Over 1,400 sqft, 2 car parks and still affordable. Why not?

dataran-primaI fetched a good friend and her colleague out for dinner yesterday night, after at least 1 year of non-stop postponements. I think it’s her fault. Haha. Anyway, she told me that she was staying in Dataran Prima condominium. This was one place that I wanted to view three years ago when I was looking to move from my Kelana Puteri home. Somehow, I did not manage to view it. Anyway, her colleague who’s from Kota Kinabalu said that the condo should be around RM400,000. I laughed and said, “this is Kelana Jaya and this is considered an okay location. I don’t think it can be this cheap.” The units they were staying in was the 1,037 sq ft type. If only I could still afford and it’s really RM400,000 then perhaps I should buy and rent to them instead! Then I urged my friend to buy the unit and rent back to her company instead. She laughed. Perhaps not that easy.
dataranprimapropsocialToday, I checked in iproperty.com.my and found out that it’s probably RM520 – RM580 per sq ft (Image on top), depending on size may be more likely. I think at this price, the buyer may get a renovated unit and maybe with some electrical goods thrown in too. The condo is now 11 years old, as per propsocial.my (Refer to image). It comes with two car parks which is definitely a plus. There are only a total of 327 units which meant that this is low density by today’s standard.  These days, the newer projects are over a thousand units. Some affordable ones are a few thousands units and priced similarly as these older secondary units. Of course newer units also meant that potential capital appreciation when its completed later in a few years’ time. Imagine both similarly priced and nearby to one another, one is newer and another is older, of course the newer one would be higher priced.
Based on the potential rental, I do not think the rental yield can be positive. Richer tenants may stay elsewhere and poorer tenants may not be able to afford too high a rent, for example over RM2,000 per month. However for own stay I think a family with kids would enjoy it with the convenience of its facilities and even three malls nearby. Citta Mall (8 minutes), Paradigm Mall (11 minutes) and Tropicana City Mall (11 minutes). Happy viewing if you also like the price and the location.
written on 9 Nov 2016
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