I paid the RM5K booking fee and decided not to proceed with the purchase. I would like to share my thoughts on this development (note: these are just my opinion and I do not intend to mock or belittle those who have already bought a unit):
1) Kuchai East are for those who are familiar with the OKR and Kuchai Lama area.
2) Those who are not familiar with OKR and K. Lama will find the congestion very stressful.
3) Please do not have the perception that you are able to buy and immediately sell upon completion. The price will not move upwards. At least not in the next 5-8 years. Reason being OKR/K.Lama is a very matured area. There is no potential factors to boost the property prices except for the new MRT.
4) Please be realistic with the rental yield. The pink condo next to Kuchai East is currently renting out at RM1K a month. Although the 'experts' tells you that you are able to rent it at RM2.2K/month, the best you can rent out is RM1.8K (assuming premium renovation). If you plan to rent it as bare condition or force fit with IKEA furniture, my best estimate is that rental yield will not exceed RM1.3K. To prove my point, you can take a walk to commercial area of Kuchai Lama. Look at the demographics and patrons and ask yourself how many of them are willing to pay RM2K as monthly rental.
5) Believe it or not, there are many vacant units in OKR and K.Lama. Citizen 1, 2, Southbank, Seringin, Petalz etc. These are properties which are completed. Many of the buyers bought for investments and are now waiting to sell when the market recovers. So if you plan to buy to flip, please get in line.
6) The two sell points of Kuchai East is the new MRT station and Bandar Malaysia. Try taking a walk from Kuchai East site to the new MRT station (now Ajinomoto plant). You will be walking through a street of foreign workers' residences which I don't mind, but will not be appealing to many Malaysians in general. Imagine if you want your wife, fiance, gf, mistress, daughter etc walking from MRT to home everyday. You will be emotionally stressed worrying over their safety.
On Bandar Malaysia, my take is that it will just be another commercial district. KLCC will still be the central of KL. Hence there is no need to jump into the big hype.
7) To those who desperately want to buy Kuchai East, I believe they are long time OKR/K.Lama folks. I also believe they are buying for the intention to stay long term and not for investment purposes. I agree they should buy because I would pay for familiarity and be near to family.
8) To those who are not desperate and just shopping around, you may want to reconsider your purchase. You may also consider secondary market properties. Believe it or not, property prices have been falling since 2016.
Just to share:
After turning down Kuchai East, I bought a condo near Tropicana City Mall, SS2 PJ, for about RM570 psf, which is lower than Kuchai East. My point is, there are more supply than demand for properties now. I basically login to iproperties, called the agent, inspected the place, slashed the published price by 25%, and made the offer (of course they rejected my first offer but after I gave them some take-it-or-leave-it drama, we settled for a 20% slash. You get my point). Everyone is desperate to sell now. Bank Negara just revise the interest rate upwards by 25bps in February 2018. Many more will be desperate to sell.
It's a buyers market now. Good luck.
Not quite true.. i am renting out a unit nearby at 2.1k for 1ksqf partial furnished (no renovations).. pls dont try to compare nearby condos (de tropicana or kuchai avenue) they have been there for ages.. pls dont expect the rental yield able to cover the monthly installment but if you can afford it why not??
Oct 2 2017, 08:06 PM
Quote
0.0426sec
0.78
7 queries
GZIP Disabled