Wednesday, 17 June 2015

Update on Seri Bukit Ceylon

Competition has heated up in the Bukit Ceylon Market with the completion of Laman Ceylon, 6 Ceylon, Verticas, Suasana, One Bukit Ceylon, plus the already competitive market. 

Seri Bukit Ceylon still sits in a more enviable position, that is coveted by tenants. A Best has taken over the apartments ran by Somerset. I stayed for 1 week with them. The price on the web is not bad at SGD 69++ for a 1 bedroom, 591 sqft unit. They are apparently running at a 90% occupancy rate.

My agent told me they would like to offer RM 2400 for my unit for 2 years. Which puts me in deficit per month for RM 900. This is not a good place to be for long, however, as I blogged earlier, the capital gains have been about 3-4% gross per year and this is low. I think as long as the rent covers interest, I'm ok to hold on for a while longer. The MRT is going to be up in 2 years and I would have hit my 5 year mark with only 5% CGT. 

So, this market, at this time, the KL city centre market is weak. Do watch for the 1MDB issues to be resolved and see RM sliding further. At this time of writing, it has gone down to RM2.821 RM and at the time of purchase, my exchange rate in 2012 was RM2.5, a >10% drop in exchange rate. 

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