Malaysia Money Matters

The location for this development by the Beverly Group seems kind of good, at the main crossroads of Jln Setiawangsa, Jln 34/26 and Jln Mohd Yatim Yahaya. It is diagonally across Riana Green East and opposite Infinity 3. Freehold. Yeah! There was a soft launch and the showhouse looks like it's almost ready. Would be something I'm interested in as an investment. It is fairly low density at 428 units. Close enough to walk to the Sri Rampai LRT station - although if the developer is smart, they should offer a shuttle service to the station during rush hour, or be innovative - hire some mat rempits to make some extra cash in the morning ferrying people to the station LOL The crossroad is being upgraded and expanded right now to alleviate the heavy traffic jam at the traffic lights, so should be better flow in future (haha who am I kidding, it will only be smooth for a while before more and more people move into Seasons Garden, Irama, Infinity and the new block at Rian...

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...

It's a Malaysian dream to own a property - our culture is not geared towards renting long-term. Renting is considered something you do either as a student / newly working / a temporary solution if you're prone to being transferred - but in the long run, conventional wisdom is to bite the bullet and buy at least ONE property for your permanent residence. So the conundrum lies in the wherewithal for the deposit and attendant costs. To some, the need is urgent and saving up takes too long - so what are your options? The fastest but most expensive: Credit Card cash advance - that baby will hit you with an 18% p.a. interest rate the moment the cash comes out of the ATM. Do Not Use This Method. Please. Even though it pays my salary. The slightly less fast, also kinda expensive but sort-of bearable: Personal Loan - you can take a bigger amount, take a longer time to pay it off and you have that lump sum to help secure the property you want to buy. Only use this method ...

A new development that is on the site of the old Century Paradise Country Club (more recently known as KK Club) in Taman Melawati. I noticed it this morning as I drove past, not having been in the area for some time - so naturally, checked out their website. The design and concept of this development is rather interesting - they have a range of sizes from 450 sf up to 2,000 sf - and 10 different layouts. What I like about the layout designs is that there are duplex options / iterations - i.e. the 450 sf studio is the basic unit, then you'd have a duplex design which follows the studio layout but doubling it. It's a personal bias of mine, I do like duplexes because it gives you the feeling like you're living in a house. AND I believe - looking at the floor plan - that the living room ceiling will be double the height in the duplexes; thus creating a very spacious feel that is missing in the standard 1-floor condo unit in Malaysia. Price is starting from RM684 per...

Yet another "stumbled upon" development last weekend after going to the morning market & breakfast. Went in to have a look and spent quite a lot of time there because it seemed like quite an interesting project. Executive summary (tl:dr version upfront) - I reckon it is a Good Deal . BUY for own stay, it will be a nice place to live. Buy to flip also can. Rental may be so-so, this place looks like it will be an owner-occupied type of condo. So here are the reasons why I quite like it: Price wise - not bad, works out to be about RM600 per square foot Option of a dual key unit AND if you want, you can convert it to a single with more combined square footage Huge sports centre as part of the deal for the land - the developer has to build it for DBKL, so there is that whole "healthy lifestyle" thing going for it Facilities are extensive - sales lady kept going on and on about it, I was like, yeah yeah - we've lived in fairly high end condos before ba...

Was at Nu Sentral and saw the Kota Semarak booth there, so went to have a look - I was aware of this development some time back but I think the promotion is only just starting to rev up now - they are also just taking registration only, not deposits. Pricing, layout and other details are available already but since I was rather in a rush that day, what I got was this: Large scale development - will end up with around 1,200+ units over 4 separate buildings The land area is pretty large - 27 acres, so it's pretty massive Leasehold Location is actually very close to town, just down Jln Semarak - heavy traffic though Location has no LRT nearby You'd have to travel in the opposite direction away from town to get to town - e.g. the condo is pretty much equidistant to both Sri Rampai and Ampang Park - if you're working in town, you might as well just drive (of course, parking considerations etc etc) Next to the DUKE Highway with access to both directions of the highway...

After the recent launch of the Sunway BRT line, there will be several more BRT lines coming up - they are cheaper and faster to build as they utilise existing roads. So far I have only used the BRT in Bangkok - they only have 1 line so far and it has been running for some time now. Wonder why they haven't continued with more though? I guess there are certain challenges with Bangkok with the road width in the more densely populated areas, there isn't much leeway for a BRT line to take up more road space because the original road is fairly narrow as BKK is a very old city. Anyway, looking at the BRT plan for KL, it looks interesting - the only areas it doesn't seem to cover are the affluent neighbourhoods of Damansara Heights, Bangsar and Mont'Kiara. Also, looks like the Government is making the hard decision to take up 2 lanes on the MRR2 from Melawati to Jln Ampang - this stretch is jammed in the morning and will be worse with only 2 lanes for traffic instead of...

Recently, I got to know that an acquaintance of mine is now a hot shot property investor - well, he has been doing so for the past number of years so I'm not surprised. And he's still quite young too, in his mid 30's and said to have accumulated more than RM10 million worth of property. Kudos to him and he's also now giving talks on how to do so... Now this is where the ethics part comes in - he's still working for a financial institution. The rules are that you can still have a second job or a direct interest in a business outside of banking provided you declare it and it doesn't affect your work nor should there be a conflict of interest. E.g. you can be a TV ad model / actor - not an issue However, seems that he's giving talks on how to get bank loans easily to buy lots of property in a short time. Now, I can guess how it can be done but I can't bring myself to do it - simply because it is not particularly ethical. So anyway, dear reader...

A commenter asked me about it some time ago and I said I didn't check it out ... and wasn't particularly planning to either because I thought it was already launched and sold out etc. ANYWAY, coincidentally a relative wanted to go see the showroom so I tagged along - seems to be a theme going on of me tagging along! and so I DID actually check out it. So here's the deal: This is the last parcel of land by the same developer of Villa Wangsamas and it is the plot closest to the Sri Rampai LRT station (surprised? Of course not, save the best of last, isn't it?). 3 towers of about 30+ floors if memory serves me correctly Leasehold Big-ish layouts, starts from 1.1k sf, 1.3k and I think the biggest is close to 2k sf thereabouts Price is about RM800 per square foot About 8 units per floor, each unit is like a "corner" because they are arranged in a circle around the lift column - so 4 pairs each, then each unit can have corner windows. What do I think...

Let's be a little snarky for once - really, "Astoria" .. is the developer trying to 'tumpang glamour' from the Waldorf-Astoria of New York? Did you know where the name Astoria comes from? It is from the old-money New York family, the Asters. Specifically, the erstwhile matriarch Mrs Aster was so incensed that the Waldorf hotel was built next to her mansion that she decided to move out and build her own hotel on the site called the Astoria. The two hotels later joined up and became the now famous Waldorf-Astoria. So what does this story have to do with Astoria Ampang? Nothing really, except for the penchant of Malaysian developers to choose fancy names for their condos that have NO RELEVANCE whatsoever. :) Anyway, I saw the ads and came across their show booth during the Renovation Expo at the KL Convention Centre that was held during the 3rd week of January. Only had a cursory glance and a brief conversation with their sales people - the lady was nice ...

A new development open for registration just appeared on Jln Jelatek. 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: Pro: 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 aro...

I'm more of a mountain person actually - prefer the cool, damp environment. So here are the choices ... window shopping more like ... 1. A small apartment in Fraser's Hill or maybe nearer Genting - the cost is fairly low, small, easy to look after and most importantly: nice cool weather away from the heat of KL Cons - damp, mould, leasehold, can be creepy and too much yin energy at times. 2. A large piece of land near Port Dickson - cheap on a per square foot basis, land is better than an apartment, can build my architectural dream home (at extra cost!), possibly more valuable as time goes by because it is a bungalow lot after all. Cons - hot, sunny, don't know how breezy it is. Land area will become too difficult to handle as I get older. Ah well... it's not a problem, really.. as I said, just musing about it. Not in a big rush to buy something. For practical purposes, the land seems like a better deal and the apartment is a nice-to-have thing because that ...

I wrote about Nadayu 62 earlier. Lately, the banners and billboards for Nadayu 63 have come up. 296 service apartment units (small-ish), ranging from 500+ sf up to 1,100 sf at around 800+ per square foot. There are also 42 retail units starting from RM3.2 million each - so basically, there's going to be a mini mall within Nadayu, so they won't even need to venture the 2km distance to the upcoming Melawati Mall. Completion date estimated in 2017 and leasehold. Very interesting - it looks like Nadayu is trying to create a self- contained village by having enough critical mass of younger people who can afford the smaller units to ensure that the mall is self-sustaining to benefit the low dense bungalow dwellers. So do we like this? Well, the location is lovely - very quiet, an annex or appendix of Melawati. The con is that it is a leasehold and maintenance is likely to be pricey - because you're paying for the exclusivity (although, I don't think 296 units in a...

SURE OR NOT? Wah, I got this sms, and I quote: "New-Launch@beside Paradigm Mall Kelana Jaya  - 33.2% disc  - Cash back RM160k  - 90% loan  - P/Furnish  - LDP & NKVE  - shuttle bus to LRT  - 2year CF " This makes me wonder - is the RM160K the 33.2% discount or are they 2 separate things altogether? The whole thing sounds too good to be true and even if it were true, then it begs the question - if you could give away such a Hefty discount of 33.2% (not knowing what the actual price is, mind you) then surely you must have really overpriced it in the first place. Then the RM160k, if you can afford to give it back then why ask for it in the first place? Anyway, all this is fine, whatever, marketing gimmicks and what have you - if it makes the sale, fine. But seriously, it just means that you're taking the buyers for a ride, isn't it?

Actually, I'm quite blur - I only notice new developments when they start construction! LOL So the land clearing happening right in front of Wangsa Walk caught my attention yesterday and so after a wee bit of checking - it is a fairly high end project by Mitrajaya. [I was not too impressed with their sales handling of Quartz16 - the favouritism is strong in this one] SO... I think I should check out their sales gallery at the Rampai Business Park this weekend, if time permits. The pertinent detail that is a bit of a turn-off at present is this: You cannot purchase the smallest unit unless you buy the bigger one FIRST! Then you have an "option" to purchase the small one OR you can pass-it-on to a friend and get an 8% discount. It's not dodgy or anything but somehow... it doesn't sit right with me, like it unfairly benefits people with money against those who don't. Surprising coming from me? I'm actually quite left-leaning at times, depends on t...

I had some friends over for lunch and one of them said he was interested to check out the Seasons Garden showroom later. So we toddled off to have a look around 4pm today. [Unfortunately, I didn't take a brochure because I was a bit dazed from cooking all morning and having a rather strong cocktail for lunch! hee hee] Anyway, the showroom has 3 layouts on show - as usual, loads of floor to ceiling mirrors to trick the eye into thinking it's a lot bigger. Not to mention, good looking finishes that would probably set you back 20% of the purchase price! i.e. yours ain't gonna look that good. Salient observations: Pro:  - high ceilings  - 3+1 rooms for the 850 sf and 900 sf units, the plus-one is a little study nook, which is ok  - pretty decent, functional layout  - has an interesting central garden feature: some greenery is always nice  - KLCC view for those who want it and unlikely to be blocked Con:  - small rooms (could be a pro, you don't n...

Browsing through the PR write-up for Sunway Velocity, one of the points brought up was that the surrounding area of Jln Pudu and Jln Peel (Peel Road - I have fond memories as my mum used to teach at the Peel Road Convent and I used to hang out there, playing on the grounds while she finished up marking books before we went home) was a little 'run down' as it were and the developer said that the project would revitalise the whole area. So that got me thinking - is that true? First equivalent that comes to mind is the Kenanga Mall - sad to say, the surrounding area has not gentrified in any way or form. However, it must be said that the mall itself acts more like a wholesaler's mall - so the traffic there is made up of retailers going there to buy stock. It's purely business, so they are not going to hang around and spend on other stuff in the area. Next, Ampang Point - the shop lots around the complex were built first, and the area was dead for a long time until th...

I remember way back when I first started work and I asked my cousin sister as a guide, how much should one pay for a house or a car based on annual salary? She said 10 times but you know, bless her, she's a bit of a bimbo when it comes to money since she's always had loads of it! Hahaha Anyway, being a bit free the other day, I decided to do a bit of number crunching based on my ahem "insider banking" knowledge (kidding) to work out for myself what is an easy benchmark to decide how much you should pay for a house or a car. The calculation model is very simple, using the maximum 33% of net salary as the repayment amount to determine the maximum eligible loan, then apply an assumed 90% loan to get to the house / car price amount. I also imputed the tax depending on the income levels because for lower income, the difference between your gross and net pay is relatively low with the bulk being caused by EPF's 11% but for higher income folks, the effective tax ...

A few of the recent launches are using the "upfront discount" method again so that essentially, it is back to the old 'no money down' model where buyers pay a booking fee and supposedly 'paid' the 10% deposit but the developer gives you back the money via discount. The bank then gives you a 90% loan but you actually did not fork out any equity. Now many or almost everyone would say what's wrong with that? But the thing is, you are actually buying an overvalued property. If this gets to a large scale and you try and offload the property once its built, your potential buyers will know that you bought it through this method and why would they want to pay the premium? Anyway, I know no matter what I say, this will still go on because people have short memories and by the time the development is complete, who is going to remember? And the cycle goes on. So the note to myself, in this case, is to stick with my plan to continue in the landed market, buy...

Was walking through Publika after dinner and came across their booth - also, my friend was talking to me about it earlier that day, so it piqued my interest. Looks like a nice design. The location is decent - being in Ampang but there are some cons to it that I will get to in a bit. A brief run through:  - Leasehold  - Unit sizes from 500 sf to 1,100 sf  - Cost per square foot starts from RM600+; so the small studio is about RM400,000  - About 1,000 units (very dense) with 1 car park per unit  - The tower blocks are oriented in an East-West manner; West facing = KLCC view, East facing = Ampang / mountain view Didn't really go through all the facilities and payment option but I hear tell that it is a quasi-DIBS with minimal downpayment and large discount. My thoughts are: Pros: Location is close to town, still within DBKL limits, I believe Small size, fairly affordable and easy to rent out (maybe!) Easy access to MRR2, AKLEH and DUKE highw...