Sunday, June 15, 2014

MRCB 9 Seputeh

MRCB have their grand launch this weekend, opening up remaining of block C, D + SOHO and New Block A.

They have launched this property since many months ago for Block C and D + SOHO. Up to today, still not yet fully sold. However sales is not bad, about 70% sold. Comparing other projects in market currently, is consider ok.

Overall I like their concept and development, compare to nearby UOA South Bank project. They have more complete plan, from Residential, SOHO, Commercial, New Access to NPE Highway, and Proposed Monorail. If they able to execute this, it will bring more value to this property.

Current selling price is around RM750 to RM850 psf after discount. Overall SOHO is smaller unit without car parks. Residential is bigger unit with 1 car parks for 1000sf below, and 2 car parks for >1000sf.

Base on overall development plan, there will be a lot of Residential condo. This make SOHO look attractive especially with lower entry price.

I can see still quite a number of buyer purchasing this property. Sometimes I keep wonder, where do they get money from? I see some 40 - 50 plus years old family buying few units. From conversation they are buying it for investment. How can they have so much cash flow and able to afford 30% down payment? Even the cheapest unit RM360,000 (after discount) also require almost RM100k down payment!

One obvious symptom I can see now is you won't see super crowd like past few years where usually project will almost sold out during soft launch (way before official launch). It seem like market have show sign the that supply > demand. Despite the fact that housing price is still keep increasing eventhough the perks nowaday is way too little compare to last time, especially the removal of DIBS scheme.

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