Monday, February 23, 2009

connaught avenue...

My first brush of shoulders with Connaught Avenue's developer, Akisama Enterprise, was back in late 2006 when I visited their show unit for Kuchai Avenue. I was pretty impressed with their finishings and pricing, especially that the locations they acquired are usually pretty strategic.

And when I saw a banner erected at Jalan Cheras on their latest development, Connaught Avenue Service Apartments, I decided to visit the show unit to take a peek at what they have to offer this time.

To put it briefly, Connaught Avenue is located beside Econsave and will take up the location which currently The Challenger Futsal Centre sits. A leasehold land with 99 years (starting from 2009), with a total land area of 8.66 acres, more than half of the land taken up by 2-storey shop-lots that will be completed together in end of 2011.

One thing unique about Akisama's residential properties is that they always come up with only one type of lay-out, regardless of how many units there are. Connaught Avenue will have 385 units of service aparments spread in two blocks, which makes it about 193 units per block. Having stayed in D'aman Ria with over 400 units in a single block, personally I think this will be quite low in density.

I've always been impressed with what Akisama offers together with the units they sell, back then when I visited Kuchai Avenue, they were selling at RM15X,XXX per unit of 935sf, inclusive of fully furnished bathrooms and 2x2 tiles. I visited the show unit pretty late, and at that time there were only 2 units left, and they even offered 2 units of air-conds to close the deal. Let's just say I passed the offer and now I live to regret the decision. ; )

Anyway, last weekend was Connaught Avenue's soft launch, and it was already Sunday when I finally went, and boy their sales certainly impressed me. Soft launch for the first block with about 190 units, 70% were already taken up by the time I reached (around 1 noon).

What not, with their starting price of RM180,500 for a 950sf unit, I'd say it's pretty affordable especially since it's in a location with mature residential lands surrounding it. And to top the offer, the bathrooms come fully furnished together with plaster ceiling, and now they include built-in wardrobes for all three bedrooms and the kitchen cabinets! Not forgetting that the maintenance fee is 0.13 cents per sf, that adds up to less than RM140 monthly including the sinking fee (which btw, will be waived for the first two years).

I'll leave it to your decision whether this is going to be a good development or not. I have my opinions, but I'd rather listen to others on how they see Connaught Avenue.

: )

5 comments:

WY Kam 甘永元 said...

Hi jason, while not too familiar with KL pricing, i am in the position that apartments (non-land) properties do not have high long term capital growth. They do have good rental returns though.

E.g: $150k with 7% = $1k/month mortgage. -$400-$500 rental.

mmm..

Livingmonolith said...

good observations bro...:)

perhaps one of these days we can chat over the internet on this topic, pretty good stuff for knowledge sharing...;)

WY Kam 甘永元 said...

now to think of it. ...$400/month rental over the course of 30 years. very crude cal:

net payment: $180k (30x12x$500)
if there's no capital growth, you ll lose money. haha i m too lazy to dig up all the net present values cals

giganaut said...

i am not going to give you an in depth observation like Kam but i vote against leasehold properties as investment..

Livingmonolith said...

giganaut:

bro, really? my view is totally the opposite of yours. ;)