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Investment THE GOODWOOD RESIDENCE @ BANGSAR SOUTH, The Living Resort of Bangsar South

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Cavatzu
post Aug 10 2022, 09:29 PM

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QUOTE(Boo2929 @ Aug 5 2022, 12:05 AM)
I’m planing to buy a unit, may I know why lvl40 penthouse still available? Because normally penthouse would be like sold out during first launching right?
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Not necessarily. The biggest and priciest units are usually the last to go in a development nowadays and usually quite heavily discounted by the developer or you can request for custom designs. The mega penthouse design on top of a number of regular units has in a way gone out of fashion. The trend seems to be either all are large or you’ve got a mixture which isn’t too disparate.

This post has been edited by Cavatzu: Aug 10 2022, 09:30 PM
Cavatzu
post Aug 29 2022, 08:05 AM

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QUOTE(leemung90 @ Aug 29 2022, 12:31 AM)
Indeed, it seems to me the rental is there, I searched propertyguru and saw KL Gateway is renting between RM3300-RM4000, with some nice designed unit fetching higher price. Sorry guys, newbie can't post link.

Anyone doing fully designed unit? What is the cost?
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Had a look into the rental prices and I find it a bit suspect with the same stock photos being used for the properties with the exact same price as well as it all being under the one agent.

Perhaps it’s too early days to tell how this place will be received for rental. Since you haven’t bought yet, you can afford to wait a bit more to gauge the reality.

I’m guessing it’s the 1184 sqft variant for 850k? Logically it’s 4 bedrooms and should be able to command above 3.5k but it remains to be seen. To be able to fully cover your instalment and offset some of the management fees is very much desired of course.

This post has been edited by Cavatzu: Aug 29 2022, 09:29 AM
Cavatzu
post Aug 31 2022, 07:19 PM

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QUOTE(leemung90 @ Aug 31 2022, 06:58 PM)
Yes, I am looking into Type B with 1200 sq feet variant. That is the reason I register the account and finding out more info.

Like you said, I am also thinking about the RM3500. If based on KL Gateway Premium (i am not familiar with that place), should be able to command some premium over that particular property because it is new?

But based Calvin's map (much thanks to Calvin), this KL Gateway seems to closer to LRT, and the location seems to be more convenient. Perhaps KL Gateway is a have better locations but its facilities are not so good? Yet what is the reason Goodwood seems to have a premium to KL Gateway? Although I saw the range at RM3300-RM4000, but isn't property about location, location, location?

Hmm....I think I will go Bangsar South and scout the area when I am free.

I am still newbie and really have much to learn about property, much thanks for everyone for their reply and informations.
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You have the right idea. Ideally a cash flow neutral or positive investment but those are hard to come by IF you buy today. It’s usually opportunistic purchases like fire sales or auctions that give you that opportunity. These are the holy grail of property.

Cavatzu
post Sep 11 2022, 06:51 PM

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QUOTE(leemung90 @ Sep 5 2022, 01:13 AM)
I heeded your all advise and scout nearby and even arrange a viewing at KL Gateaway today and a quick tour at Goodwood. Time for me to contribute some intel too, hahaha.

Location

I went to see KL Gateway, the location is the best in Bangsar South. From Federal Highway, it is just around the corner. It is also beside and linked with LRT, the agent told me it is LRT University. And it is nearer to the UM, I guessed that's why they named it University.  The mall is just below and there are variety of foods. My favourite Subway is opening an outlet there. It is also very visible from Federal Highway.

KL Gateway Location: 5 Stars

Goodwood however is located much inner part of Bangsar South. Need to go straight up the hill then turn at the traffic light, the entrance is not too obvious. If there is traffic jam, it would take sometime just to turn into that juncture. First impression not so good. There is covered walkway to the next mall (Nexus? Or Connection? not sure) but it is just covered walkway, not a linked bridge that covered all nor it is below the condo like KL Gateway, if raining sure get wet. And from there, they mentioned there is another bridge to the offices? Locations wise, I can see if traffic jam with car it would be nightmare. Walking distance to offices is achievable but still 10 minutes walk at least (and no rain). It is also far from UM, unless someone drive (then stuck in the jam) else it would really be a hard sell compare to KL Gateway.

Goodwood Location: 3 Stars

Facility

KL Gateway facility is almost identical to Goodwood, some main facility like Gym, Pool, BBQ area is there. It is not very outlandish but very practical. I personally dislike the pool as it seems to be surrounded by buildings and have no privacy. But what impressed me is the business center there. People can work there or have a lounge to relax. This is a big bonus for working adults as we worked from home and away from the kids and family but not too away. We just need a place to have a cup of coffee and do some work alone before heading upstairs for dinner/lunch. I much prefer a business center and I think working adults would love it too. Get a cup of coffee downstairs and we could start work there.

KL Gateway Facility: 5 Stars (minus the pool)

The first impression I walk into Goodwood I am impressed with the greenery there. There are butterflies flying around and I like the ambience of the resort feeling. The clubhouse is a standalone building which adds better impression. There are a lot of facility around. Unfortunately, it doesn't seems very practical even for a retiree, much less for family adults. The signature Water Fountain is nice but... let's just said I knew it's costly to run. And there is Karaoke, not too sure if it is catering for whom. The multipurpose hall is not impressive but just passable. The garden is nice with a breeze of wind, I still enjoy the butterflies. But from there it is puzzling that a hydrotherapy pool is there. Very puzzling. I am unsure who is going to use it, I myself go physiotherapy and I recognised that the pool is very expansive to maintain. Then there is Mahjong room. No business center, no splashy multipurpose hall, a bit of let down.

Goodwood Facility: Not too sure. Read my conclusions.

Ambience/ Overall feeling

KL Gateway lobby is splashy. It is the 5 Stars hotel style (believe me, I go 5 Stars hotel every week) with spacious sight. The decoration is certainly fit into the kind of high living where you expect things to be 5 stars. Then you will be ushered into the private lift that goes to the unit. The impression I get is that the lift only cater for those private units and not sharing. It is only to your doorsteps. I think it is private lift for every unit? It seems the occupants there are well off or professionals. What I dislike is the small exit to the mall, which seems to me like a shortcut than an exit for this upscale condo. But that is not the main entrance and it doesn't cause bad image to the building, just bring your friend through the main lobby and they would be impressed.

KL Gateway Ambience/ Overall feeling: 5 Stars

Although I am impressed with the Clubhouse and the exterior of it, I am not too impressed with the inside. I think the overall finishing is passable. Not too sure is it my predisposition that Goodwood is luxurious or upscale, I simply unimpressed with the interior. The lift seems to be shared by too many units and the finishing is not too luxurious, giving me an impression it is a midscale one. Perhaps this place is a mid scale project? But I am unsure because the price tag and the rental range indicates otherwise. Honestly, to me it is a letdown. Maybe from the exterior I thought of better interior but... and there isn't much lobby to be presented with. The lobby is just empty and normal. Goodwood is new, and I don't see much occupants, but I have an impression that this might be a family friendly place, just not the upscale luxurious projections I expected.

Goodwood Ambience/ Overall feeling: 3.5 Stars

Conclusion

Before I start my conclusion, I am just a newbie and I just mentioned what I saw, maybe property investment has more considerations that I missed. Some enlightenment and encouragement is welcomed.

I have the feeling that Goodwood have lots of hit and missed. I am confused as to whom is living there, perhaps they are targeting everyone? I even saw Mahjong room, which is something I never seen at any condo. Another facility hydrotherapy pool, this one I think is an over over over-kill offerings, it is needy to someone who needs it, but even me don't really need a hydrotherapy pool despite I am having back pains, because without professionals it would not be advisable to use it. Then the water fountains while it is impressive, it just not practical to open it everyday every moment, then what's for? The facility is as if they are putting everything inside but not much is practical. Perhaps a nice business center and multipurpose hall would be much impressing. But Goodwood is exactly lacking these two. The business center or working space as they put it, is simply a bean bag room. I certainly won't work there. I really hope some modifications could be done or at least rectify it. Perhaps converting one of the rooms into business center or collaborating with physiotherapy center to use the hydrotherapy pool? Overall, facilities are an overkill but non practical.

Location wise, facility wise, ambience wise, I think KL Gateway should command a premium to Goodwood. No doubt. Like Calvin said, the law of demand vs supply and competition dictating the price. If KL Gateway price at that level, Goodwood shouldn't be over it. I don't think that being NEW would be sufficient to compensate what Goodwood is lacking or not offering. Getting someone to pay high price to some unit is lucky, getting everyone to pay high price for every unit is like betting roulette. I doubt the roulette would be good for investors who is not gambler.

My investment decision is based on the rental. Given the situation, the rental I think would be lower or maximum on par with KL Gateway. Some people might prefer a new place and they like the new scent (My boss once told me those are chemical and harmful, hahahaha) and pay a higher rental, but overall market must be taken into consideration. I think RM3500 fully furnished might be a bit too optimistic, even with KL Gateway might be renting the top range of RM4000, like Cavatzu said the RM3500 is remained to be seen, and KL Gateway is asking is at RM3300-RM4000 max with an average of RM3500. There are the doubts I have and I think I will observe first. Being new as a selling point alone doesn't really suits my risk appetite, neither it would suits I think for most property investors, as the new could become the old and the new new comes sooner than we thought, as always. If the rental longevity could not be sustained, it would be pointless to take such a long tenure loans.
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Thanks for quoting me though I generally try not to give any conclusive statements beyond what I’ve researched or have experienced. So in short we don’t know what we don’t know. I come from a generation where class was very clearly delineated in Malaysian society so I will gravitate towards older addresses. It’s not so much like that nowadays and I may not even be au fait with what’s the in trend location - I still struggle to understand DPC though I know it’s become a resounding success.

But you seem to understand taste so let that be a precursor of your investment but don’t let that be the only thing. Consider everything as an aggregate - a whole piece of the puzzle. There’s people who think a MRT is all that’s needed to make a project successful but it’s great that you’re looking at the finer detail and livability to come up with your own conclusion.

Cavatzu
post Sep 18 2022, 01:43 PM

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The rental here does seem to be strong at first glance on the property portals with asking rents of 3.5-4 psf. Need this to settle down first to get a more realistic picture. But if the rents are achievable then this is a cashflow neutral or positive investment property.

This post has been edited by Cavatzu: Sep 18 2022, 01:44 PM
Cavatzu
post Sep 19 2022, 07:46 AM

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QUOTE(leemung90 @ Sep 19 2022, 12:58 AM)
Finally, I remembered what my friend said:

"Owners can demand any rentals they like, it is important that the interest are aligned and sensible with the market. If market price is RM3000, demanding RM4000 is greed. If only one or few owners  are doing this, then it is fine. Owners are human and human make mistakes. If the whole building does it then it is entirely different scenario: Pack your bag and leave. Either they will got hit hard by market or they surely courting trouble from undesirable outcome.  From the information you mentioned, there is a lot of greed which is based not on facts but unwarranted wants and hearsay. How they arrived on the current rental asking is based on what owners commitments with cash back plus maintenance. Not supply and demand. Find a more sensible group of owners that have interest of the building in their heart. Be fearful when greedy and be greedy when fearful."
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Big wall of text there friend but I got through it. Well done on doing the research and seeking the counsel of others.

Critical thinking is so necessary to bridge the gap of what we don’t know, the facts we have and the lies we’re told to come up with our own conclusions.

But I think we’ve summed up the biggest aspiration of a property investor - to break even with a profit margin if possible. We’re seeing this at play here but we’re also extremely cognisant of the reality that it is a soft property market and these ads may be wishful thinking.

Perhaps many of the units are still going through reno so the truth will unveil itself in time. So don’t FOMO particularly when there’s still developer units available.

This post has been edited by Cavatzu: Sep 19 2022, 09:45 AM
Cavatzu
post Oct 4 2022, 09:09 AM

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Well done on the insightful research. I think the bottom line is that you only have an ideal investment scenario when you have both affluent locals and expats vying for the property ie DPC, MK. If it’s single purpose like only catering to expats then it’s a bit questionable as affluent locals would not be a fan of this area. Failing that, pay below market price for it.
Cavatzu
post Nov 26 2022, 08:28 AM

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Are there any BMI >30 owners here?

Can you fit through the toilet door or need to walk sideways?

 

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