X301 wrote:After some thinking...
I think Vega got potential but too early to buy? In my humble opinion:
- PKNS got relatively good record, most of their developments I found saw appreciation.
- Expected VP August/September 2013, so no abandonment risk and since VP ahead of pending oversupply (2014-2015? not sure), maybe can still get tenant for good rate and pray they don't get tempted to move if oversupply brings rental rate down.
- Cheap entry, got 10% rebate and booking only 1K. If first-time home buyer, can get cashback to buy more properties.
- Low-density and still minutes of driving away from everything in Cyber.
- Full condo facilities.
- Not that far from KL...I tried driving from here to Bangsar, only 30 minutes or so through MEX (RM2.50) and then cut into NPE (RM1.60)..although can opt to go into Timur-Barat and no toll all the way to Old Klang Road or Midvalley area but that area usually slow moving in the morning. Plus Putrajaya Sentral also 15 minutes drive away only, can take train to KL Sentral (20 minutes) but pay RM9.90 one way. Got train to KLIA also.
- Walking distance to Pan'gaea (first real shopping mall in Cyber, estimated completion in 2017).
- Opposite lake, if developer do SSP2 up nicely will be a nice surrounding further away from heart of Cyberjaya without being too far.
- Entry price at the moment looks to be around 540 psf...Pan'gaea around 700 psf? So got legs if OSK do a good job and price soars later.
- Oversupply of studios in Cyber..got studios in the Domain series ady, d'Pulze and Serin on the way, Hyve also...overestimating the studio demand? Mostly foreigners woh looking for studios.
- If target foreign students, most of them studying in LKW for example don't drive..no sign of a bus stop in front of Vega yet, so tenant must drive...until Pan'gaea mall finish and start operating, not walking distance to anything so connectivity is an issue. Not to mention these driving foreigners may see better appeal in Seri Kembangan with more hypermarkets and amenities just 20 minutes away from Cyber, btw only downside of SK is horrible jam between 7.45-9.00am every morning at the LDP intersection towards Puchong/Cyber.
- This is very long-term...Vega is surrounded by empty land except for the ex-Talam Taman Pinggiran Cyber, 1sty landed house area behind it..based on the model at the showroom, a lot of construction will be going on around Vega so not sure how much impact the noise, dust and sore sight will be...not to mention if road quality will be improved (currently not that good) or will further deteriorate..so until Pan'gaea up and running + surrounding area improved, can still get positive cashflow?
- Leasehold and commercial title = higher utilities, right?
So I think this is good for own stay if you need the cashback to shoot for cashflow property..if purely for investment, flip coin like that loh...unless can target working professionals/expats from Cyber, maybe KL/Subang who don't mind driving a little further just so they don't have to stay in student-dominant condos in Cyber.
My humble 2c..please comment if I miss out anything..
Very good and fair review.