Ready, Steady, Grab the opportunity. (KLCC area)

During lunch the other day, a good friend shared with me about her second property. It was a condo unit of over 1,500sf in KLCC area for just slightly lower than RM750,000. That’s around RM490 psf, a price which is considered impossible for all new launches today in the KLCC area. This tells us that the secondary market remain attractive and there are gems to be found when one is ready. In fact even when we talk about affordable units today, it should not be confined to just the state or the federal government’s initiatives, it should include the often overlooked secondary properties as well.
My friend has been talking to me about buying another unit for the past one year. (Updated recent May 2016 examples of listings – as per image) She has been checking the prices of all the condos in the areas she liked and has even gone to view some units, both new and secondary. Thus, one can say that in terms of the pricing in the areas that she like, she is well versed with them. With more months, she continued to build up her war-chest and during one farewell lunch, she browsed a property portal and saw the unbelievable unit up for sale. She called, went viewing the next day and paid earnest deposit right after. Come on, when it’s really good, it’s not the time to think. I told her, she was lucky because if I saw it first, I would have grabbed it too. She laughed and said she will help me to look out for other units.
Just a few days ago, a reader of kopiandproperty.com asked me if I would share with him how to buy a property without any downpayment. I told him that I have no idea and it is best that he go and look for those advertisements in Facebook of a few property gurus who kept telling everyone that if you follow their way you will be very rich. In fact, one does not need any money at all to buy. I disagree with this type of ‘Investment.’ Just think, what if majority of EVERYONE in the market is doing this. I think the mortgage crisis in US many years ago would happen again in Malaysia.
If it is investment, it should be like what my good friend did. She had a target for a second property, she saved ENOUGH downpayment for one unit. Then, she searched, browsed, viewed and then she found one. This is investment. This type of investment would hardly cause any bubble brewing because she is buying well within her means. Oh yeah, that property that she was buying belonged to a businessman who is relocating to Hong Kong. That agent she called stays in the same condo block. The condo is also not that new, around 15 years but maintenance has been good all these years. Things do happen when you are determined and work for it. Happy investing and stop speculating.
written on 3 June 2015, updated on 9 May 2016 with image of latest KLCC listings.
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