Malaysia Real Estate

[SAKU]

Hi,

Has anyone looked into or purchased a unit at The Tower - the service apartments by Mayland in KL?

I have seen some "poor" comments regarding Mayland in the Forum .. relating to Sri Putramas & building work at Sri Hartamas

Any comments regarding this particular development (The Tower) or even Mayland in general will be greatly appreciated

Thanks

[Roy]

Yes, Mayland has been the target of many "poor" comments with many of them well deserved I believe. However I tend to believe that these issues that they have been facing are more "project" related rather than "developer" related.

Their past successfull projects include Menara Hartamas, Punchak Prima, Mayfair & Dorchester Serviced Apartment. All close by to each other, enjoying good capital appreciation and rental yield. Check out this article on SriHartamas in today's TheSun-PropertyPlus 27/10/2006

Sri Hartamas' continuing appeal
by Jonathan Chen

YOU are a newbie from outside the Klang Valley with ambitions of making it in the "big city". You hear that Sri Hartamas is a neighbourhood where young professionals hang out and a place to see and be seen. So you decide to check it out and perhaps rent your first apartment or share a house with a bunch of other blokes.

Jalin Properties general manager Ian Chen says Sri Hartamas has become a magnet for yuppies and upper-middle class families who work in the city. "Most are attracted to the area for its self-contained neighbourhood and natural surroundings, with amenities such as restaurants, shops, bars, golf and country clubs as well as shopping malls just a stone's throw away," he said.

Carey Properties principal Nixon Paul agrees, adding that Sri Hartamas has a certain snob appeal. Paul also attributes its popularity to the area's proximity to the central business district and city centre, and accessibility to just about anywhere in the Klang Valley via the Sprint, LDP and NKVE highway links.

The neighbourhood is split into two by the Sprint Expressway -- to the west lies Desa Sri Hartamas, which houses the triangular business district bordered by Jalan 19/70 and Jalan Sri Hartamas 22, while the residential areas lie mostly on the other side in Taman Sri Hartamas.

For someone who intends to find a place to live there, Chen recommends checking out Menara Hartamas, Puncak Prima Condominium, Mayfair Service Apartments or Dorchester Place, all of which are developed by Malaysia Land Properties Sdn Bhd.

The low-density 136-unit Menara Hartamas is one of the earliest condos in the area from the early 1990s. Chen says properties there have built-ups from 1,200 to 2,600 sq ft. "Monthly rentals are approximately RM1,800 onwards, depending on whether the condo is furnished or renovated, while selling prices can range from about RM300 to RM350 psf," he says.

Puncak Prima, developed in the mid1990s offers built-ups from 1,200 sq ft, Chen says. "Rentals also go from RM1,800, with a selling price per sq ft similar to that of Menara Hartamas," he said. "These two condos come equipped with swimming pools, gym facilities, as well as tennis and squash courts," he says.

The 265-unit Mayfair is an ideal place for single lifestyle-driven professionals as it offers studio apartments with built-ups from 410 to 870 sq ft, says Chen. "Monthly rentals for a fully furnished studio would be from RM1,050 per unit with the selling price of between RM300 to RM400 psf," Chen says.

Dorchester also offers apartments with sizes similar to that of Mayfair. "Rentals as well as the prices of such properties are also similar to that of Mayfair," Chen adds.

Chen said Desa Sri Hartamas offers link houses with built-ups of about 2,000 sq ft with rents ranging from RM2,000 to RM4,000, depending if the unit is renovated, furnished or if it as corner unit. "Besides that, the Sri Hartamas town houses offer built-ups of about 1,200 sq ft with rentals of between RM1,500 and RM2,500," he said.

For those with huge pay checks or inherited a family fortune, they can check out units further up the notch at the upscale Duta Nusantara and Bukit Kiara Residence gated community developments. These offer semi-detached homes and Chen said the properties have built-ups of about 3,000 sq ft and come with rentals of as much as RM12,000.

Places to hang out include Hartamas Square, which houses a supermarket, convenience stores, food and beverage outlets as well as other retail and speciality stores. Paul says that due to Sri Hartamas' reputation, surrounding developments as far away as the Jalan Duta area want to be associated with the area.

Chen echoes this, adding that this is because developers can command higher prices if they shared the Sri Hartamas brand. "Many residential developments have been sprouting up in the area over the last couple of years, to cater to the demand there. But there might soon be an oversupply of homes which could drive down property prices," Paul notes.

"However, property prices are expected to go sideways for the time being," he says, attributing this to current cautious market sentiment.

Sri Hartamas, located west of Kuala Lumpur, prides itself as an upmarket and exclusive residential address synonymous with lush greenery and isolation. Driving through the area feels like passing through parklands with a country sort of feel.

In the 1990s, Sri Hartamas became very popular, not only with young Malaysian professionals, but also with expatriate families who flocked into the area during that time. Sri Hartamas then slowly began to make a name for itself as a global village with the increasing demand for upscale living escalating in tandem with Malaysia's economic boom.

I dunno much about Maytower though.

[SAKU]

Thanks Roy .. my misfortune you don't have any knowledge of The Tower.

We had a look around resale units at both Mayfair & Dorchester with an agent. Also discussed both Windsor & Waldorf (with Mayland) for investment.

We were leaning towards The Tower due to the location (in KL itself & everything to hand) and the price comparison between the Sri Hartamas developments and The Tower puts The Tower ahead (in the humble opinion of an inexperienced person like me !!)

I read some of your posts in other topics re Sri Hartamas - as you admit you are biased but I thought they were fair comments.

Hope someone else can give their views on The Tower ..

(Roy - if possible would appreciate e-mail to discuss Kelana Jaya area - saku1305@yahoo.com).

Regards,

[Banzai]

off hand.. i have not even heard of the Tower but it would probably be a commercial development and therefore, not governed by HDA. make sure you scrutinise the S&P.

[Roy]

[lando]

i can see the tower from my office and it looks close to completion. but work has always been slow so wouldn't be too sure how much longer it would take to complete. i've always wandered how the units would fair investment wise. in terms of location there practically isn't any condo's, apts of service apts nearby worth the mention i guess. but its a heavily densed business populated area with one or two notable buildings coming up. so does anybody think the demand is there for rental?

[ysmn]

I wanted to buy a unit at The Tower, but at that time I was waiting for my Amcorp Suites to be completed and could not commit. It is not really the best neighbourhood in KL (anyway even Sime Darby HQ is in a redlight area) but I still believe it will fetch good yields for those who have bought. Affin was offering a good finance package when I enquired about 3 years ago. Mayland does not have good reputation in quality of buildings, however the yields of their projects are not bad. I wish all buyers all the best. I don't think you can go very wrong with this project.
_________________
Kind regards, ysmn

[lando]

Got this article from The Star on 10th March (Part of the article). Think Mayland is referring to The Tower when they mentioned the Maytower Hotel?

“We are bullish on the hotel industry in Malaysia and if possible, we would like to acquire more hotels here,” he said adding that the company was currently completing its third hotel in Kuala Lumpur. The RM80mil Maytower Hotel is expected to open its doors in July.

[crummy]

Hi all,

I'm quite interested in the Maytower and thinking of making it my first home purchase. I'm planning for my own stay, but maybe after a couple years when I needed more space I'll rent it out due to it's location, probably the rental would be quite high that time. What really pulled me is the completion date, which scheduled around June 07. Not sure about the price because there's one similar service apartment in Ampang (Ampang Putra) has similar price range but the built up is around 600+ sq ft compared to Maytower which is around 439+ sq ft. Really new at this and this is my first home purchase, what do you guys think?

[lando]

Hi crummy,

maytower is located in the city centre at the fringe of the golden triangle, so the price per sq ft will be much higher then that of ampang putra's location. By the way how much are they selling a 439 sf unit at the maytower now and what floor will that be on. I understand the 439 sf units are facing bukit aman and lake gardens.

[crummy]

[lando]

[moonfreeman]

previous Mayland thread for yr info

.://..realestate.net.my/forum/archive/mayland-malaysia-land-properties-a-good-developer-69.htm

.://....com/viewtopic.php?t=707

.://....com/viewtopic.php?t=362

.://....com/viewtopic.php?t=888

.://..realestate.net.my/forum/viewtopic.php?t=6536

.://.../viewtopic.php?p=4185&sid=3c796fba8887134ba9f054ee188c2255

.://.../viewtopic.php?t=477
_________________
铁血丹心

[crummy]

Thanks a bunch for the help Lando and moonfreeman! I guess I need to do more research and not rushing to conclusion to purchase. But Maytower's location is quite tempting! (although the area is quite polluted ) First purchase... Need to think... Harder!

[Pai]

since we are discussing studio units here, does anyone has any info on Casa Mutiara, a serviced apartment located just behind Swiss Garden KL, a revived project by Mutiara Citiview?

Am contemplating to buy either The Tower or this Casa Mutiara, would like to get as many opinion as possible b4 I make up my mind

[Pai]

since we are discussing studio units here, does anyone has any info on Casa Mutiara, a serviced apartment located just behind Swiss Garden KL, a revived project by Mutiara Citiview?

Am contemplating to buy either The Tower or this Casa Mutiara, would like to get as many opinion as possible b4 I make up my mind

[Pai]

since we are discussing studio units here, does anyone has any info on Casa Mutiara, a serviced apartment located just behind Swiss Garden KL, a revived project by Mutiara Citiview?

Am contemplating to buy either The Tower or this Casa Mutiara, would like to get as many opinion as possible b4 I make up my mind

[lando]

Honestly i'm not sure what to think about The Tower anymore. I bought a unit there, but the reason i bought it was for a place to chill out in town after clubbing or after work. But the catch is i bought it in october 2002 and the place is still not ready, (Supposedly gonna be ready this june or july). Whats more i got married oledi la so no more clubbing anymore, not like before la at least.

I still think its a good location for that price at least. But developer wise don't know what to say anymore. When its ready i'm just gonna rent it out or if the price is right i'll let it go.

I wonder about the LAD also from this developer. What does everyone think? I've read so many threads on Mayland in the forums but nothing on LAD about them.

[crummy]

[preacher]

[lando]

hi preacher,

this is what s&p says,

1. subject to any extension/s of time that may be deemed appropriate by the architect and provided taht the purchaser shall have paid to the vendor all the instalmments of the purchase price and any other sums under this agreement as and where due and payable, the parcel shall be completed and be ready for delivery within 36 months from date hereof

2. wah so much to type.. this one it says 10% per annum calculated day to day

[preacher]

The tricky part is "subject to any extension/s of time that may be deemed appropriate by the architect ....."

You may have an issue where the Architect who is employed by the Developer gives an "extension of time". Thus you may get less or no LAD. You can of course question the Architect why he gave the "extension of time" but that is another story.

Just be careful when you get the VP and question the Developer.
_________________
practise what you preach

[lando]

thanks preacher, will have that ready on my mind on VP day

[kuantanboy]

Hi, I just posted this at another thread, right before I found this one... (apologies for the double-posting)

I purchased a unit there in 2002 as well. It is now 2007 and still the project is incomplete.

I have been paying interest on the loan for FOUR years now. Well, almost.

As this is a serviced apartment, I have no idea if any compensation is claimable, as it doesn't fall under the 36-month period that regular residential properties fall under.

I have purchased two other properties in the past, and Mayland is by FAR the worst of the three. By a long, long way.

You try to contact them, you are given vague answers, with no commitment whatsoever. They have the cheek to put this on their website:

"In Mayland, we give the best to our customers. From the initial stage of our developments to the end, Mayland planning is catered to the urban living of both single and married young professionals and the senior populace. The concept of lifestyle, peacefulness and tranquility are the emblem of Mayland’s pledge to Customer satisfaction."

I have not seen "the best" of ANYTHING from this developer, from the initial stage to the end, which nobody knows is when.

The one and only thing I am glad about is that the company hasn't gone bankrupt yet.

I dread to think of the shoddy workmanship upon receiving the flat, as suffered by buyers of their other properties, namely Sri Putramas.

[kuantanboy]

By the way, any advice from anyone out there on whether I should sit on this property and rent it out, or sell it as soon as I get hold of the keys? Ysmn and preacher, you seem to have a really good handle on things... thank you.