Today, a good friend asked me about Penang property price per sf. I told her, I seriously think anything above RM1,000 per sf is considered too high based on the current Malaysian household income. This is despite the fact that there were already many projects in Penang exceeding that level. Then, I chanced upon a service apartment in Jalan Kia Peng, Kuala Lumpur. It will be called Grand i-Residence, by I-Bhd. The price per sf? RM2,300 on average. Yes, RM2,300 per sf, on average. I-Bhd deputy chairman Datuk Eu Hong Chew told reporters that they expected it to be nearly fully taken up. There are only 450 units and they are all small sized.
If the prices are firm, then this will double the current typical prices of units nearby KLCC. Why would he be so confident? There are a few reasons I could think of. Firstly, if the pre-launch has seen huge interest and registration far beyond the total units which are being offered. Secondly, the location which I also agree is very strategic, especially to the expat community who likes serviced suites nearby KLCC. Thirdly, they have a huge group of buyers who follows them and buy whatever they launch. However, at RM2,300 per sf, once completed would it have the usual further capital appreciation?
I am not sure if they would be building a show unit or even allow public viewing. Perhaps the viewing is based on invitation only? Once it opens, I will go view it. Buying it is impossible but it would my first time viewing a RM2,300 psf property in Malaysia. There were no further details in the report in The Star but I am very sure when this happens, the media would be the first to report about it. Yes, I do welcome these developments because if there’s no market for them, why build? If there’s market for them, then you can be sure that the interest in these luxury developments in KL continue to be well supported if not strong currently.
written on 24 July 2014
Next suggested article: RM1,480 psf only, Shah Alam, I-City