KL auction property market update #6 -The Face Platinum Suites @RM1260 PSF

My cheerful auction agent J has just Whatsapped me a prime KL auction property that used to be touted as the best AirBnB place to stay in KL, The Face Platinum Suites. The ground lobbies are very impressive. And my Better Half liked the iconic infinity pool on the 50F which boasts an outdoor bar. I see there is a PropertyGuru listing for a 900 SF one bedroom unit for sale at RM1055 PSF.

In 2018-2018, I rented a two bedroom unit here on the 29F for RM4300 pm as a base for starting a 3DVirtualTour start-up. Rents for two bedroom units at The Face Platinum Suites declined significantly during the pandemic. But there are signs the worst might be over. Although international travellers and the Airbnb crowd have yet to rebound to pre pandemic levels, the rents are inching up. See below.

According to J, “So far, this is the biggest layout for auction at Face Platinum Suites. Owner with Japanese passport. Normally, hardly call off .

Auction sale history:

Sept-2021. 880sf. Sold RM 792k (RM 900 psf)

Jan-2021. 1055sf. Sold RM 1 mil (RM 948 psf)

Address : D-39-03, Platinum Face Suites Jalan Chendana, 50250 Kuala Lumpur

- 3R2B, 1325 sf. Freehold, Non-bumi

- Auction date: 26-May-2022

- Auction price: 🔥RM 1,670,000🔥”

The current auction unit is a rare 3 bedroom type on a very high floor. The previous auction units were a one unit and a two bedroom unit.