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Axis Ampang
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hiucf



Joined: 13 Jun 2005
Posts: 439

PostPosted: Wed Sep 21, 2005 10:18 am    Post subject: Axis Ampang Reply with quote

Hey...check-out Star today! There's a property along Middle Ring Road called Axis Ampang. Location wise is not bad coz can easily access to KLCC and Gleneagles. Artist impression also quite nice.

Anyone seen the place and any opinions?
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Invest



Joined: 15 Sep 2005
Posts: 9

PostPosted: Wed Sep 21, 2005 10:43 am    Post subject: Reply with quote

Has anyone heard of the developer for this project?? Reliable Capacity Sdn Bhd ... how reliable are they?? Cool
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Twinkle



Joined: 19 Aug 2005
Posts: 90

PostPosted: Wed Sep 21, 2005 10:55 am    Post subject: Reply with quote

my dear, you DON'T assess a developer's strength from its name. Basic common sense.
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hiucf



Joined: 13 Jun 2005
Posts: 439

PostPosted: Wed Sep 21, 2005 12:03 pm    Post subject: Reply with quote

Laughing cool down Twinkle, have fun.

Its most likely a service apartment on leasehold and on commercial land. Was told by agents 1st to 8th floors are car parks and shops and onwards are apartments ranging from 700sft at RM160K to 1000+sft at RM200K up. The feels are many buyers are investors.

Since one needs only to pay 10% and balance upon completion, risk of abandon is low. However, need to physically visit that place this weekend to see its worth.

Cheers Razz
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skodeng



Joined: 14 Aug 2004
Posts: 15

PostPosted: Wed Sep 21, 2005 8:39 pm    Post subject: Reply with quote

i got to know about this project prior to the launch coz my fren works with the project's marketing agent DTZ Nawawi.

Went there on the 1st day it opened, on Sat evening and the 1st 10 floors of the 1st block were already sold!

Btw, here's the brief of the project from what i managed to gather:

- 32 storey building with 2 adjoining blocks (or 1 long block if u will)
- Leasehold condo n not a service apt
- 8 units per floor (i think) serviced by 4 lifts (inlc 1 service lift)
- 'ground' floor starts from 9th flr onwards
- 1-3 flr are shops/cafes/SOHOs , 4-9 flrs parking
- smallest unit 740sf starting from 125k
- largest unit 10++sf 140k onwards
- 100m to STar LRT station (main attraction, i feel)
- from MRR just approx 1km in.
- standard facilities but not much for sports, no tennis/bdmtn/squash courts
- so called sky lounge/fucntiona area at roof top
- Lastly there's the discount on the stated price, so u only pay 5% for DP
and also free kitchen cabinet thrown in..

told my colleague who stays nearby at pandan area, he came 2 view it
and he and his father-in law bought a unit each ( though he was apprehensive about being neigbours with the in law!)

last i heard from him, as he visited the show office again yesterday, 50% of the left block was sold. and the 1st ad only appeared today! Most of the buyers i beleive are mostly from that area ie Pandan/Ampang.

gtg.. hope this helps..
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hiucf



Joined: 13 Jun 2005
Posts: 439

PostPosted: Thu Sep 22, 2005 9:05 am    Post subject: Reply with quote

Hi Skodeng, thanks for the info...suspected this will be a hot place with investors. Can I have the address of the marketing agent? Dont want to loss out on this too...at least be among the 1st to decide...hehehe

Thanks and regards.
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ACDC



Joined: 05 Apr 2005
Posts: 474

PostPosted: Thu Sep 22, 2005 9:12 am    Post subject: Reply with quote

skodeng, when you said it's not a service condo, do you mean it comes with a residential title?
The ad in the papers makes me think that this is a commercial property sold as a residence.. Question
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PL



Joined: 30 Aug 2005
Posts: 42

PostPosted: Fri Sep 23, 2005 10:20 am    Post subject: Reply with quote

I have just purchased two units of this development. Skodeng has been quite thorough with the development.

To answer ACDC's question, this is a commercial property hence it is terms as a service condo. Few points to add to Skodeng's description are:

Completion time is four years from now, long because they are starting with the commercial shopping area first.

There is another future proposed development coming up adjacent to this condo, i tried to buy the units that won't be blocked by this development. My units face KLCC.

Basically, the units are going for RM 195 psf however after the early bird 5 % discount it becomes RM 185 psf.

The marketing agent said it will fetch a rent of RM 1200 for fully furnished unit but i am sceptical about that. It seems to cater to the local market, however, i talked to another purchaser and they informed me that another condo just a few km away "avenue something" are mainly occupied by Korean.

The property is also going very fast, it was like a market place yesterday. First block is 95% sold the second block is more pricey by 5 %.

Will appreciate any feedback from the "guru" if you managed to visit this place Smile
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Fri Sep 23, 2005 2:24 pm    Post subject: Reply with quote

whereabouts is this axis ampang? is it near ampang point? thanks
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PL



Joined: 30 Aug 2005
Posts: 42

PostPosted: Fri Sep 23, 2005 2:47 pm    Post subject: Reply with quote

It is close to Ampang point but not there.. if you take Tun Razak and turn into Jln Ampang, take a right turn at MRR, drive for 5 - 10 mins and look out for Jln Cempaka on the left. You will see it once you reach Jln Cempaka.

Sorri, i am lousy with direction but.. one of the reason i bought it is that if somebody like me found this place then it will be easy for others.

Hiuf, have you visited this place?? Did you purchased it??
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tazochai



Joined: 17 May 2005
Posts: 102

PostPosted: Fri Sep 23, 2005 3:09 pm    Post subject: Reply with quote

just curious about the developer Reliable Capacity Sdn Bhd. background? any previous projects?
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hiucf



Joined: 13 Jun 2005
Posts: 439

PostPosted: Fri Sep 23, 2005 4:03 pm    Post subject: Reply with quote

Hi PL, unfortunately nolah...I am thinking of visting this place on Saturday but 95% sold thus far..aiyoyo...little choice left! Judging from your description and from map, I think its near Tmn Cempaka LRT station Ampang. However, this place is more Pandan Jaya, Cheras than Ampang as it is close to Pandan Jaya.

I don't see fantastic cap appreciation here as this place is not a high end area. Rental may not be too high too as it caters more for local market, however if you are looking at RM650 - RM700 rental p.m...possible. Good thing about rental in this area is stability because many `Ipoh mali' and outstation workers stay here as it is near to KL. After I visited it probably will hv a better picture.
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Fri Sep 23, 2005 5:05 pm    Post subject: Reply with quote

Hmmm...95 percent sold? so good meh? Rental rates around this area quite poor.

Nearby opposite Ampang Point also got one huge condo project called Ampang Utama or something like that.
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kychong



Joined: 13 Apr 2005
Posts: 643

PostPosted: Fri Sep 23, 2005 5:23 pm    Post subject: Reply with quote

digitalkl wrote:
Hmmm...95 percent sold? so good meh? Rental rates around this area quite poor.

Nearby opposite Ampang Point also got one huge condo project called Ampang Utama or something like that.


I had the experience to buy the choice unit at later stage.

Some property agent is good to fabricate sales figure. They will pre-book all the choice units, and sell at the later stage. We will tell you that the buyer cannot obtain loan, and welling to transfer booking...etc.
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skodeng



Joined: 14 Aug 2004
Posts: 15

PostPosted: Sun Sep 25, 2005 12:29 am    Post subject: Reply with quote

sorry acdc for the delayed reply..
as mentioned by PL, it is a commerical property, though i must say i have yet to come across commercial titled projects that are condos instead of service apartment.

as for the korean occupied condo, i think u r referring to 1 Ampang Avenue. However that's quite a distance away, in Ampang itself.
Axis as hiucf rightly pointed is more towards Pandan Jaya. The nearest decent condo/apt i Palm Villa which is further down the road. It doesn't' look well maintained and it's going for approx 200k for 1200sf.

As for rental yield, the marketing agents estimate it to be RM 750-800 for the 740sf unit. It may be possible since there arent really decent condos in that area with 2 room units. Plus it is literally walking distance to the Cempaka LRT station. Also with a rather high maintenance fees and managed by a professional real estate marketing co, DTZ it should be well managed and maintained.

just my 2 cents..
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PL



Joined: 30 Aug 2005
Posts: 42

PostPosted: Sun Sep 25, 2005 3:46 pm    Post subject: Reply with quote

dear all,

I have a few questions to this property and will appreciate a few advices:

This is a residential property on a commercial title... what are the chances of getting a loan from ING or AIA?? I heard that only banks are allowed to handle these properties with this title, yet Maybank is given interest rates based on resident properties there.

Skodeng, i was hoping to sell my property after completion especially after considering the high maintenance cost of 20 cents psf and there is also a further sinking fund of 6 cents. Which means 26 cents psf per month.. there is very hefty.. do you think the cap appreciation will not be great in this area?

This property is going fast but mainly the buyers are young people who can't quite afford other places. I am wondering for the units i bought at RM 145,000 whether i could resell it at RM 195,000 upon completion in 3.5 yrs time?

If not.. please advice me on how to get my ernest deposit back.. is there anyone who got their ernest deposit back before and what arguement did they use to get it back? Is there a cooling period of one week for these properties?
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aimtrue



Joined: 18 May 2005
Posts: 139

PostPosted: Sun Sep 25, 2005 10:30 pm    Post subject: Reply with quote

PL,

You're hoping for a RM50,000 appreciation in 3.5 years..? That's a 34.5% gross return.

I don't think anyone knows whether that will happen or not. It's always a risk. But 34.5% seems a little optimistic. Objectively, it depends on a lot of factors: the economy, other developments around the area, the maintenance (which should be OK), and even whether the shopping center downstairs takes off.

As a comparison, City Garden Palm Villa down the road was about RM170K-RM180K. Now, as someone mentioned, it's around RM200K after 5 or so years.

So, it is all up to what *you* think.

But, if you want to let go, PM me the details.. maybe I want to take over to stay Smile Not for investment, but to stay in(I live in Ampang), because I think a lot of guys here think service apartments are not really the best investment vehicle.
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Sun Sep 25, 2005 10:48 pm    Post subject: Reply with quote

PL,


for your sake and mine, i hope you can really get that kind of profit after 3.5yrs, because if you can sell a 700+ sq ft condo for 195k, then surely i can sell my 1200+ sq ft condo right here on main street Jalan Ampang for 300k lock stock barrel using the same calculation

good luck...we're going to need it. Laughing
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Last edited by digitalkl on Mon Sep 26, 2005 7:41 am; edited 2 times in total
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aimtrue



Joined: 18 May 2005
Posts: 139

PostPosted: Sun Sep 25, 2005 11:48 pm    Post subject: Reply with quote

digitalkl wrote:
PL,
my 1200+ sq ft condo right here on main street Jalan Ampang


Main street? Oi! Don't knock the power of the Yong Tow Foo! Very Happy

Which condo is this? The one opposite Spectrum?
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adc



Joined: 15 Jun 2005
Posts: 122
Location: SIN

PostPosted: Mon Sep 26, 2005 1:41 am    Post subject: Reply with quote

Hi digitalkl,
Main street ? which condo wor?

aimtrue wrote:
But, if you want to let go, PM me the details.. maybe I want to take over to stay Not for investment, but to stay in(I live in Ampang), because I think a lot of guys here think service apartments are not really the best investment vehicle.


Literally, service apartment/condo/suite is not the best vehicle for property investment. Majority end up breaking-even or losing money. Plz, no pun intended.

Hi PL,
On capital gain(price appreciation) for Axis, may good bless you. Nobody knows the future, most can only predict. Time will tell.

Just for the sake of comparison:-
a) If 1-2 yr down the road, a developer built a high-end luxurious condo nearby, your price move up - literally.

b) If 1-2 yr down the road, a developer built a low-cost apartment nearby(say 5-6 blocks), your price will literally plummet. (either rental rate or house value or both)

As informed by aimtrue, there are many other factors surrounding it(above is just one of them).

For Axis, IMHO, I suppose the capital returns to be very minimal.

(For the sake of simplicity & understanding - assume NO price appreciation, ignore IndahWater charges, cukai tanah, pintu etc)

1. Purchase Price : 145k
2. Size : 740sqf
3. Rental : 750/mth
4. Maintenance Fees : 0.26 /sqf (sinking fund included)

Annual Rental : 8250 (11 mths, 1 mth for agent commission)
Annual Maintenance : 2309 (12 mths)
Balance : 5941

Yield : approx 4%

As such, Axis-REIT will be a much better alternative - lol! A Fixed-Deposit returns of 3.75% is also a viable option. Wink Just kidding...

Don't get me wrong :-

NOTE: Let's say if the FD is offering 4%/year(same as your yield), by putting your money in FD, you will not have the capital gain of RM5941/yr.(unless you purchase the Axis service condo with 100% cash lah)

WHY? I think you can figure it out urself.

That's why we go for property investment!

Do bear in mind that for service apartment/condo/suite, the utility charges are normally much higher than normal residential condo.

Guys,
Please advice on the normal construction period for apt/condo - 3 years rite? If yes, I wonder why Axis needs 3.5 yrs.

p/s: check out my post entitled "The correct approach to service apartments?"
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Mon Sep 26, 2005 7:32 am    Post subject: Reply with quote

Spectrum where got in Jalan Ampang? that one so far down in Bandar Baru Ampang....

Mine near Ampang Point.....

this one not new development but already here for 7 years....

hahaha...I didnt know that "on main street Jalan Ampang" is such a strong selling point. Must put that down on my "to sell" ad when the time comes hey? Laughing
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digitalkl



Joined: 21 Jun 2005
Posts: 276

PostPosted: Mon Sep 26, 2005 7:37 am    Post subject: Reply with quote

Exclamation
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Last edited by digitalkl on Mon Oct 17, 2005 11:47 am; edited 1 time in total
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hiucf



Joined: 13 Jun 2005
Posts: 439

PostPosted: Mon Sep 26, 2005 8:53 am    Post subject: Reply with quote

Hi peoples, I surveyed Axis and not that impressive le. I doubt can get rental RM700 p.m as the sales girl claimed...RM550 to RM600 maybelah. People around here are generally lower to mid income working class groups. Hence, not much buying power so you can expect what kind of shops at the apartmentlah...food store, mobile phone, sundry etc...usually not well maintain and make the apartment looks dirty and smelly after a while.

Don't think so there will be steep capital appreciation too because of the same reasons. One just need to look around at nearby condos and apartments...prices do not appreciate much in the past 5-7 years, some even depreciated.

For me, I will put my $$$$ else where.
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cheongzai



Joined: 13 Sep 2005
Posts: 216
Location: PPDI in future!!!

PostPosted: Mon Sep 26, 2005 4:25 pm    Post subject: Reply with quote

just went there and have a look on sunday. To be honest, i'm not impressive on it and very supprise on the number of unit being sold. I'm a bit skeptic about this, there are many cases especially during any festival or official launch day,it really look like hot cake, selling fast, but after 6-7 months, they still putting a full page colour advert on the paper to look for buyer.

Except very close to Pandan Indah LRT, i can't see any good site of these project. It is not at Ampang, i would said it is actually located at border of cheras. There are still few kilometer away from Ampang, quite jam during rush hour, either to Ampang or to MMR2. And i think it is quite expensive for a property on a leasehold commercial land. Sad
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keithcky



Joined: 20 Sep 2004
Posts: 276

PostPosted: Mon Sep 26, 2005 7:27 pm    Post subject: Reply with quote

Axis sits on an ex-oxidation pond which they reclaimed, and the waste channel to another treatment plant. Not impressed by this project and how can a service apartment takes 4yrs to handover? Its way too long. Access road in-out to the site only one lane, surrounded by flats and old terrace house turns me down. Rental yield in this area wasnt impressive either. Look elsewhere for investment if i were you.
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