Friday, 17 June 2016

Residensi Setiawangsa Kaleidoscope

Upcoming launch of a project at the border of KL and Selangor! LOL

The earthworks have been ongoing for a while and the show house can be seen to be nearly completed, that's why the siding now has the name of the project along with the number to call for registration.

The information available is that the developer is Kerjaya Prospek Group - they have completed a few projects so far: 222 Residency, 288 Residency, The Shore and Veridian Cheras Idaman.

Based on the location of this new project, I think there are more pros than cons - so, tl:dr version is I think it's good.

Let's break it down:
Location - the corner of Jalan 6/27A and Jalan 1/56, it is currently in a very quiet and green part of Setiawangsa. Here are the maps:

As you can see from the Earth version of the map, the trapezoid is the earthworks for Setiawangsa Residency.

Fengshui-wise, the position is good: It has a mountain behind (Bukit Dinding) signifying strong support and the Klang River is in front of it (well, not literally in front). So it sits very well with support from the back and resources flowing in front.

The shape of the land is not 100% ideal, not being a square or a rectangle. However, this trapezoid shape is fortunate because the front is wider than the back, hence able to 'receive' more Chi energy. If it was reversed, then that's bad.

Other advantages of the location:

  1.  Quiet location, all residential around the area
  2.  Wide roads surrounding it
  3.  Easy access to the DUKE, MRR2, AKLEH and if they ever connect Jln 1/56 to Jln AU5 (and widen that road!), it will even be linked to the SUKE if that project takes off
  4.  Jln 1/56 is directly linked to the DUKE, the entrance/exit of the highway is a roundabout which is less than 1km from exit 3308 (so auspicious liao the numberrr! LOL)
  5.  Amenities within a 2-3km radius: 
    • Fairview International school
    • the new Ministry of Sports complex with Olympic sized pool, race track and others (open to the public at minimal fees)
    • 2 AEONs (Setiawangsa & Wangsa Maju the old Carrefoure), Wangsa Walk Mall that has Cold Storage
    • 2 cinemas in the aforementioned malls. banks, shops and so on.

The disadvantages of this location:

  1.  Far from public transport; a considerable distance to both Sri Rampai or Setiawangsa LRT
  2.  There is a bus route but I didn't see any nearby bus stops, am not sure if the LRT shuttle comes by .. because where this project is located, there are literally no houses immediately next to it.
  3. There are some illegal but well established stalls serving the low cost flats just off the roundabout which causes congestion morning and evening! Very annoying, really but one must take a deep breath and learn to live with it.
  4. Quiet and residential also means you have to drive out for anything - no shops or restaurants within walking distance - well, except for aforementioned illegal stalls! LOL

So let's wait for more details on the pricing, amenities within the project, design and financing packages.

Initial assessment based on location is that it will be an own-stay kind of place, I can't imagine this being very popular with renters although you *can* still rent it out for sure.

I would guess it will appeal to young couples or families who are the 2nd or 3rd generation of people who grew up in the AU/Keramat/Setiawangsa/Wangsa Maju area. 

To me, it is appealing from the aspect that it is in a quiet, secluded and green area - lots of fresh air and YET, still so connected by highways and close to KLCC. It is also within KL boundaries, although all you need to do is WALK across the road and you're in Selangor hahaha

I'm excited to see when the show house is done to have a good look :)

Saturday, 30 April 2016

Typical mistakes young people make with money - Cars

I was talking with a young acquaintance - friend of a friend - who was thinking of changing his car.

Now, to be fair, this young man had recently recovered from a year of medical treatment for his cancer and he's now back in good health.

So naturally, he's probably thinking of "rewarding" himself by getting a spanking new car that's way above his budget!

Honestly, I DO understand very much how he would feel, wanting to get a powerful new car is a great feeling for most guys! Right right?

But I probed a bit more and the financials doesn't make sense. He hasn't had any increase in salary but he is employed in a stable, semi-government organisation that is profit-generating, so no worries there vis-a-vis job security. In fact, his employer covered all his medical bills which is great for him.

So after some brainwashing hehe he did settle on booking a smaller car while he thinks a bit more about it.

My advice to him was to think strategically. Don't go rushing into buying your dream car now. Plan for it a few years down the road - buy a decent, cheaper car now that has good resale value and when the time comes, he would have enough equity in that to do a trade-in for a more expensive car but reduce the loan amount.

So instead of the car right now, plan for car 1, 2 and 3 - after all, by the time car 3 comes along, his career may have blossomed and he could very well go for something that he never even considered to be attainable!

That being said, we (as in my friend and I) encouraged him to think about buying a starter property first instead of changing his car which is fully paid down anyway. He's renting right now and for an extra few hundred on top of his current rent, he could be owning something outright.

Food for thought...

Developer road shows - some big discounts / rebates being given

Was at a mall just this morning and there were a few developers promoting some of their projects.

Interesting thing is, this time around, they are trying to push through the remaining handful of units that they have left - usually 20 or 30 units still unsold and the project is about maybe 70% or 80% complete.

They are also giving away rather generous rebates - I didn't have much time to go through the details but the sales lady quoted me 25%! So while you'd still have to pay the 10% initially which is quite substantial too because the unit in question was at 1.4 million, you will get it back from the developer. Then you'd end with applying for a 75% margin of finance loan but that is in effect a 100% loan.

Same conundrum lo - are you truly getting a 25% discount or are you paying the true market value which is actually 75% of the quoted price?

Anyway, the situation now that buyers can take advantage of is that these projects are almost done - the risk of abandonment has drastically reduced.

So it could be a good time to see which projects that are well worth the buy but they weren't in your radar back then - could revisit and see if you can find something suitable and you wouldn't need to wait that long for it to be completed. A win-win situation actually.