Vega Residensi 1 @ Cyberjaya by PKNS

Project name:          
Vega Residensi 1
Area:                       
Cyberjaya
Developer:               
Perbadanan Kemajuan Negeri Selangor (PKNS) 

Type:                      
Serviced Residence
Tenure:                   
Leasehold (Commercial Land)

Price range:             
from RM253,888
Size range:              
from 535 to 921 ft2

Price/ft2 range:         
from approx. RM475/ft2
Total Units:
356units
Maintenance Fee:
RM0.20/ft2

*Above info @  Nov 2011 
 

You can get more info from following website:
http://www.pknsproperty.com/VegaResidensi1/index.html
http://www.iproperty.com.my/developments/developmentreview.aspx?pid=2317

The Developer: 
Perbadanan Kemajuan Negeri Selangor (PKNS) or Selangor Development Corporation [Website] established since 1st August 1964 (approx. 48 yrs in business). It is a stated development body.

It develops various township, residential, commercial, and industrial properties, as well as iconic and niche developments.

Location:

Cyberjaya is far away from KLCC, but it is just 20 minutes by road to KLCC during peak hours via the Maju Expressway (a mere 26km). It is next to Putrajaya.

Cyberjaya township launched in 1999 by the country's fourth Prime Minister YABhg Tun Dr Mahathir Mohamad, with the purpose to develop this area become Malaysia's First Intelligent City.

Google Map

Price:
Compare with other Condo developments in Cyberjaya:

• Serin Residency @ Cyberjaya ~ price from approx. RM308/ft2 (price info @ Dec 2010) ~ Vega Residensi 1 is approx. 54% higher
• The Arc @ Cyberjaya ~ price from approx. RM383/ft2 (price info @ April 2011) ~ Vega Residensi 1 is approx. 24% higher
• Pan'gaea @ Cyberjaya ~ price from approx. RM420/ft2 (price info @ June 2011) ~ Vega Residensi 1 is approx. 13% higher [Read My Previous Blog]
• Gardenview Residence @ Cyberjaya ~ price from approx. RM451/ft2 (price info @ Aug 2011) ~ Vega Residensi 1 is approx. 5% higher [Read My Previous Blog]

My View:

Based on the above information, the price/ft2 is approx. 5% to 54% higher than other Condo developments Cyberjaya.

The desity is consider average if compare with others as shown below:

Gardenview Residence ~ 210 units
Vega Residensi 1 ~ 356 units
Serin Residency ~ 600 units
The Arc ~ 1,000 units

Is it worth to pay extra to have a lower density condo (excludes Gardenview Residence)?

If you look at the price comparison shown above, you will notice that the % different is coming down, from 54% back in Dec 2010 down to 5% in Aug 2011. This might be due to supply more than demand or the price/ft2 reach the peak stage at the moment.

Based on 90% loan for RM253,888, say BLR6.6%-2.4% = 4.2% interest per annum, for 30 years. The monthly repayment is approx. RM1,117. If you are planning to buy & rent out for investment, you need to take these into consideration:

Will ppl willing to pay more than RM1,117 per month to rent a place in Cyberjaya?

Don't forget the approx. monthly repayment of RM1,117 excludes following items:

a) Maintenance fees (from approx. RM107/month)

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)

Buy & rent market, this is not a really good investment opportunity as for approx. RM1,224 (loan + maintenance fees) per month for a small unit of 535ft2 is consider expensive to me. You can rent a bigger unit in location which is closer to KLCC.

Again 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.

Other developments with similar RM/ft2:

• Olives Residences @ Subang Jaya
• Altitude 236 @ Cheras by IJM Land
• Boulevard Residence Damansara @ PJ by OCR Sdn Bhd