DONE DEAL: Sri Penaga Condominium, Bangsar, KL

Sold for: RM1.3 million (RM1,258 psf)

Concluded by: Joey Ho (REN 25559) of Vivahomes Realty Sdn Bhd (018-947 6268)

When: December 2017

Noteworthy:
● Built-up: 1,033 sq ft
● 2 bedrooms and 2 bathrooms
● Mid-level unit
● Partly furnished with​ living room furniture
● Walking distance to Bangsar Shopping Centre

Although Sri Penaga Condominium is a 20-year-old development in Bangsar, it has always been popular in the secondary market, especially its units with built-up sizes of 1,033 sq ft and 1,200 sq ft, said Joey Ho, the negotiator who closed the deal at the end of last year.

“1,033 sq ft is the smallest layout in Sri Penaga. It is popular because even with the lower absolute price, you get to stay in a condo with full-fledged facilities in the heart of Bangsar,” he noted.

The seller used to rent this unit out for rental income. He decided to let it go to contribute more to his church’s charity programme.

Meanwhile, the buyer is a non-Malaysian working in Shanghai. He bought this unit to use as a holiday home.

“The seller was not very keen to sell it at first, hence the higher asking price initially at RM1.7 million. In the end, he decided to offer a discount to this buyer because he is a serious buyer who was willing to pay cash,” Ho said.

Even though the transacted price was RM400,000 lower than what the seller had initially asked for, Ho said RM1.3 million or RM1,258 psf is already above market price, which currently stands at around RM1,000 psf.

As at April ​10​, there were 1​4​  Sri Penaga listings in EdgeProp.my. The asking price ranges from RM918 psf to RM1,282 psf.

According to data from EdgeProp.my, the average transacted price psf at Sri Penaga in 2017 was RM1,050 psf.

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