200 per sq ft?

The development looks impressive. But the unit layout rather large compared to surrounding. On the other hand, it could be in demand as surrounding are mainly all small units.

The website coordinates gave me exactly the bomba location.

Suria jelatek is freehold , this is the same right?

This post has been edited by Gomz1205: Nov 22 2014, 07:47 PM

I will be beside the bomba area...?

Yes....

Suria jelatek is lease my fren

I see...I really thot it is FH. Thanks fr the clarification.

Probably from RM750,000 onwards.

A / 1,013 sq.ft ( 94.16 sq.m)
B / 1,375 sq.ft (127.72 sq.m)
C / 1,668 sq.ft (155.01 sq.m)
D / 2,480 sq.ft (230.81 sq.m)
D1 / 2,495 sq.ft (231.81 sq.m)

Design look fantastic....

Really...the sale person told me 1100-1200/sq ft wor

Maybe you are right. My guess is from their registration form survey only.

this look nice......but I not familiar with Ampang ....more like PJ/SJ

Nice.. wonder hows the price be.

more than 1000psft .....

They are having a road show at Sunway Giza on 10/12-14/12... let's go and have a look!!

how do you say it's walking distance??Suria Jelatek to LRT jelatek already took you 20 minutes...

This new project will take you 30 minutes atleast to the LRT Jelatek...Sweating a lot liao

30 min sounds very far.....zzzzz

I measured from Google. ..it's 400m... not that far though.

mind to share the exact location map here?

Anybody know the exact price of this project?

Went to their road show at Sunway Giza yesterday. Just open for Registration. Can't pay any booking yet... snap some photos.

This post has been edited by prop newbie: Dec 11 2014, 02:24 PM


Attached thumbnail(s)

There is 2 possibilities.. i don't know which one cause no sign board up yet...

but if beside Bomba means easy la..can ask bomba anytime to help you when something bad happen.hehe


Attached thumbnail(s)

good location.. better than the M city stretch..

This thread so quiet cos everyone asking PM PM on the other thread..

at the price, dis might be a good deal..any takers? still havent preview yet

Abt 5-10mins walking distance.
Not really far unless walk slowly like old ppl la..

The walking distance is like KLCC mall tunnel walkway to KLCC exhibition centre..

It beside bomba the big green land area.
Drive passed there last week already see some contruction lorry and fenced up abit already with signboard project.

the fencing up land look small

Hi people, the information on the site has been updated, at the same time the pricing does too.

hi..may i know how much is the price psf? thanks..

U can't afford it.

Hi there, i guess you can refer to their site at www.picassoresidence.com.my for further details.

Looks like it is gonna be at least rm1000 psf?

What will be the malay name for this project? DBKL now only accept malay name.

hi kamilnu, what do u mean by i cant afford? is it too expensive for me or u mean other??

Hi Undertaker007, guess you quoted wrong person for this

hi kamilnu, what do u mean by i cant afford? is it too expensive for me or u mean other??

just received whatsapp messages from agent, any comments on this property ?

Hi Kimusu, what message did u receive?

They've exhibited in the recent Homefinder event last weekend. Salesperson has advised that it will be selling from RM900 psf.

I'm keen as it definitely looks classier and worthy for the price due to the proximity to the highways and amenities (i.e. Malls, hospital, AKLEH, DUKE, pasar malam, Jelatek LRT station, etc.)

funny, the one i spoke to said 1000psf. going up and up?

soft launch on 7 feb

Yes received this msg.
"Thank you for your interest in Picasso Residence. You are invited to an exclusive preview where more information will be unveil for the first time this Saturday (7 February) at Level 10, DoubleTree (Hilton) Hotel, The Intermark, Kuala Lumpur. 2 Sessions either 10.30 am or 2 pm."

Any taker here?

who went to softlaunch? whats the update?

anyone booked this unit?

I went there, the price 1013 psft. Compared to MSuite which is 1251 psft just across the area.

Just to share from what i got from picasso residence booklet. They will have official launch at 28th march.



Type A - 1013 sqft


Type B- 1375 sqft


Type C-1668 sqft


Type D-2407 sqft


Type D1-2480 sqft

Hard to sell or move nowadays for high end or price product now actually

msuite is FH whereas this is LH. How's the sale when u went? Good response from invitees?

To have meaningful impact from private lift lobby, you need to have at least Two lifts...
IMO, one lift is just a bit of marketing kit. Similar to the one project sold in seri kembangan

I went there for their VIP preview soft launch, it was quite a turnout. Hartamas agents were kind enough to show me the model and explain about their projects without judging what I wore at the time. And I did call them again to ask how many units were booked and they claimed about 272 units booked. Since the increment between each floor is only 3-4k so from what I see, the high floors are quite popular. And various unit types from the smallest to largest ones are booked as well. They're also patient enough to answer all my ridiculous questions from floor spec, to kitchen cabinets and even about tiles and doors. And I always drive through the jalan jelatek area on my way to work, so I got to see the development progress of that area.

Good thing is that this area is next to Akleh, and as a frequent user of that elevated highway, I really like the location. And I do not mind the jam because I was born in Ampang and still live in Ampang. Jam is a daily norm laa .

any discount?
promo?

I think got 5% Early Bird Discount, and another 5% rebate if sign s&p before 28th March.
Also booking fee and downpayment only 30k

272 unit sounds like very good response... wah ppl still buying high end properties..

I think their target is mainly for people who wants to stay there rather than invest. Most of them consist of a family with a kid, new couple, foreigners from hong kong also were there for the malaysia my second home scheme.
The increment between floor is only 3k, so most of them get the high floor first.

nice! private lobby is the way! practical layout!

This post has been edited by HELLO HELLO: Mar 17 2015, 10:18 AM

May I kno whr is the show unit?

Nice design!

There is no show unit at the moment. The sales office is located in Oasis, Ara Damansara. Exploring possiblity of a site sales office in KL but not confirmed yet. For any assistance, do provide your contact details - handphone and email - in PM and we will revert.

Well, Almaharta? Almost adjacent to Suria Jelatek? Then I have 2 quick questions for anyone to find out ;-)

1. What is the remaining lease of the land?
2. Will Almaharta renew it to 99 years like what they did (or did not, ahemm) do in case of Suria Jelatek?

When will be the date for the official launch? Because previously I thought it was supposed to be 28th March?

Any updates on latest take up rate?

it is about 50%, there are still some nice units to grab and the offer is attractive. For more info, u may leave you contact details and we will contact you. Or email to lshoongklcc@gmail.com. Thanks.


https://www.youtube.com/watch?v=3YRUqjxbDZ0


This post has been edited by SHoongKLCC: Jun 23 2015, 01:59 PM

Do you know when will they do an official launch for this project?

official launching date yet to be announced.

any news on the launch?

sales to date?

I'm surprised that still have ppl talk about this project because seem like no sound no pic.

hearsay cancelled due to insufficient take up rate.

how much % the take up rate?

less than 50%?

What would happen to the buyers who already signed and take up loan?

there's a clause for retraction mah if project does not proceed.

Yr story & kochin's story tak ngam although i'll take his story

boss, i think only 27.2 units sold hehe Wonder what/when r they gona relaunch this project.. looks like investors r factoring in the oversupply

They haven't do official launching yet, but I saw the ongoing construction from AKLEH everyday. I'm not sure whats gonna happen to them.

Anyone who interested in this project can Whatsapp me or Contact me @ +6012-209 7573 .Thank You

Clik at The Link For Register Viewing Appointment : http://goo.gl/forms/FT5rsNQTT2


This post has been edited by Andy Property Exchange: Nov 12 2015, 04:29 PM

Will not be surprise if the project is sold to other party... the asking psf and absolute price at this location on current market sentiment is too ambitious

I have some discounted unit here, you may leave a message 01123265569 if you are keen to find out more detail.

Anyone has any idea if this project is on or off ?

old news:


PRG sells 210 units of its Picasso Residence at one go
BY TEE LIN SAY | The StarBiz Week | Saturday, 9 April 2016
http://www.thestar.com.my/business/busines...rt-of-the-deal/

Amidst a difficult property environment where most developers are facing challenges clearing their properties, PRG Holdings Bhd, the company formerly known as Furniweb Industrial Bhd, has quietly completed an en-bloc purchase of 210 units of its Picasso Residence, valued at a staggering RM250mil.

The Picasso Residence, which has a total of 472 units, has a gross development value (GDV) of some RM600mil.

Thus, the 210 units translate to a GDV of some RM260mil and a take-up rate of 44.5%.

This will translate to total gross profit of RM40mil once Picasso is completed by the first quarter of 2019.

Nonetheless, progressively, earnings from Picasso will start to contribute in PRG’s first quarter to March 31, 2016. This financial year onwards, PRG’s property division will overtake its manufacturing arm as the largest revenue contributor.

The en-bloc purchase was undertaken by Datuk Ng Yan Cheng, a seasoned businessman and entrepreneur based in Singapore.

He has since emerged as the third-largest shareholder of PRG with a 9.4% stake.

“We are receiving monies progressively from Ng for his undertaking of Picasso. To date, he has paid 10% of his commitment, and has started paying for the second progressive billing of 10%,” says Datuk Lua Choon Hann, who is both the executive director and single largest shareholder of PRG.

Lua found himself in the driving seat of the company after PRG’s former executive director, Datuk Seri Yeoh Soo Ann of Encorp fame, stepped down from his post on Nov 30 and sold his entire 25.45 million shares or 17.47% stake in the company.

Lua started accumulating shares and shortly later, emerged as the single largest shareholder of the company. With Yeoh’s resignation, Lua became the new chief to steer the company ahead. To date, he owns 15.85% or some 23.4 million shares in the company.

Yeoh’s departure also made way for Ng, who emerged as a substantial shareholder.

Then on Jan 11, PRG announced that Ng was going to be the promoter and undertaker of the 210 units of Picasso Residence.

“I have known Ng for almost 10 years. We were business partners before for my previous ventures. He sees opportunity in the company, and likes the direction PRG is taking. That is why he is not just buying our properties, he also took up a stake in our company,” says Lua.

Lua adds that Ng is selling his undertaking of 210 units to his friends and associates who consist of Mainland and European Chinese.

Some contributions from property were already starting to flow in for PRG’s fourth quarter to Dec 31, 2015.

For the financial year ended Dec 31, 2015, net profit jumped 155.89% to RM6.08mil on the back of a 40.1% jump in revenue to RM129.32mil.

PRG, which produces furniture webbing and provides niche products for the textile and apparel, furniture, automotive and food packaging industries, obtained shareholders’ approval in April 2014 to move into property development.

On Nov 9, PRG proposed a diversification of its core business to include construction as it anticipated the group’s construction business to contribute to 25% or more of the company’s net profits.

With the diversification, the group’s core business will include property development and construction.

Picasso Residence is a residential development project with a land area of approximately 15,924 square metres. The project entails the development of two 38-storey towers comprising 472 condominium units and four car park levels.The project is located within a three-kilometre radius from the Petronas Twin Towers and is accessible via the Ampang-Kuala Lumpur Elevated Highway, the Duta-Ulu Kelang Expressway and the Middle Ring Road 2.

Lua - the new face of PRG

Not many people may know PRG’s new chief, Lua, perhaps because his entrepreneurial track record is overshadowed by his political work. Lua is a central committee member of the Malaysian Chinese Association.

Nonetheless, the 39-year-old Lua has been an entrepreneur since 2003.

He founded WG Overseas Pte Ltd (Singapore) back in 2003 at the age of 27, where he provided advisory services on corporate affairs, finance and commercial matters for companies that were seeking a listing in Singapore, Hong Kong, Taiwan, the United Kingdom and Malaysia.

Some of the notable fund-raising projects include Juitian Chemical Group Ltd, Nucleon Crane Co Ltd; Dutech Holdings Ltd and Z-Obee Holdings Ltd during their initial public offering exercise in Singapore.

“WG Capital did pretty well. We built up some young companies, got them the nescessary funding and managed to grow them to become relatively noticeable companies today,” says Lua.

A lawyer by profession, Lua first emerged in PRG as executive director in November 2013. He is also a director in Pelikan International Corp Bhd.

“I do have my political commitments which I take very seriously. However, I have always been passionate about growing and investing in new businesses. I see PRG as both a challenge and a great opportunity. I feel that for a young property company, now is the best time to look for land and opportunities,” adds Lua.

So what is Lua’s intention of controlling PRG? “First of all, it’s a well-run company with good financials, good management and is just starting to come up. We have two things anchoring the company now - our manufacturing division which provides a steady income, and now we have the en-bloc sales of Picasso Residence. The cashflow from these two divisions will give us enough leeway to focus on building up the company,” says Lua.

He adds that PRG is in a very sweet spot - it is a two-year-old property company coming in to the market when prices are depressed. Instead of viewing PRG as a company which lacks landbank, Lua feels the depressed market gives it ample opportunity to buy landbank. And at the same time, PRG has some financial flexibility.

“We have been actively talking to landowners. It won’t be long before they make the nescessary announcements,” says Lua.

PRG is considered small at its market capitalisation of some RM164.3mil. At its current price of RM1.11, the stock is trading at a historical price earnings ratio of some 26.24 times. It has a net asset value of 74.76 sen, hence the stock is trading at 1.5 times its book value. On another important issue, Lua indicates that the company will be seeing more new faces. “We will be introducing new faces to the company to strengthen our board. We will be putting in real professionals for both the property and manufacturing divisions,” says Lua.

“I understand that the property environment is now soft. But like all asset classes, this is temporary. And it is only in down times like these that we get to buy projects and landbank at affordable prices.

“Our gearing level is very manageable and this affords us the luxury to look for good projects. We are in talks with a few people, especially those that over-expanded and need to raise some cash,” says Lua.

The company has a net gearing level of some 0.48 times. It had short-term borrowings of RM35.29mil and long-term borrowings of RM44.262mil against a cash pile of RM24.06mil as of Dec 31, 2015.

Furthermore, with Picasso having achieved a take-up rate of 60%, Lua says he is no longer in a rush to sell the units.

“We are now taking our time, and in fact, saving the good units closer to completion.”

Lua adds that while he doesn’t want to jump ahead of himself, his vision for the company’s expansion is much larger than just Malaysia. “With our steady financial position and coupled with the resources of our strategic partner Ng, this year is the year we lay our foundation,” he says without going into details.

Any SA here? Want to know more details. TQ.

Latest sales package 1st March 2017

- RM20k upon booking
- Free SPA & Loan agreement legal fees

Furnished
- Kitchen cabinet comes with solid surface island counter top
- Built n Oven, hood & hob
- Washing machine & dryer
- Air-con for living/dining area and bedrooms. (except utility)
- Hot water storage tank to master and other bathroom (except maid bathroom)
- Shower screens to master and other bathrooms (except maid bathroom)
- Smart home system
- Plaster ceiling provided (except yard area)

Expected completion May 2019

Private lift lobby concept
Dual-key units available too
Full height glass window
400M jogging track
7 tiers security system


Type A 2+1 Bedrooms 1, 013 sq.ft.

Type B 3+1 Bedrooms 1, 375 sq.ft.

Type C 3+1 bedrooms 1, 668 sq.ft.

Type D Dual key Unit (3+1 Bedrooms and Studio Bedroom) 2, 407 sq.ft.

Type D1 Dual key Unit (3+1 Bedrooms and Studio Bedroom) 2, 480 sq.ft.


Feel free to contact me personally for further detail at 012 - 220 8943 call or text
or Email yunsyn@hotmail.com

What is the status/progress of this development?

Heard that this project already stop work for 3 to 4 months.

This post has been edited by yummylolly8888: Aug 7 2018, 11:54 AM

really picasso piece of art, slow slow do depends on mood.

Art is priceless.

Thought that this developer was bragging that they're content with the 60% sold status and in no hurry to sell off the remainder some time back?

When I checked with their office sometime last year, no rebates are even offered at this stage. With the price point of RM 1 mil and above, I thought everything will be able to go smoothly with more than half of the units sold dy. Project budget screwed up somewhere?

Also mca lost d erection...

Any update on this development?

Ironically Picasso was a very quick artist. Averaged more than one artwork per day of his life with around 50,000.

Last Wednesday I saw work on the site for the first time in more than a year - crane and lift were moving. However Datum Jelatek agent said it was abandoned, so maybe they were just moving stuff out.