Seventeen Residences is a serviced apartment component located above buzzing commercial spaces nestled in Petaling Jaya. The development was developed and completed by Conlay Constructions Sdn Bhd in 2019.
Real estate negotiator of Hectarworld Realty Sdn Bhd Liza Tieo told EdgeProp.my that the development is located strategically in Section 17, PJ, which was also one factor which attracted the buyer.
“Location was the decision key. Seventeen Residences stood out because of its close proximity to (the buyer’s) family members, multiple road access to highways, eateries all around and with the neighbourhood mall downstairs. The buyer had been searching for an ideal property like this in the market for half a year,” Tieo noted.
Meanwhile, the owner was looking to offload the property as he wanted to streamline his portfolio and provide a pivot for the uncertainty that comes with a pandemic.
“It is a good deal for both parties where the buyer obtained the property below market price whereas the owner was able to reduce the risk of holding too many properties during the CMCO. More importantly, all parties were able to proceed expeditiously and enthusiastically concluded the deal as good friends,” she shared.
According to EdgeProp Research, nine units of Seventeen Residences were transacted at an average price of RM550,556 or RM868 psf in 2019. No transaction was recorded so far in 2020.
As at December 2020, 15 units were listed for sale in EdgeProp.my with the average asking price of RM756,267 or RM926 psf. Meanwhile, 20 units were looking for tenants with an average asking monthly rental of RM2,300 or RM3.16 psf.
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