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 Mihaja Apartment, - Good place for investment?

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suiteng
post May 6 2008, 11:14 AM

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Haha Miharja kaki here wave.gif Perhaps you could get more feedbacks if you go to Miharja thread at Kopitiam. Click on my sig smile.gif

About investment, yeap, it's ok if you're not staying there tongue.gif Erm, other than that, better talk in kopitiam lor nod.gif
suiteng
post May 7 2008, 10:32 AM

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Only got one ultimate comment which is, if you wanna invest and get return on rental, this is the place. If you wanna stay, this is not the place smile.gif

Based on own survey :
Condo going for around 120k-140k depending on condition.
Apartment going for 89k-110k depending on condition also.

Pros :
1. near LRT
2. near bus stop
3. you won't starve here
4. Jusco and Carrefour quite near
5. pasar malam every Monday

Cons :
1. already 30 years old, needs big renovation
2. lift always rosak, management owes the lift service company money so that won't fix the lift so fast
3. BIG rubbish dump and not cleared often
4. noisy at night due to ball game at the restaurants (GOALLLL!!)


suiteng
post May 8 2008, 09:11 AM

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Check out the S&P. Should be around 70 years left. smile.gif
suiteng
post May 8 2008, 04:58 PM

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Maintenance team do crappy work sweat.gif
suiteng
post May 10 2008, 01:36 PM

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QUOTE(4Rings @ May 9 2008, 06:15 AM)
I was running a gym there for more than a decade. Most of my clients stayed around there. Most of them had moved out already, they don't like the place. The place are inhabited by drug lords and prostitutes. And also favourite place for people to bungee jump without the rope attached. Drainage is also very bad. It had happened thrice if I am not mistaken, the place was flooded during heavy rain. Many cars were submerged in the flood. Some were as new as a few days old.

The whole project over there was built by MBF. The quality was very bad. Take a look at Kondo Miharja. They had pasted the crack on the walls many times. And the staircase of the shops were made of more sand and less concrete. There were broken pieces on the stairs from ground floor all the way up to 2nd floor.

The rental at Kondo Miharja at one time was more than $1000 per month.
It has gone down to $700-$800. There are so many nice apartments around where you could invest. Why choose a lousy place like Miharja, filthy and dirty?
*
The drainage system had been upgraded, no more flood lor... The apt there is shitty lah, but it's due to convenience which keeps the tenants here.

QUOTE(livingmonolith @ May 9 2008, 10:57 AM)
well, i wouldn't say miharja is a lousy place to invest.

nice apartments don't come as cheap as miharja, and they aren't a lot of better locations compared to this area. there are constantly people looking for units to rent in miharja, and i would say it's a decent investment with good ROI.

not everyone can just go and 'buy' a nice property which costs an arm and a leg (literally), and expect to get a respectable ROI. or in a simpler term, some people can't afford to risk with properties at a higher price. i'd say miharja is affordable for investors who don't have a large capital to start with. even if you couldn't find a tenant, i think most investors would still be able to pay their monthly installment.
*
Property here is cheap. That's why it's filthy tongue.gif It does have a good ROI. nod.gif

QUOTE(robertngo @ May 9 2008, 06:42 PM)
i live there for two year already, maintainance really shitty  vmad.gif  but the place is very strategic place near shopping mall and LRT, also alot of nice food around  tongue.gif  so i stick around maybe move out after buying my own place.
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Betul, hahahaha... wei since you live there why not join the Miharja / Maluri thread (in my sig) and come out yamcha? Got many ppl live there tongue.gif

QUOTE(...PS... @ May 10 2008, 12:33 AM)
totally agree! I want to start a small investment with limited capital... that's why i'm looking for something which is within my capability... for the price, even if i cannot find a tenant for 1-3 months, i should be a able to afford to pay it...

As for the location, i believe this place is situated at very good spot: beside LRT station, close to the bus stop, food around the area, Jusco opposite the road (great for ppl working there)... And i personally found it hard to find a whole apartment to rent. And even if there are many room to let, most of them get rented out very quickly. This is a fact as i've done a little experiment calling every notice beside the lift...

since the unit i looked was at the high level, my main (and only) concern is the lift problem... there any many people complaining about the lift status where it might break down averagely 2-4 times in a single month. and it may takes 1-3 days for them to fix it... sooner or later the tenant staying in the high floor would want to find another place at the lower level...

after taking a lot of consideration, i've decided not to proceed with the investment, because there is still some possibility that the lift will break down totally one day. Take the Miharja Flat for example. The lift there was break down for more than a year! Only recently they got it fixed... 

So unless i'm able to find a good unit no the lower level, or else i think i will have to look for other place lor...
exactly same as what i thought the tenant there felt...
*
Me live high level cry.gif
suiteng
post May 12 2008, 11:59 AM

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Lower floor betul betul bising wan wor sweat.gif I cannot tahan even when yam cha downstairs.

Wangsa Maju for investment? Have a unit there rented out last year.

http://forum.lowyat.net/index.php?showtopi...&#entry11201613

Good investment smile.gif

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