Talking about KLCC condos, i'd like to share my survey here:
I categorize those completed and under construction KLCC condos into the following areas:
Area 1 - K Residence, Meritz Residence
Area 2 - Hampshire Residence, Panaroma, 2Hampshire, Hampshire Place, Hampshire Park, MyHabitat
Area 3 - The Binjai, Stonor Park, Duo Residency, Park 7, Suria Stonor, Binjai Residency, Troika, Oval, Avare, Desa Kudalari
Area 4 - Marc Residence, Park View, One KL, Idaman Residence, 168 Residence, Kia Peng and Kirana
Hampshire Park, Kirana, Desa Kudalari and Kia Peng are considered old condos.
New projects in the plan include Four Season, The Regent, Platinum Park, The Pearl, Ampersand.
Projects in the pipeline are
1) next to K Residence by Wing Tai Group,
2) Opposite to One KL-Twin Towers by TA Group,
3) next to Binjai Residency by Lum Chang Group,
4) next to Ampang Park by Parkville comapny
5) next to Stonor Park by Tan & Tan
6) along Jln Yap Kwan Seng by Bolton
Let's look at the occupancy rate of those new condos, the top 3 are Park 7,Duo Residency and Binjai Residency. These 3 condos have achieved more than 50% so far. while the rest are still below 40%! The source of this info is from the management of the respective condos. That means Area 3 is in higher demand than the rest. According to some agents, the tenants prefer to choose this area is mainly due to the sense of residential feel, low density and better KLCC view at this moment. It may be spoilt by Platinum Park which consists of serviced apartments, hotel and office towers in the future.
Area 1, many Avenue K's tenants have moved out and hardly see any visitor in the shopping area except the LRT station at lower floor. K Residence, the few fire sales have caused the price dropped to below RM1000 per sq ft. The lowest is RM800 per sq ft.
Area 2, the highest density, the rental rate is also competitive. Hampshire Residence, many UK buyers are desperate to sell. They bought at RM900+. The UK agent repackaged the selling price by marking up additional RM200+ per sq ft. Now, they are willing to sell at their entry price, some even sell below the entry price but still can make a gain in currency. No surpise if we can se the price dropping to the level of RM600-RM650 per sq ft in near future. So wonder how this Panaroma going to sell at RM1500 per sq ft soon? what the agent will tell the investors about investment value?
As for Area 4, Marc Residence and Park View, too close to the clubbing zone! Many 2nd hand buyers regret to invest in Marc Residence by paying RM1200-RM1400 per sq ft in 2007. Now, some of their units are still vacant and the price also dropped to RM900 to RM1000 per sq ft. Those units facing Glomac Building will suffer long term vacancy. Idaman Residence, just handed over the keys and 3 units of smallest built-up have been transacted in secodary market with the lowest price of Rm870 per sq ft. It's expected to see the price falling further to RM750-RM850 per sq ft in near future.
KLCC condos are only for those buyers who wish to own the prestige, not for investor anymore! The rental rate has dropped to RM4 per sq ft, how do you expect the price can go up to more than RM1000 per sq ft?
Four Season will not launch due to some problems in the management, The Regent has no intention to start work. So those who have paid 10% and signed SNP will get refund. May be will get compensation as well! Platinum Park, they are still wondering! Wing Tai will not go ahead with its new project next to K Residence but they will launch Verticas at Bkt Ceylon with starting price of RM1000 per sq ft instead of RM1200 per sq ft.
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