Many people said they prefer lower density condos. I told them, as long as it is well designed you should seriously think about higher density condos as well. For example, 600 units or above is also considered okay. I was talking about secondary properties but today Mah Sing showed that with a good brand, a sufficient good plan and a price which is still considered ‘affordable’, it will still sell easily. Again, this has demonstrated the resilient demand and the reason why transactions are slowing down is simply due to affordability and not due to demand slowing down.
Reported in The Star today, Mah SIng Group launched their Lakeville Residence in Taman Wahyu, Kepong. The project has a GDV of RM1.5 billioncomprising 6 towers of residential and commercial products with a lakeside living theme. 4 blocks were launched with a total of 1,244 units and 85% was taken up. Of course, some would eventually fail in their loan application but 85% is indeed a very encouraging number indeed! Two more towers are now opened for registration of interest. More than 9,000 people turned up. I have not seen such a crowd for a very long time. I think some property shows may not even have 9,000 visitors! In terms of connection, Lakeville is connected via Jalan Ipoh, Jalan Kepong, DUKE Expressway and the MRR 2. It is just 15 minutes away from Kuala Lumpur City Centre.
I believe there are still those who think that such a high density project, how can it be a healthy development? I do not wish to elaborate too much. Suffice to say that if you can afford a lower density condo, then sure go ahead. A friend told me that she will be buying a RM740,000 landed property in Kota Kemuning. It would thus take her 40 minutes to arrive at her office or she has to leave very early. She said it is ok but she is worried on the mortgage part as she would be paying RM3,500 per month for it and would not have much savings. I told her, it is ok, as long as you love the development should go ahead. Personally, I would prefer a slightly smaller place at another newer area while preserving sufficient funds for another smaller property for rental. No issues to upgrade in a few years’ time. High density? Ok for me.
My previous condo in Penang was considered a high density condo, I enjoyed the facilities a lot and there were never any time when I felt the pool was so full of people. My current condo in KL is also considered high density. Yet, I love the facilities and have never felt that it was too ‘populated’. Perhaps I was just lucky. However, if it is my first property, I would be one of the buyers of Lakeville last weekend.
written on 18 Aug 2014
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