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RM1,480 psf only, Shah Alam, I-City

I was at I-City to watch the lights two days ago with my in-laws who came from Penang and Sandakan. Everyone had a great time with the lights though at times, we do feel it’s warm. Perhaps due to El-Nino which has started? I have no idea. Before I-City, we had dinner at my favourite mall, Setia City Mall. I think I can stay in Shah Alam happily if I have a chance.
Then, today I read a news about I-City intending to sell new property launches in 2016 at close to Rm1,480 psf. Let me repeat. That’s RM1,480 psf in I-City Shah Alam. An area that is not yet heavily populated and in an area which I cannot say low end but luxury is certainly not a term that I would use to describe their residential projects there either.
So, what makes a property worth RM1,480 psf? I think the location is very important. If I can afford RM1,480 psf, there are many locations which is open to me. Thus far, Shah Alam is considered premium when compared to many other secondary areas such as Selayang, Kepong or even the place I am staying today, Damansara Damai. However, I seriously think RM1,480 psf is not going to be a value I would personally be willing to pay. Fortunately, I-Berhad said, RM1,480 target is only going to be the launching price psf in 2016. Let’s remember though that location attractiveness can be man-made. In these two years, I am sure more developments would come up to support that launching price when the time comes.
Note that I did not talk about quality finishing, facilities etc because for RM1,480 psf, if the socket points are not double that of my RM540,000 condo, then the developer better not talk about quality at all. It should be a given. Even the tiles used, the swimming pool design, basically everything. For now, I-Berhad needs to build up the location to be sought after and first choice within 2 years. I said I can certainly stay happily in Shah Alam but I can’t say that I am open to that price yet.
written on 10 June 2014
Next suggested article:  Setia City Mall, a mall I like, more than Paradigm Mall.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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0 Responses

  1. I was there too with my family’s during school holiday. I would not want to comment much to I-City but I am pretty sure that I would not revisit again.

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