anyone own a unit in k residence?

i think it's finished. can someone tell me the occupancy and when it was finished?

I own a unit on the penthouse level (45 floor). its almost finished but not yet. I went up to take a look. They are still clearing debris and cleaning. View is spectacular. My guess is that it will be end-June to July at the earliest for handover. Maybe longer.

brian, at least one thing is for sure from your post re Damas - you are not the type of person that just says good things for the sake of it!

my concern with k-residence was that it was too near the twin towers. i went to the site a year or so ago.

what do u think? apart from that the location is great. r u going to stay there yourself?

and if u don't mind sharing, how much money do u think u will have made on it if u sold now?

thanks.

Hi Andrew,

1. K Residence is the only residential apartment with an UNDERGROUND direct link to KLCC. That's the reason I bought it. It has a unique selling point (USP). From a lifestyle point of view, with Malaysian weather, its the only residential unit where you can walk to KLCC regardless of weather conditions. So you really don't need to use the car or go through traffic. Even the Binjai can't claim that. Since I work from home,this is perfect for me.

2. The developer has a shaky track record and this project is already running behind schedule. However, I think the location beats the other factors. Property is all about location, location, location at the end of the day. Like I said, the view from 45th floor is awesome.

3. The second tower at K-Residence will be launched later this year at $2,300 psf (launch price). Four Seasons Residence (directly opposite) is also rumored to range around this price. I only bought the unit last year just before the RPGT was removed. I think it was a good investment. Yes, I plan to stay there ...depending on the how the finished product turns out.

k residence is now on my official 'do more research' list.

u make a lot of sense about USP. i've never thought about it (to be honest never really heard of the phrase when talking about property) but it's key. if u have a USP it means the appreciation could be so much more than if you don't, and when you come to sell it should be easier to find a buyer.

tx v much for the very very very frank advice. most owners can only say positive things about their own properties. but your balanced views are really refreshing and 100x more useful than most other people who are alwasy trying to justify an investment they've already made.

tx

Update:

1. collected the keys last week and was asked to pay maintenance starting 1 july. No CF is issued so can't renovate nor move in so I'm wondering what I am paying for.

2. Car park is not finished yet and all common areas are completely unfinished. e.g. gym, pool..etc. only 1 lift our of 6 is working.

3. part of my apartment unit is significantly different from the promised plan in the SPA. Waiting for their official reply on this matter.

4. delivery of unit is very late. was promised March 08 latest. Only got the keys last week.

Lesson? Beware of this developer. They are generating bad karma from me for sure. I hope they resolve it amicably. Await further updates.


The good news? I do like the unit a lot. The view is awesome.

those views are just amazing. well done. really happy for you.

how can they get the plan wrong. almost unbelievable. u should ask them for huge amounts of compensation. they've broken the terms of their contract.

and the communal areas not being ready - awful. they can't give the keys to your place and then not bother with the communal areas.

i really hope u stand up to them and sort them out.

anyway, enjoy the views!!!

awesome

Kalai Singam wrote:
awesome
How much is the monthly maintenance fee? Any sinking fund charged? How big is the unit (sq.ft.)? Thnx.

My unit is about 2,400 sq ft on the 45th floor. Maintenance fee is about RM800+ per month (paid quarterly in advance) - about RM0.30.

Maintenance fee seems reasonable to me since we get two car park lots smack in the middle of the city.

Season parking alone in KLCC would cost about RM600 /month for 2 lots so its justifiable to me since the maintenance fee includes the pool, gym, security....etc.

I'm meeting the developer tomorrow to discuss my issues with them as listed in my previous post.

Be careful about the units you consider buying. The design for some of the units are very strange.

Its hard to explain at length here but for example, in the master bathroom in the unit next door to me...the shower is very narrow and located next to the bathtub within the glass screen. It would be very very uncomfortable to shower in such a cramp space next to the bathtub.

I also saw a design in one of the lower units where there is very little space allocated for the fridge in the kitchen. I mean the space only allows for a very small single door fridge. Strange for a multi-million dollar apartment to allow such a ridiculously small space for a fridge!

So in a nutshell, if you consider buying here, you must really examine the types of designs carefully. There are designs from Type A to Type F I think. Some of the units are just designed very poorly. The good designs are those that are "square" rather than "L" shaped.

I will update again after my meeting with the developer tomorrow. Either they are fair people or people who would say anything just to sell the unit. I guess I will find out tomorrow.

At the moment, although most people will be impressed with our unit, I still feel like I got less than what was promised before the sale.

Andrew, if you are interested in getting a unit in K Residence, I have one available for sale. Pls contact me at camilliasoong@gmail.com for more info.

while I think brian's unit is really nice, and he is right about K residence having a USP, i'm glad for him as he bought early on before prices rocketed. i think right now is not the time to be buying a KLCC unit.

if i had to buy a condo i think i would stay in the areas where there is very little supply. like bangsar. they may not be as new and shiny, but the demand for them is known and constant.

Hi Andrew,

I agree as well!

But Damansara Heights is better than Bangsar. what do you think?

Actually there's quite a spate of new supply of condos coming up in Bangsar - One Menerung, Ken Bangsar, Bangsar Peak, Gaya & Suasana Bangsar.

Damansara Heights has a few really old condos (Bel-air etc) which don't really get much attention, but the lovely Desa Damansara is ever popular.

Then there's the Twins which is kinda borderline Bangsar / Damansara Heights - but it's smack in the midst of a commercial area that already screams of congestion, what more when Damansara City is completed as well.

I always wonder why ppl say getting in and out of MK is really bad & congested, when getting in and out of Bangsar is pretty much the same during peak hours. Damansara Heights has a slight advantage in this respect. Of course there are other pros and cons for all 3 areas, and at the end of the day it's an individual preference, depending which criteria you deem as more important.

HI Brian

well, i finally managed to let mine out - it took almost 12 months to secure a tenant. apparently only 40% of the total number of units are occupied. management presented us with a very nice new year gift by increasing the service fee from RM0.35 to RM0.50 psf. my unit, i think is directly below brian wong's as i am on level 43A.

Must be a bit of a relief! Can you tell us the approx rental and purchase price? And square footage?

It does seem to show that there is a big oversupply if it took a year to rent out.

I purchased mine for RM1472500. Another RM70000 of furnishings.Am currently letting it out for RM7560/month.For a built up size of 1931 sq ft, I am getting a miserable gross return of 6%.

Hi Jacob....CONGRATS !

You are one of the LUCKIEST few in this beautiful world.... I bought my 28th level ( PTT view )unit @ 1088 PSF.....:_blink_:

Surely RM 0.50psf service charge will drag me to the end of the wall..

Finally the one and only USP is the mesmerizing view of PTT which tempted me to GO AHEAD...

It seems I'm the biggest looser of the current TIME ( surely i am )....... but just WAIT for another couple of years...... I WILL PROVE MY DECISION WAS RIGHT !!!.....

( hope there MUST not be any project pop-up at the middle of Jalan Ampang... )

Hi Jacob....CONGRATS !

You are one of the LUCKIEST few in this beautiful world.... I bought my 28th level ( PTT view )unit @ 1088 PSF.....:_blink_:

Surely RM 0.50psf service charge will drag me to the end of the wall..

Finally the one and only USP is the mesmerizing view of PTT which tempted me to GO AHEAD...

It seems I'm the biggest looser of the current TIME ( surely i am )....... but just WAIT for another couple of years...... I WILL PROVE MY DECISION WAS RIGHT !!!.....

( hope there MUST not be any project pop-up at the middle of Jalan Ampang... )

Hi Khaled

When dealing with properties, time is the healer of all mistakes. We all hope to see our properties appreciate over time. However, if you were to check the performance of KLCC properties, you will find K Residence to be one of the worst performing properties in terms of selling price per square foot- astonishing, considering its proximity to the twin towers, the light railway transit station down below, and the underpass connecting our building to KLCC.

Rgds
JP

I don't know about those who bought K Residence for investment. As a person who bought it for own stay, I must say its the best decision for me.

My family and I are loving the last year living here. The convenience and view is awesome. Also, the service by the management team is great too. There are security guards everywhere and the facilities like the gym, play room and swimming pool are really top class.

People who don't live here won't know that we have a concierge service by http://quintessentially.com/. I can call the concierge to do many errands for us and its just a button away. Its all paid for under our maintenance fee. We also have a 24 hour electrician and plumber on standby.

We had a private pool party to celebrate my 5th year anniversary for over 100 people and it was free for residence. So the maintenance fee is actually put to good use for keeping the facilities clean and for other services. By comparison, the Pavilion Residence is charging $0.67 for maintenance fee and its leasehold.

My advice to those who have a hard time renting out your units to make a stronger case for your prospects. And also, like you say, in 10 years, your investment will return its value many times.

Regards,
Brian

PS
This is the view of the annual new year fireworks show:
http://www.youtube.com/watch?v=f_IOdEW92CQ

Hi Brian....

Good to know all these positive info,s related to K Residence. It will help me a lot to search a prospective tenant.

I'm a non resident foreigner, that,s the reason why i keep missing this wonderful experiences.....

Enjoy your every moments with your family & neighbors...

It would be appreciated, if any of you share your ID experience with me as my unit is a newly transacted one.

My email : kmkl888@gmail.com

rgds, Khaled.

Jacob, 6% rental yield doesn't sound too bad. In fact that's pretty amazing given it's the KLCC.

Hi,

Anyone here have a available unit in K Residence for rental? I have a active client now looking for a fully furnished unit for rent with the budget up to RM9K.

Please email me if you would like to rent out your unit. My email is lawrence_ysyap@yahoo.com

HI Jacob,

Is your unit are available for rental at the moment? I have 1 active client that like to stay in K Residence. Her budget is RM9K.. please email me if your unit are available now.

lawrence_ysyap@yahoo.com

hi do u have a unit in K Residence? Is it available for rental?

Any good suggestions on good mortgage/refi sources for investment (non-owner occupied) properties?