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DONE DEAL: Serviced apartment, Pavilion Residences, Bukit Bintang, KL

Sold for: RM4.1 million (RM1,704 psf)

Concluded by: Abby Chew (PEA1804, 012-2010846) of Maxland Real Estate Agency

When: March 2018

Noteworthy:
Built-up: 2,405 sq ft
Leasehold
High floor with KLCC skyline view
3+1 bedrooms and 4 bathrooms
Fully-furnished unit with furniture and home appliances

Pavilion Residences is situated in the vibrant shopping area of Bukit Bintang in Kuala Lumpur. It comprises two blocks of 43 and 50 storeys with a total of 368 units of luxury serviced residences. The unit built-up sizes range from 1,057 sq ft to 6,689 sq ft.

Amenities available include 24-hour security, gymnasium, swimming pool, playground and tennis court. It is located close to KLCC, and just across the street from Starhill Gallery and Lot 10. 

According to Abby Chew from Maxland Real Estate Agency, the real estate agent who closed the deal, the seller was a foreigner who decided to cash out his investment while the buyer bought for his own stay.

“The original asking price for the unit was RM4.3 million, but there was no taker for some time. The seller then adjusted the price to RM4.1 million which prompted the buyer to take the unit,” Chew noted.

The buyer was initially looking for a smaller sized unit in Pavilion Residences. However, he was attracted to the good condition of this particular unit, its KLCC skyline view, that it was fully furnished and that the price was reduced.

“The market price for similar units on a high floor is in the RM1,700 to RM1,800 psf range. For units on a lower floor without the skyline view, the price hovers around RM1,600 psf.

“If you take into account that this is a high floor unit with good views, fully furnished and well maintained, I think it is a good deal for the buyer,” Chew shared.

Although the overall property market is still soft, Chew said there is still demand for units in Pavilion Residences.

“There are still many enquiries coming in. Most of them are checking the price and hoping that prices will go down.

“Personally, I think the current price psf is the resistant level. It should not go down anymore because most of the Pavilion Residences’ owners have holding power. They will not let go at ridiculously low prices,” Chew said.

According to EdgeProp.my’s data, as at Aug 1, the average transacted price for Pavilion Residences is about RM3.1 million or RM1,612 psf.

Meanwhile, current asking prices for units at Pavilion Residences on EdgeProp.my listings range from RM1,443.35 psf to RM2,295.33 psf.

Interested to buy properties in Bukit Bintang? 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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