Hon Residensi a Real Value Deal

Hon Residensi a Real Value Deal

Mid-size mixed property developments in suburban Kuala Lumpur are limited editions and fast being snapped up owing to its lifestyle appeal and that they are the few left.

The localities where they are escaped the city’s hustle and bustle and yet not too far away to commute to work while the tranquil neighbourhoods are ideal to raise a family or to retire to.

Taman Nirwana in Ampang is one such locality that is seemingly an oasis of perfect peace not near nor too far away from the boisterous city centre; yet a stone-throw away for residents to avail of all the trappings of modern city comforts: a short drive or an LRT ride away to KLCC.

Hon Residensi is developed by Sri Seltra Sdn Bhd, a subsidiary of City Motors Group, with a total GDV of RM102 million located at Section 16, Ampang, Hulu Langat in Selangor.

It has until now eluded its share of limelight after completing the podium structure comprising 27 shop houses on the ground floor. All units have been sold and the shop houses are already occupied by retail outlets, a mini-market and car repair shop and doing brisk business.

Service Apartments Open for sales

Hon Residensi is now launching its Phase 3 development putting up for sale 172 service apartments of various floor sizes of its two tower blocks. It is low in density and equipped with modern condo facilities including infinity pool and recreational amenities on top of the podium structure.

The two blocks have low density of 84 units in Block A and 88 units in Block B. The total land area is 2.69 acres. It is on leasehold until Feb 24, 2111.

At RM500 per sq foot (psf), Hon Residensi is almost halves the price of similar developments that is only a mere 3km away. Being constructed by a reputable and experienced developer who has no bridging loan on the project has its advantage. As this story is being told, construction at the two towers has reached the 3rd floor of both structures.

Sri Seltra director Terence Chia said Taman Nirwana is the quieter cousin of vibrant Kuala Lumpur and sought after for the huge potential in capital appreciation while its lifestyle appeal of a rustic ambience bore well with buyers who prefer to live or bring up their families in a leafier neighbourhood.

Self-contained suburb

Currently Taman Nirwana and with its surrounding infrastructure is already self-contained. Hon Residensi’s podium is already completed with shops and offices. Its appeal is to young professionals and business persons raising a family and those considering retirement.

A good measure of liveability within Taman Nirwana is to check out what can be found within a 5km radius. There are a hospital, multiple national, national-type and international schools while the International School of Kuala Lumpur’s new campus less than 5km away is almost ready.

There are multiple pre-school centres and Taman Nirwana offers an abundance of multi-cultural interactions such as Korean Town, parks, and shopping malls such as Ampang Point, Tesco Ampang and Galaxy Ampang. 

Dual key feature for higher yield

Surrounded by a swathe of mid-range priced landed properties, Hon Residensi is well-thought out to blend with the immediate neighbourhood.

“Firstly, we provide layouts in sizes ranging from 700sq foot to 1800sq foot which cater to a whole spectrum of customers. We have also included dual key features in some of the layouts giving the purchasers more flexibility in terms of how they managed their finance.

“Facilities included are practical and serves its purpose and not wasteful,” Terence said. Each floor has 8 units serviced by 2 lifts per tower and guarded by 2 to 3-tiered security.

Markedly lower with high value return

Where pricing is concerned, Terence said buyers are buying into the future where the property prices would have appreciated markedly with potentially high-value return and yield.

“We price our product competitively around RM500 psf nett currently while nearby condo properties at Jalan Ampang, about 3km away, are fetching prices from RM1,000 to RM1,500. It is considered the cheapest in the area.

The average selling price is $600,000 per unit. Bumiputra discount of 10% is applicable.

“Hon Residensi’s bestselling point is its strategic location that is next to exclusive addresses such as Jalan Ampang, Embassy Row of Ampang Hilir,” added Terence.

The development is a balance between having ample private space and at the same time, ensuring the cost of maintenance is reasonable. 

Easy Access

Most importantly, buyers are guided by the three mandates; location, location and location.

By 2020, when Hon Residensi is fully developed, it would have met all these three criteria.

Hon Residensi meets the criteria by leaps and bounds. The mixed development is a short walking distance to the LRT Cempaka Station, a short 7-km drive to the city centre (about 10 minutes’ drive) via Ampang-Kuala Lumpur Elevated Highway (AKLEH) or through Kampung Pandan.

It has a quick connection to the west side of KL via the new Besraya Highway and Middle Ring Road 2, and DUKE highway. It is 10-km from the proposed Bandar Malaysia (the current Sungei Besi airport) and the proposed terminal of the High Speed Rail between Kuala Lumpur and Singapore.

Quite often, developers would increase density to maximize profits. It is not the case with Hon Residensi whose developer is under the well-established City Motors Group that has completed various property projects in Malaysia, Singapore, Hong Kong and Australia.

The thoughts put into these details resonate with the company’s commitment which is “We build our business together. We contribute to the community.”

 

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