“KLCC Luxury Condos NOW cheaper than Penang Mass Market Flats?”
No, that's not a typo.
Another sign the KL high end condo market is in big trouble - I just noticed a KL auction unit with no buyers at its 3rd auction. My auction agent J sent me via WhatsApp a 2 bedroom auction unit at the Crest, a luxury condo at Jalan Sultan Ismail. According to J, this 835 SF leasehold unit is 4 minutes walk to KLCC Suria and Pavilion Shopping Centre, and minutes away from the Bukit Nanas monorail station.
PropertyGuru's website says the Crest is a ” luxury condominium with facilities like a top resort. “ The 8th floor unit is going under the hammer on 18 June for the 4th time @RM463500 or RM554 PSF. Wowza!
In April, I viewed a similar sized (850sf) leasehold “affordable housing” flat at the Penang suburb of Tanjung Tokong, i-Santorini (pictured above) which won a PropertyGuru award for Best Mass Housing project in 2019. According to the Penang agent who showed me the flat, the asking price of this mid floor fully furnished leasehold Mass Housing 3 bedroom flat was a bargain at RM500,000. But it is more expensive than the the Crest luxury condo auction price of RM463500. PropertyGuru's website has listings for sale of similar 850sf flats at i-Santorini for sale from RM470,00 for a bare unit to RM500,000 for a partially furnished unit.
So what do YOU think, folks?
Should mass market flats in a Penang suburb be more expensive than luxury KL condos 4 minutes walk to KLCC Twin Towers?
Answers from KLCC area specialists please ….
As readers of this blog know, I have owned a 3000+ SF freehold luxury condo in the heart of KL at Jalan Pinang since 2000. A 3800+ SF 4 bedroom unit in the same building is up for auction on 7 June at a bargain price of RM2.4m. I wonder if any bargain hunters are going to turn up.
Watch this space.
Post Script & Disclaimer
To my earlier question, “Is it time to buy?” I received 3 replies from a CEO of a boutique agency that specialises in the hospitality sector and two principal REAs of a KL mid size real estate agency. All three say prices are cheap enough to buy now but there are still uncertainties about a sustained rebound.
I am not a registered real estate agent. If you are interested in buying an auction property you should consult a BOVEA registered valuer or real estate agent.
