It looks interesting and the location is good but there are some risky aspects to consider.
Details like floor plans and pricing are not available although it is said to be around RM750 psf which is considered "low" in relation to M-Suites which is about 300m away and going for RM1,200+ psf - of course there are other factors in play with regard to M-Suites.
Anyway, the pros and cons of Picasso according to currently available information:
- Location - just off Jln Ampang, it is close to KLCC (about 3km). It has access to the Ampang Elevated Highway (the entrance to the highway is like only 30m from Picasso) and the DUKE. The Jelatek LRT station is a stones throw away. You can drive straight into the KLCC car park within 8 minutes if there is no traffic (and if you use the Smart Tag! LOL) from this property.
- Relative low density at 452 units - half the size of the recently launched condos around the area like Arte+ and M-City; low density = more exclusivity
- Some amenities within walking distance like Great Eastern Mall (I do like this mall, bijou.. small but has most of what you need - supermarket, restaurants, cafes, hardware, pharmacy) and Gleneagles Hospital - although I doubt you'd want to walk in this area, it is practically a highway, not very conducive to pedestrians.
- Price is also relatively low
- Design is supposed to be interesting and different but we'll see.
Cons - and they are not small cons:
- Location - this part of Jln Ampang and Jln Jelatek is a MAJOR jam area. Although the traffic police help with easing the flow, they do so only up to 7:30 (as far as I can tell) but the area continues to have heavy traffic up to 9pm. Yes, I kid you not. So access roads away from the condo is good but you only have ONE route to the entrance of this condo and Jln Ampang is almost always congested (except for maybe 3am on a Sunday hehehe)
- Developer - first time project, new company set up which is a subsidiary of Furniweb Industrial Products Bhd, itself not a property developer. The reason for doing so is that they have a new CEO and new majority shareholder in last year to diversify their business. So how this is going to pan out, I'm not sure. End financing, bridging financing, all of this has not be announced yet. So BUYER BEWARE - make sure the bridging loan provider is strong (be wary if it is a smaller bank like Affin or Alliance).
- Leasehold. 'nuff said.
So lets wait for the launch and see how the layout, materials and total package is like. Buying from a first time developer has some advantages - mainly they would want to do their best and give a good deal to make a name for themselves, so it may be good value vis-a-vis pricing and additional things thrown in.
That being said, I have personally handled loan and recovery cases involving first time developers who have failed spectacularly; leaving the bank to pick up the pieces and handle the buyers/borrowers who have been left in a lurch. So always be very careful with the first timers - yes, everyone has to start somewhere and yes, humans make mistakes.
So weigh your risk appetite and financial stamina against the risks and returns such a property can give you and decide wisely.
This is one development that I would say: tread carefully. It is not a no-brainer like some other ones.
Serini and Seasons Gardens are pretty easy decisions for family home buyers.
Wangsa9 is not an easy one to decide and neither is Picasso.
I might change my tune later on, so lets see how it goes :)