Southbank Residence

Sold for: RM660,000 (RM692.54 psf)

Concluded by: Danny Cheah (REN 21467) from Hartamas Real Estate (OUG) Sdn Bhd (014-228 8865)

When: September 2017

Noteworthy:
3 bedrooms, 2 bathrooms
953 sq ft
Bare mid-floor unit facing west
Features tight security, lap pool, cafe, BBQ pits, Gazebo, Jacuzzi, greenery garden
3km from Mid Valley Megamall, Pearl Suria Shopping Gallery, Scott Garden, Taman Desa Medical Centre and 5km from KL Sentral

According to Danny Cheah of Hartamas Real Estate (OUG), who concluded the deal, the sellers of this serviced residence unit at Southbank Residence, Old Klang Road, were investors.

“They bought this unit with a special early bird discount. However, they did not make any profit, but just broke even, because they wanted to sell it as soon as possible to fund another investment,” he told EdgeProp.my.

Meanwhile, the buyer, who is working near the Mid Valley area, was desperate to buy the unit as she was then living very far away from her workplace.

“The buyer knows this project very well. In fact, she witnessed its construction progress from day one to completion as she passed the site every day on her way to work,” he said.

The buyer called Cheah immediately once the unit was listed. The deal was swiftly concluded with a RM20,000 discount from the sellers.

“The sellers wanted RM680,000 at first, but were willing to cut RM20,000 off the selling price for this buyer as she was serious about the deal. The buyer liked the unit size as well as the number of the unit,” he noted.

This unit was sold at market price, as asking prices range from RM650,000 to RM680,000 for similar units back in September. However, of late, asking prices have stagnated at around RM700,000 as the project’s 674 units have come on stream.

“From what I understand, a majority of the first-hand buyers of these units were investors, and when the project was launched, it was so hot that the second phase was much more expensive than the first. Therefore, many of the buyers are unwilling to let go of their units at a low price,” he shared.

While the subsale market for Southbank Residence has slowed, its rental market is sizzling hot, said Cheah.

“A unit with very simply furnishing can fetch rental of around RM1,800 to RM2,200 per month. Many buyers choose to rent their units out while waiting for the price to grow further.”

According to EdgeProp.my listings as at Jan 29, 2018​, average rental per month psf of Southbank Residence ranges from RM1.53 to RM2.72.

Meanwhile, the asking price psf is ranging from RM682.07 to RM857.14.

Interested to buy properties in Old Klang Road? Click here.

Editor: To real estate agents — Have you just concluded an interesting deal? We would love to hear from you! Contact us at [email protected]

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