Do You See The Light?
Is NOORA at Desa Park City at RM900 to RM1000 psf "attractively priced" as popular blog kopiandproperty.com posits ? The New Projects development by Park City is more than 70% sold, with some buyers reportedly queing overnight. I think low interest rates that propelled the property market post 2010 are a thing of the past. Affordability issues due to rising interest rates, a weak Ringgit and a probable recession in 2023 are all going to impact sentiment. One major city centre mixed use project might be in trouble. So why are some people prepared to queue to buy New Projects properties now?
🤠 wants to see the light and know if a bird on the bush worth more than 2x a bird in hand?
NOORA by Park City means light in Scandinavian. From the website:
“Presenting bright and breezy spaces infused with generous amounts of greenery, the project’s name NOÖRA, which means light, is apt, as it depicts a feeling of optimism and joy. The emphasis on natural air ventilation and the use of natural light throughout the common areas including lift lobbies and corridors, coupled with lush landscaping, make for wellness and healthy living post-pandemic.”
In my opinion, Noora looks expensive for a New Property project in KL yet to be completed. Why? There are COMPLETED freehold KL condominiums going for RM406 to RM500 psf . Take for example a 3 bedroom 1819 psf unit at Capsquare Residence that is up for auction next month at RM738,000. Or a unit at the Pearl KLCC, just a stone's throw away from 8 Conlay's branded serviced residences at YOO8 which was up for auction at RM518psf in August .
And if investors are looking for high end property near parks and greenery there are plenty of completed 5* KLCC properties around the 50 acre KLCC Park going for less than RM1000 psf. Check out Kirana Residence - an urban sanctuary in the heart of KLCC. Unlike high density NOORA with more than 1100 units in two towers, Kirana is the epitome of the new Luxury in property: Space + Exclusivity + Privacy.
Charles Tan of kopiandpropeety.com is I think a licensed auctioneer. Perhaps he or some KLCC specialists might be able to shed some light why there are no buyers for prime KL properties at 3rd or 4th property auctions?
#nooraKL #CapsquareResidences #auctionproperty #kopiandproperty #DesaParkCity
