Hartamas Regency 2, Sri Hartamas

Hartamas Regency 2 (HR2) comes after the prequel (called, surprise, surprise, ‘Hartamas Regency 1’) which is located right next door. The earlier HR1 was launch to resounding success, only a few units are available now.The two symmetrical towers are arranged in an almost ‘U’ shape, enclosing the swimming pool on the amenities podium. Speaking of amenities, they have above average facilities like sauna, pool, gym, shops, squash, etc.
The first 4 floors are the parking floors. Each unit is given 2 parking bays (3 for duplexes), it’s imperative to clarify this nowadays. The podium floor, as we said, is for the common facilities, including the function halls. Then for from the 1st floor right until the 8th floor are the single units. There are 20 units per floor, and every unit is a corner unit adjoining only one other unit. From the 9th floor until the 16th floor are the duplexes.
All units are either ‘pool view’ or ‘not pool view’. ‘Pool view’ has a higher premium. Simple to market, isn’t it?
Let’s look at the single units first. There are 5 different designs, ranging from 1,315 to 1,996sq.ft. All of them have 3 + 1 rooms, two rooms with attached baths, plus one powder room. We feel the ideal units here are Type C (1,675sq.ft) and Type D (1,887sq.ft). All the quarters are reasonably sized, and the living and dining is comfortable. There is also quite a big balcony. The largest type (E), is a obtuse angled unit, with a very spacious living but quite small master bedroom.
For the duplexes, there are also 5 types it’s basically a double-up of the single unit, plus an introduction of a double volume living room. We like double volume designs and so we’re impressed. As you would expect of duplexes of these types of sizes, there are plenty of rooms (5 + 1, the largest unit has 7 bathrooms!) and lots of space to decorate and impress your friends. We like type I, it has a long balcony and a very big open air terrace for parties. Its even bigger than most people’s living room.
The finishes are quite impressive and are a notch better than the earlier HR1. A lot of freebies are thrown in like cabinets and wardrobe, please check with sales office for details. The price has also increased from the earliest phase, but at about RM400psf., it is still very competitive among its neighbouring development. There is a chart comparing the per square foot price all HR2 against some of their competitors, and is worth studying if you’re interested.
We would say the location is a good selling point, as far as Mont’Kiara / Sri Hartamas condos go. There is a choice of many exits, unlike those within Mont’Kiara (like Kiaraville and i-Zen). There is still a decent view of KL is you choose the right unit, but it would be a matter of time before the surrounding empty forested lots will be developed. Already Hartamas Heights is coming up on an adjacent lot. But like we said, it’s quite a good location within a congested area. Another plus point is the tight security for all units and perimeter. Something about sensor beams.
Hartamas Regency 1 & 2 is developed by PJ Development, which also is also developing Laman Oakleaf (reviewed by Property Malaysia here) and Endah Puri condominiums (review coming soon) and has projects all over the country.

The Lure of KLCC

CONDOMINIUM prices in the famed KLCC neighbourhood seem to be in a state of flux, with foreign investors and fund managers zeroing in only on prime developments that offer potentially good returns.
According to Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng, the most popular properties are those that actually face the Petronas Twin Towers.

The KLCC area offers instant recognition due to the prestigious Petronas Twin Towers, says Teng Chee Meng
“The KLCC area offers instant recognition due to the prestigious Petronas Twin Towers, and a lot of buyers are partial to units with prime views. The location also offers convenience in terms of shopping, entertainment, recreation, transportation links as well as proximity to major office buildings.”
He said that in terms of living environment, places like Bukit Tunku, Damansara Heights and Bangsar were, however, better choices.
“However, many are wary that today they may have the view of the towers but tomorrow they may not. There are still parcels of land for property development around the KLCC focal point so buyers have to beware of future high-rise developments.”
Of late, Tang and other property consultants like him, have been busy briefing foreign clients on which high-end condominium developments are worth investing. But most of them only want to buy in the KLCC area.
“A lot depend on when the condo-development is to be completed and what rental will the units fetch. Investors normally look at the yield and capital appreciation.
“We get a mixed group of investors. Some are institutional investors managing foreign funds while some are property traders like those from Singapore who buy and sell. They take up a chunk of 30 to 50 units. And they sell them off through their network in Singapore. There are some who hold on. These traders may have lost out on opportunities in Singapore so they turn to KL and don’t intend to lose out again.
“For instance, those who have bought Marc Residence units at the average price of RM600 per sq ft (psf) can now sell them for RM1,200-RM1,300 psf. We have a client who sold at RM1,350 just last week.
“Investors who have benefited from their capital gain, are now ready to re-invest in the property market or stock market.”
On the most luxurious condo-developments in the KLCC area, Tang listed these:
Four Seasons – Yet to be officially launched but rumoured to be above RM2,000 and up to RM3,000 psf.
Binjai, KLCC – Yet to be released for sale but purportedly in the range of above RM2,000 psf.
K Residence – Revised asking price for one of the penthouse units up to RM2,000 psf.
The Troika – Revised pricing up to RM1,800 psf.
One KL – Sold at up to RM1,600 psf.
Avare – Revised pricing up to RM1,500 psf.
Marc Residence – Resale at RM1,000-RM1,250 psf.
Pavilion – First block sold at RM900-RM1,000-plus psf.
Suria Stonor – Revised pricing of remaining units at RM1,000-RM1,250 psf.
Dua Residency – Developer’s revised pricing for remaining units at around RM1,000 psf
The Oval, KLCC – From RM700-RM1,100 psf (pricing may yet be revised).
Park 7 – From RM800-RM1,000-plus psf.
Some of the latest projects to be launched in the will be above RM1,000-plus psf.

It is a fact that there aren’t any condominium developments outside the KLCC area which are more expensive or grander.
As for Tang’s list of the most expensive condominium developments, he said it had yet to be seen whether they could be considered good investments.
“Yet to be seen until they are completed,” he said. “Rentals have to rise to new benchmark levels in order to provide a better yield to investors. However, compared to other major cities, KL’s residential prices are still cheap, so there could be room for capital appreciation, provided that the economy and stock market continues to perform well.”

Oval Kuala Lumpur

The rising prices of superluxury condominiums in the vicinity of the Kuala Lumpur City Centre (KLCC) is one reason GuocoLand (M) Bhd is confident its latest project will be well received.
Its chief executive officer Paul Poh said prices for a unit at its Oval project is on an average RM1,500psf, although neighbours are indicating they would be pegging the prices upwards of RM2,000psf.
"The Oval's prices have been fixed for now and therefore any upside in capital gains should rightfully accrue to the buyers," he said.
"For us, reputation is of utmost importance, rather than short-term gains."
However, Poh said prices could be reviewed at the time of the official launch, tentatively scheduled for June.
Rising on a 2.14-acre freehold site, the 41-storey twin towers, dubbed East and West, will each have 70 units. GuocoLand purchased the property from Titan Debut Sdn Bhd, when it was 30 per cent complete, in April last year for RM404.58 million.
The company has sold 30 per cent of the units so far, after a sales preview held last month.
Two more previews are to be held, in Singapore and in Jakarta, Indonesia, next month.
Poh said the Oval will boast distinctive features such as column-free units and floorto- ceiling glass walls moulded such that there will be no hard angles or corners. The units will come in two types, the 3,750sq ft Sky Villas and 7,600sq ft Mansionary Villas, offering 180-degree and 360-degree views of the KL skyline.
"A Sky Villa will span half of one floor, meaning only two Sky Villas will occupy a floor while a Mansionary Villa will have an entire floor to itself," Poh said during a media tour recently.
Located opposite the 50-acre KLCC Park, the RM870 million Oval is bounded by Lorong Kuda and Jalan Binjai.
Although slated for completion by the second quarter of next year, Poh said it is more likely to be completed earlier, by the first quarter.
Guocoland’s future projects include another luxury residential project on a 32,615sq ft plot it acquired in Changkat Kia Peng, also in the KLCC area. Here, it plans to build 42 units, each with a minimum built-up area of 5,000sq ft, Poh said.
At a value of RM2,000psf for condos in the KLCC area, this works out to a minimum of RM10 million per unit.
"The project is still on the drawing board, and units will be sold mainly to friends," he said.

The Oval is scheduled for completion by the second quarter of next year and foreigners are expected to make up 60% of the buyers.
Another sales preview will he held in Indonesia and Singapore next month.
On the possibility of selling West Tower en bloc, Poh said GuocoLand would keep options open depending on market conditions.
“We believe the selling points for The Oval are potential capital upside of the property, the good KLCC view and the quality of residences.
Meanwhile, GuocoLand would be launching by June, Damansara City, a mixed development project on 8.5 acres consisting of about 2.2 million sq ft of residential, commercial and retail space.
It also planned to build 42 luxury condominiums with an estimated total saleable floor area of 224,000 sq ft on the 3,030 sq ft land it recently bought in Changkat Kia Peng