Setia Sky Residences @ Jalan Tun Razak

Project name:          
Setia Sky Residence
Area:                       
Jalan Tun Razak
Developer:               
Exceljade Sdn Bhd 

Type:                      
Condo
Tenure:                   
Freehold

Price range:             
from RM707,000 to 2,110,000 
Size range:              
from 614 to 1,755 ft2

Price/ft2 range:        
from approx. RM1,151/ft2

Total Units:              

938 units

*Above info @ Feb 2011 
 

You can get more info from following website:

http://www.setiaskyresidences.com.my/

http://www.iproperty.com.my/developments/developmentreview.aspx?pid=1152

The developer: 
Exceljade Sdn Bhd is subsidiary of SP Setia which established in 1974 (approx. 37 years in business).

SP Setia is a famous developer in Malaysia and made its mark by delivering township developments in the Klang Valley, Johor Bahru, Penang and Vietnam. 

SP Setia is listed on KLSE with a current share price of 3.08

Location:

The development sits within a 1.5km radius from KLCC and closed to Jalan Bukit Bintang, Jalan Sultan Ismail, Jalan Raja Chulan and Changkat Bukit Bintang.

Google Map

Map data ©2011 MapIT - Terms of Use Map Satellite Hybrid

Google Map

Map data ©2011 MapIT - Terms of Use Map Satellite Hybrid

Price:
Compare with other developments closed by:

• M Sentral @ Jalan Tun Razak/Pahang by Mah Sing Group ~ price from approx. RM700/ft2 (price info @ Aug 2011) ~ Setia Sky Residences is approx. 64% higher
• Cendana @ Jalan Sultain Ismail by Tan & Tan Developments ~ price approx. RM766/ft2 (price info @ June 2011) ~ Setia Sky Residences is approx. 50% higher  

Also compare with developments located in prime location which are not far away from KLCC:

• Neo Damansara @ Damansara Perdana, PJ ~ price from approx. RM537/ft2 (price info @ Aug 2011) ~ Setia Sky Residences is approx. 114% higher  http://awonginvestment.blogspot.com/2011/09/neo-damansara-damansara-perdana-by.html 
• Boulevard Residence Damansara @ PJ~ price from approx. RM472/ft2 (price info @ April 2011) ~ Setia Sky Residences is approx. 144% higher http://awonginvestment.blogspot.com/2011/09/boulevard-residence-damansara-pj-by-ocr.html
• 8 Petaling @ Sri Petaling ~ price from approx. RM346/ft2 (price info @ Aug 2011) ~ Setia Sky Residences is approx. 233% higher   http://awonginvestment.blogspot.com/2011/08/8-petaling-by-petaling-garden-sdn-bhd.html

My View:

The price/ft2 is approx. 50% and 64% higher than Cendana  and M Sentral respectively. These developments are located in the same areas and develop by famous developer in M'sia.

Setia Sky Residences selling point:

• not only provides easy access to the delights of the city, it also offers approximately 120,000 sq ft of luxuries and amenities, including two 40,000 sq ft Sky Decks, which span across two towers on level 5, and two 20,000 sq ft Sky Clubs occupying level 34.
• each floor starting from level 6 and above, has only six units and each of them, except for the studio units, has its own private lift lobby.

Total units comparison:

• Setia Sky Residences ~ 938 units
• Cendana ~ 152 units
• M Sentral ~ 1,000 units

Is it worth to pay more for Setia Sky Residence? and is it easy to sell it out in the future? 938 units is consider high density to me.

If you compare it with developments within prime location like PJ & Sri Petaling, the price/ft2 is much lower there, at least 100% lower, as shown above.

Based on 90% loan for RM707,000, say BLR6.6%-2.2% = 4.4% interest per annum, for 30 years. The monthly repayment is approx. RM3,037. If you are planning to buy & rent for investment, you need to take these into consideration: Will ppl willing to pay more than RM3,037 per month to rent a place in KLCC?

Don't forget the approx. monthly repayment of RM3,037 excludes following items:

a) Maintenance fees

b) Assessment tax

c) Quit rent

d) Interest rates increased for the loan (this is the main risk as BLR still low at the moment)

If you want a bigger home for own stay & location is not an issue, you might consider other options, check out my previous blogs:

• Sutera Residences @ Kajang ~ Semi-Detached House ~ size from 2,870ft2 ~ price from approx. RM296/ft2 http://awonginvestment.blogspot.com/2011/09/sutera-residences-kajang.html
• Cubist ~ Bangalow @ Twin Palms Kemensah, Ulu Klang ~ Bungalow ~ size from 4,770ft2 ~ price from approx. RM535/ft2 http://awonginvestment.blogspot.com/2011/09/cubist-twin-palms-kemensah.html

For condo located within KLCC, the cost can range from RM650/ft2 up to RM1200/ft2, therefore the price RM1,151/ft2 for Setia Sky Residence is consider high to me (at the top end).

Although this is consider high to me, yet out there always have rich ppl who willing to pay higher price for properties within KLCC area, like Binjai which cost up to RM3,000/ft2.