Project name: 228 Selayang Condominium (Aveda 228)
Area: Selayang
Area: Selayang
Developer: Mahumas Sdn Bhd (http://www.mahumas.com/)
Type: Condo
Tenure: Leasehold
Price range: from RM275,000
Size range: from 965ft2
Size range: from 965ft2
Price/ft2 range: RM285/ft2
Total Units: 219units
Maintenance Fee: RM0.18/ft2
Total Units: 219units
Maintenance Fee: RM0.18/ft2
You can get more info from following website:
The developer: is a small company started business in 1997 (14 years in business). I never heard about this company before but seems like most of their developments are in Rawang and this is the first development outside Rawang.
Location: Quite far away from KLCC. Distance from KLCC is about the same as Puchong, that why the price is similar to Calisa M @ Puchong (http://awonginvestment.blogspot.com/search/label/Malaysia%20Properties) which I have blogged about it recently. The price/ft2 for Calisa M @ Puchong from approx. RM286/ft2.
Price: gone up significantly since 2008, almost 82%, as follows:
Symphony Heights @ Selayang by Daya Niaga Sdn Bhd http://www.huayang.com.my/
- Phase 1 selling starting from RM157/ft2 [info @ Jun 2008]
- Phase 3 (Final Phase) selling starting from RM236/ft2 [info @ May 2009]
My View:
82% increased in price for Selayang areas within 3 years is a bit crazy. Don't you think so? If you look at Symphony Heights, after 1 year they launched Phase 3 which price is 50% more than Phase 1. Now 228 Selayang Condo launched with approx. 82% more expensive compare to Phase 1 of Symphony Heights which launched 3 years ago (average 27% increased per year).
Another point is how come average increased drop?? Shouldn't it be 50%? I think this might be due to the high price and less & less buyers nowadays.
One of the advantage for this development is that it only has 228 units (including 9 units of 2 storey Villas) compare to Symphony Heights which has 946 units. If you want to sell it fast in the future, you might consider for a development with less units.
Based on 90% loan for RM275,000, say BLR6.6%-2.2% = 4.4% interest per annum, for 30 years. The monthly repayment is approx. RM1,239. If you are planning to buy & rent for investment, you need to take this into consideration. Will ppl willing to pay more than RM1,239 per month to rent a place in Selayang?
To me I still believe the property prices in Klang Valley are too high at the moment and should collapse soon (maybe after 2012 election). Unless you are desperately to invest now, we shall keep more cash in hand for rainy days.
Hi AWong,
ReplyDeleteIm kind of agreed with your view on the 228 Selayang. Especially on the specific location and the expected rental.
The main concern here would be the entrance as well the exit for this condo, which i think doest not create a smoother flow. Located at a distance from the Selayang Pasar borong, and surrounding is industry area.
Looking from investor point of view,I doubt on the expected rental that sufficiently cover the mortgage.
A minimum of 30k would be materialised after 3 years time, according to the sales person. Which i think is kinda low and 3 years is not worth to wait, a higer capital could be achieved in 3 years time couple with appealing condition of property market right now.
How do you find the possibility of this condo being rented out, and the increase of its price in another 3 years time or more.
Regards,
CK
CK,
ReplyDeleteSorry for the late reply. Been bz recently.
In Klang Valley, normally condo rent return is better than landed properties.
For kajang area, don't think it is easy to rent out for a price which able to cover the mortgage (as mentioned above in my blog).
FYI, condo like Dynasty Garden in Kuchai Lama, size 1120ft2 only able to rent out approx. RM1600 per month. The location is much closer to KLCC.
RM30k in 3 yrs time? Lets say based on RM275k. RM30k is just approx. 11% return in 3 yrs. Don't forget this is just a simple calculation, haven't deduct bank interest, maintenance fees etc.
It is better to put it in the bank as currently FD a/c give approx. 3% interest per annum. :)
Good luck in ur investment!