Akasa Residence @ Cheras South Info:
Developer: Hap Seng Land
Property Type: High rise property/ Services Apartment
Land Tenure: Freehold
Land Title: Residential Title
Development Concept: 3 Tower (Tower A -35 storeys, Tower B & C – 29 storeys)
- Car Park Level: Level G-7
- Facilities Floor: Level 7 & Roof Top (Level 29 & 35)
- Residential floor: Level 8-28/34
Total Unit: 1000 units
Units per floor: 9-22 units
Estimated Date of Completion: January 2021 (48 months construction period)
Maintenance fees: RM 0.25 + 10% sinking fund (estimate)
(Level 7) Management office & Building Maintenance, Laundry, Activity Room, Steam Room, Changing Room, Function Room, Open Lounge, Alfresco, Gym, & Surau
(Outdoor) Open Deck, Wading Pool, Leisure Pool, Outdoor Shower, Jogging Track, Artificial Sand Beach, Cabana, Hammock Garden, Playground, Wisdom Garden, Reflexology Corner, Meditation / Taichi Deck, Lounge Deck, Main Lap Pool, & BBQ Corner
(Roof Top) Library, Lounge Area, Children Lounge, TV Room, Sports Hall, Sky Lounge, Lounge, Gourmet Kitchen, Games Room, & Private Dining Room
Price : RM 550 per square feet during launching
- Type A 850 sq. ft., 2+1 rooms, RM420,000 onward
- Type B 1,000 sq. ft., 3 rooms, RM470,000 onward
- Type C 1,155 sq. ft., 3+1 rooms, RM570,000 onward
- Type D 1,500 sq. ft. (dual key), 4+1 rooms, RM700,000 onward
Promotion Packages (dated on May 2017)
- 10% discount break down upon SPA signing + additional 2% discount for those who pen down SPA within 14 days
- Certain electronic items (air-con, water heater and etc.) are free; this may change from time to time
- Legal fees for SPA and Loan Agreement
- Tower A & C open for sale; according to sales person small sized units are welcome by market and mostly sold.
- Tower B not for sale yet
- Direct access from Silk Highway to the main entrance of AKASA
MRT Stations in Balakong are both within 2 km radiusEasy access to major highways – SILK & Sungai Besi Highway
Dedicated shuttle service to the nearby MRT station, KTM station and The Mines Shopping Centre (services offered by developer for 2 year period)
- The actual location for this development is located in Balakong area.
- Social community for this areas is form by Chinese (majority) and Malay society.
- Income level for this community range from middle low to high income level
- Balakong consists of various shopping malls that are frequented by tourists and locals, such as AEON(Jusco)Cheras Selatan Balakong , Mines Shopping Mall, Giant Balakong, Econsave Balakong and Carrefour Bandar Tun Hussein Onn.
- The area is served by two international schools, Australian International School Malaysia and Alice Smith School.
- Healthcare services and facilities within Balakong and Cheras area is Columbia Asia Hospital.
- Economic activities
- A busy town with small, light and middle industries. (majority of these industries are manufacturing products used in day to day life)
Area Property Transaction Analysis
Upcoming/ On-going development high-rise property (Supply)
- Astetica Residences
- Land Tenure : Leasehold
- (2017) Price per square feet : RM 600 onward after rebate (Rebate is vary from time to time)
- Total Unit: 568
- Amerin One Service Apartment
- Land Tenure : Freehold
- (2015) Price per square feet : RM 520 onward
- Total Unit: 608
- Symphony Tower
- Land Tenure : Freehold
- (2016) Price per square feet : RM 400 onward
- Total Unit : 1675
Remarks: There are too many new developments in Balakong since the announcement of MRT line extension. The above up-coming and on-going developments are most recently launched. It is estimated up to 3,000 new high-rise unit will be completed in next few years.
- C108, Liva Residence (Date is current as of30 Jun 2017 and supplied by iPropertyIQ)
- Silk Residence
Remark: iProperty does not provide rental analysis for Silk Residence. Base on market multi-listing website (iProperty, Propwall, & PropertyGuru) the rental range for Silk Residence is in between RM 1,000 to RM 1,600 per month.
Existing High-rise property (Supply) Property Transaction Record Study:
Something that need to consider…
- Impact of new infrastructure: MRT 2 extension project bring new station – Bukit Dukung in Balakong. Developers foresee that property demand will increase due to these to MRT station. Therefore, it is not surprise that there are continuously new developments launched by developers since 2014 onward.
- Rental Yield : the challenging part for this area is its rental rate. Base on previous record and rental trend, monthly rental rate for 3 rooms apartment in this area is below RM 2,000. The most optimistic estimates rental rate for 5 years later will be approximately RM 2,500 which is sufficient to achieve break-even cash flow projection for those who purchase in small sized unit. However, the most pessimistic estimates rental rate for 5 years later will be approximately RM 2,000 which still cover 65% of mortgage repayment. Since then, it is consider moderate risk of investment (just my point of view) and good for those who target on capital appreciation.
- Supply and Demand : I did not conduct a detail survey on up-coming housing unit in Balakong for next few year. Base on briefly calculation, there are estimated 3,000 – 4,000 units will be complete in next few years. As new MRT station maybe one of the reason encourage people to move in this area but it takes time.
- Competition from Neighbourhood township: I believe that property in this areas is competition with its neighbour townships – Bandar Sungai Long and Mahkota Cheras. In fact, there are some new developments with similar price range found in these townships.
Something that good to share…
- Establish Developer: This project is developed by Hap Seng which is consider one of the prime developer in market. They are well know by their workmanship and good reputation on the provided building materials. It is a plus point compare with other on-going development.
- Future of Balakong is brilliance and it’s matter of time. – Due to land is scarcity resources, developers are focusing on KL southern part. Balakong need a game changer just like SP Setia did for Setia Alam in Shah Alam.
Akasa Residence Summary
- It is could be a own stay or investment purpose.
- For investment purpose, Akasa Residence may offer high possibility on capital appreciation but low rental yield. Once the surrounding commercial area is fully occupied, an increment on property demand could be foreseeable.
- Potential of capital appreciation is medium level due to its rental yield.
- It may fit to those investors who aim for capital growth rather than cash flow.