DONE DEAL: Park Seven condominium, KLCC

Sold for: RM2,450,000 (RM875 psf)

Concluded by: Daniel Wong (REN 01967) of Sang Associates  (013-3868108)

When: August 2016

Noteworthy:
● Freehold
● 2,800 sq ft
● Developed by Selangor Dredging Bhd
● Completed in March 2008
● 7 blocks of 20 storeys
● 105 units in each block
● Private lift and private lobby
● Unit has a view of Royal Selangor Golf Club and the greenery of Jalan Stonor
● Two car parks
● Maintenance fee is 48 sen psf

According to the agent, Daniel Wong of Sang Associates, the selling price of this unit was slightly below market price owing to the slow market. The market price is between RM900 and RM1,200 psf, depending on the unit size, level, view and furnishings, he said.

“It has a potential rental of RM 10,000 to 12,000 per month as it is partly furnished. Some of the facilities in the condominium project include 24-hour security, lap pool, heated swimming pool, gymnasium, and children’s play area,” said Wong.

The unit was bought by a foreigner for his own stay as he is working in the area.

Among some of the amenities in the vicinity are Suria KLCC and Pavilion shopping mall which is 500m away. It is also located about 50m from Brolly, a new eatery with nine brands at Menara Felda, Platinum Park.

According to data from TheEdgeProperty.com, there was one transaction at Park Seven with an average price of RM1,108 psf or RM3.1 million in 2Q2016. From 2012 to 2Q2016, the highest transacted price psf took place in 3Q2013 at RM1,177 psf.

The available listings on TheEdgeProperty.com showed that the average asking monthly rent in Park Seven is RM11,582 or RM4.17 psf. The indicative asking rental yield is 5.1%.

The current listings also showed that the latest asking price for Park Seven is RM1,230 sq ft, which translates into RM3.79 million.

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