Despite the concern of oversupplies of luxury condos particularly in KLCC with downtrend of subsale price, transaction volume and rental rate (Read the link http://theedgeproperty.com.my/content/1111151/luxury-condos-klcc-going-%E2%80%98cheap%E2%80%99-secondary-market), another developer has come up with new launches in Jalan Yap Kwan Seng.
Aptly called Isola @ KLCC which means Island in Italian (we will come back to that later), the new development joining the congested Jalan Yap Kwan Seng where the noise and dust seems to be perpetual from construction site of Star Residences (By Symphony Life), The Mews (By E&O), Crown Plaza (By Yuk Tung group) and Ibis Hotel.
Read on about the development.
Listed in Bursa Malaysia via reverse takeover (RTO) of loss making Takaso, OCR has been making losses for past 5 years. The company suffered the worst losses of RM8m in 2015 before halves it to RM4m in 2016.
OCR’s past 5 years financial statement
However with order book value of RM287mil and The estimated profit attributable to OCR from both projects over the construction period is estimated at RM7.98mil for the Bukit Jalil project and RM6.17mil for the Seri Gading project, the company expected to return to profitability in financial year 2017. Read more in the link below.
Their current ongoing project such as The Pano @ Jalan Ipoh (read propcafe’s review in the link here http://propcafe.net/the-pano/) and Flexus@Jalan Kuching.
Located in Jalan Yap Kwan Seng, Isola @ KLCC is sandwiched between the landmark Stadium Negara Restaurant and Expressionz sales gallery. Located just behind Isola @ KLCC is E&O’s under construction development The Mews which was sold for approximately RM1400psf.
Location of Isola @ KLCC
The Site (Source from google street)
For those who familiar with KLCC, Jalan Yap Kwan Seng traffic can be quit nightmare particularly at evening’s office rush hour.
Overview of Development and masterplan
The 16000sqft (Yes, you read it right less than 0.4acre) freehold Isola @ KLCC consists of 140units with GDV of RM204millions. There are 4 blocks with 3lifts on the core. Isola @ KLCC is designed by award winning Unit One Design with each block is arranged like a wing with connecting corridor to the core lift. And to maintain privacy and exclusivity of the development, each block only consist one unit/ floor and hence the development is named Isola which means Island in Italian.
From corridor, residents will have their own foyer before reaching to their unit. However PROPCAFE couldn’t help but notice that the corridor and foyer is open concept open to outside. With our Malaysia unpredictable storm, residents might walk on the pool of water or get themselves wet from splashed rainwater during one of those torrential rain.
The blocks are with varying height with the maximum height is 52 storeys. Due to the land size limitation, the facilities are placed in different level and location across all the blocks. For example the sky pool (seriously it is a pool?) is located on roof of block B and resident lounge on roof of block C. Also rather than conventional carpark, developer has adopted fully automated carpark system where you can leave/park or pick your car at the lobby within 90seconds.
For some news of the Isola @ KLCC, readers can click to the link http://www.theedgeproperty.com.my/content/1052354/oc-resources-launch-isola-klcc-1q2017
One word. Iconic. It is refreshing to see what developer/ architect capable to work their wonder on such smallish land. The façade looks slim with maximum 52 storeys the height reaching 200m.
Artist Impression & Scale model of Isola @ KLCC
Unit and Floor Layouts and Show Unit
In general there 4 standard layouts where each layout is dedicated to each block
|Block A||Type AS1/2
|Block B||B1/2||1076sqft||2 bedrooms||24 units|
|Block C||C1/2||904sqft||2 bedrooms||36 units|
|Block D||D1/2||764sqft||2 bedrooms||26 units|
|Block A ~ D||Duplexes||1087~1625sqft||2 ~3 bedrooms||15 units|
*One penthouse 3390sqft
There are some duplexes available ranging from 1087sqft (2 bedrooms) to 1625sqft (3bedrooms). These duplexes generally located on the high floor.
The layout is practical and efficient. The sizes and the configuration seems to be updated with KLCC where focus is sub 1,000sqft and 1 or 2 bedrooms configuration.
The washer and dryer apparently will be located on foyer. It is strange though to see for type AS the bathroom is not ensuite with the bedroom.
Type AS and A
Type B2 and C2
Living, Dining and Balcony of Isola @ KLCC
Full fitted kitchen with Beko from United Kingdom as the white goods
Bathroom with Duravit and Grohe as sanitaryware and fittings
Bedrooms with Bed and Wardrobe if you choose the furniture package
For prospect buyers who saw the show unit, the ceiling height seems to be impressive with 12ft with stunning balcony door from floor to ceiling. However behold your excitement. The actual ceiling height will be only be 10ft and not 12ft as reflected from the show unit after checking with friendly SA.
The unit will comes with fully fitted kitchen, aircon, water heater, washer & dryer, digital lockset however this developer will throw in some freebies which includes Sofa, Wardrobe, dining table/chair and bed. However if you wish to remove those “freebies”, please check with developer the alternate package.
The sanitarywares is quite a good brand where Duravit and Grohe will be use. However to the surprise of author, Beko (do you know where the brand came from?) will be used for white goods. The tiles is from NIRO and engineered timber flooring across bedrooms.
Due to the smallish land size, the facilities are located on different level and location across all the blocks. Again… due to land size limitation, some of the facilities can be awkwardly small. For example the sky pool… the length is probably around 10m which may not be sufficient for any lapping. Other than the pool, the basic facilities such as resident lounge, business centre, gym and multipurpose hall.
Facilities at Isola @ KLCC
Financing and Freebies
Currently developer offer 6% rebate with freebies and free trip to japan. However if you do not wish to take up the freebies and the trip, developer willing to throw extra rebate to the buyers. As usual… developer will free the legal fee for SPA and loan agreement with exception of MOT fee.
The project is priced around RM1800psf before any rebate. The premium per floor is RM2k and therefore explain the higher floors are being taken up first. At the time of writing, all the type AS1/2 already taken up. Anyway…. There are only 13 units of them in Isola @ KLCC.
Currently the maintenance fee inclusive sinking fund is fixed at RM0.66psf. To answer the question, the fee does not include the automated parking. The automated parking will not form part of the accessory parcel and residents will have right for one parking bay where fee is RM100 per month. Therefore if you buy a 635sqft, the monthly fee will come out to be approximately RM520. Quite a princely sum for one bedroom apartment.
The construction is estimated to take about 4 years.
PROPCAFE being PROPCAFE we manage to dig out the Bursa announcement with regards of the land acquisition. We have screenshot the pertinent points and despite the smallish land size, OCR is able to squeeze out RM64m profit or 31% gross profit.
Profit Margin from Isola @ KLCC for OCR
The land is getting scarcer an even a smallish land where previous life was bungalow also been converted to high end + density development. Jalan Yap Kwan Seng according to PROPCAFE’s KLCC zoning located on zone 2 (Can read the link here http://propcafe.net/zoning-of-klcc-properties-zone-1-and-zone-2-where-and-what-to-investbuy ) which means the development is not as prime as those located in Zone 1. Nevertheless… some will be attracted to iconic façade.
In the same time, PROPCAFE’s wondering the practicality of converting those bungalow lot to high density development and adopting automated carpark system. In long run, there might be maintenance issue and what if the system break down and the spare parts need to be imported? A point to be pondered….
Happy Investing folks!