“During our bilateral discussions this morning, we stressed on the importance of the industrial working group to meet on regular basis to encourage investors from Singapore to relocate investment here as well as for new investments to take place here in Iskandar. “Iskandar has many attractions as you know. The success of Iskandar had exceeded the regional plan and I am confident that with the support of the Singapore government, the private sector will respond very positively,” he told a joint media conference with Singapore Prime Minister Lee Hsien Loong after the ground-breaking for the two projects 2 years plus ago.
PM Lee said the Malaysian government had shown a lot of commitment and drive in developing Iskandar Malaysia where a lot of investment have come in including a significant amount of the investments from Singapore.“I believe there is a lot of potential because from Singapore’s point of view we are developing. At the same time, there are a lot of spillovers of what Singapore companies want to expand or companies which want to come to Singapore but can’t quite fit in Singapore and I think Iskandar offers prime opportunities for them,” he said. “As long as the Malaysian government link-up Iskandar with Singapore, there could be good prospects from Singapore’s point of view. We are very happy that it is going to succeed,” he said. He hoped that the wellness development project would become an “oasis” to the people not only from Malaysia and Singapore but also from all over the region to recharge their “batteries” to enjoy and to absorb the spirit of wellness.
Updates since 2013
Brochure stated price min RM501,888 to max RM1,153,888. From RM750to 1000 psf.
What else is great? Well…it’s all small units (studio, 1 bedroom, 2 bedrooms) which makes absolute units price lower. Easy for the pocket is a nice thing. Another thing overall concept is compact units…mean the project provide one range in term of size…and some how I feel that is a good concept or package for investment.
Again…low volume of 147 units…21 storey, is average in height…7 units per floor with 3 lift + 1 service lift. Carpark volume…stated in brochure 265 (almost double the number of total units) and was told with approximately 20% allocation for residence’s guest. Sounds reasonable….and each unit is allocated 1 parking lot. All these are excellent specifications.
Land tenure 99 years, expiring 31 May 2111 with option for 30 years extension to 2141 Maintenance is at 49cent psf…yikes that is expensive. But expected with the low number of units.
Another perspective on Afiniti Residences…rare and reserved for exclusive few are…Afiniti will be a landmark…it will be symbolic representation of relationship and collaboration between two countries. Imagine the unprecedented support from both governments in business activities. To picture it otherwise would mean the years of work going down the drain…and anyone who following the political history would acknowledge this is an achievement embodied in Afiniti.
So to speak…Afiniti is the icing of the cake for now not only for Medini but Iskandar development. And to have the prized project release for sales at this early as 2013 when Medini development still at it’s infancy…
Below is an account of the experiences of another blogger for your impressions:
Updates June 6 2013
2 days to ballot day…all out marketing effort with the project appeared in Tuesday night Singapore news. I managed to went down and have good look on the model and the site. Learnt a few things, one the construction is really really started…this makes the development likely be the first Medini residential ready in early 2016. Two the Oasis wellness garden landscape thingy right in the middle is designed by the same group who did Garden By The Bay, Singapore. That’s make it another big name to the project…
What else is we been playing catch-up with the indicative psf price…from I Must Get A Unit on RM700-900 psf…to I Not So Sure Now of RM850-1000 psf in a matter of couple of weeks.
Last I heard about approx 1,600 registrants, let’s filter the 50% parties whom registered just for play play. Still leave us with 800 registrants. Filter again 50% those loses interest, still watch and see and lazy to submit RSVP groups out. Left 400 registrants….and that still an oversubcribed of 2 1/2 times.
No matter how I slice and dice the figures….147 units is too few not to be taken up on Saturday itself. Not to mention those that just got to know this week and will join as public ballot group.
With that said, my circle who been following Iskandar feel the price is steep. And everyone is asking…is it still worth it with the latest indicative price coupled with high maintenance 49 cent psf and higher utilities for being on commercial plot.
Many angles of viewpoints been analyzed…and I assured you…no stone was left unturned. Yet there is no conclusive answer of Go or No Go…
In conclusion…goes to the basic guiding principles…going to eye an unit size, facing, level and lastly a max psf pricing. That will be the determinants on the day itself.
Updates June 7 2013
Interesting piece of new from NST http://www.nst.com.my/streets/johor/afiniti-residences-well-received-1.295270 First KPMG is observing the ballot…kind of cool to have that. Second PIV is looking for international property management firm as building management and leasing. Isn’t that cool because with the high price and tiny apartment…leasing was the main concern, at least for me.
With that load taken off…let’s do some unit studies. I remember reading somewhere units Type 2A, Studio & 2, facing Legoland will be more expensive. Again theoretical visualization…tells me these are over hyped units. First of all Legoland is far to the left with a very narrow view and possibly only the unit of the most left get a lousy view…probably you need to stick your head out the window to catch a glimp. And it’s far…you will see a big flat white roof of Mall of Medini a lot more. And yeah…the pool is on top too…so whole stretch of Legoland view units…OUT!
Hang on there…the Studio unit is there…the cheapest…so perfect for rental. Not to mention it’s the only unit with a small 5 feet wide BALCONY! I love balcony…what a unique feature…and there only 1 Studio on a floor…total 21 Studio units…just 21 people in the world can own a Studio in Afiniti. Okay maybe Studio is a pretty good idea…only flaw is very limited windows space…this unit gonna crave for sunlight…or is it? since it’s a full glass floor to ceiling design.
Studio shortlisted on basis of, balcony, super least units available and cheapest.
Units type 1, 2B & 2C on the north section…2C facing Oasis is OUT, it’s too near to Somerset and blocked by Afiniti Residences building itself. Type 1 & 2B are great units being good size 1 and 2 bedrooms…
2B shortlisted on basis of unblocked unit and best 2 bedroom location.
Unit type 1A is nicely located on it’s own section of the building over looking the Oasis…like this location very much that why type 1 is not shortlisted. The drawback is this unit is big for a 1 bedroom, it’s going to be costly and not good investment sense on rental yield. Put in a little more…getting the 2 bedroom makes better sense.
1A shortlisted on the basis of best located unit of all units of all sizes.
Alrite, 3 units sizes shortlisted. Shall see what happen tomorrow.
Updates June 8 2013
Woke up early, got everything ready and move out by 9am…by then causeway was already super jam….chose to go by Tuas only to be greeted with a massive jam and that was 9:45am, I’ve less than an hour to reach Trader Hotel @ Puteri Harbour. Deployed every tricks I know on shortcutting in a jam plus a high speed drive…I reached Trader Hotel 10:28am.
Finding my way at brand new Trader Hotel, I was impressed…very nice low rise design overlooking harbor and the back is a very nice stretch of commercial shops…several eatery outlets, Caring Pharmacy and Toy R Us Express are there.
All was good because the event was delayed to 11am due to many registrants stuck in jam. Did the registration for ballot coupon and teared half into the ballot box. The coupon slip in the ballot box doesn’t look like a lot…inside the ballroom there are around 200 people…very confident my chance is high…
Ballot event started…morning session 1 should draw 3 groups of 10 person each group…draw by draw and time ticked away….3 groups was filled fairly quickly less than 45mins…my name was never called. Round 1 no luck…By this time the people in the ballroom grow denser.
An hour breaks took place before morning session 2, again of 3 groups of 10. By the time the ballot session 2 reached half way…you can feel there are more and more people in the ballroom…my confidence level drop tremendously…needless to say no sign of my name in session 2 as well. Round 2 failed…
Afternoon session comes again with 1 hour break…similarly 3 groups of 10 only this times there was still a 3 groups is due to left over units from earlier session group. And this is when I got to know the total available units is less than 2/3 (over 80 units) of the 147 total units. This is when my confidence level drop to the floor…and session 3 no me name too. Round 3 failure…
A short 30mins wait before session 4 with 2 groups of 10…for any balance units. Still hopeful yet I know if there is a remote chance, all the unit balance are of unwanted due to undesirable and high price. Once again did not hear my name…Round 4 consolation round also failure…
Yet again I waited til the very end…believe me I waited and tried in everywhere to get in by right or left…
Maybe it’s the ballot effects…I was so sure at the time and still…such an exclusive high influence project guaranteed significant investment return…the chance is 10 to 1 in the ballot…strategy on choosing units and psf price cap is worthless without getting balloted. To get balloted early is extremely lucky…for the last batch of balloted people…the strategy should be as simple as grab the next available highest floor unit…it could be 4th floor is highest…grab!!!
This first painful ballot experience for an extremely exclusive project taught me…
- Go extra mile to get a unit without ballot. Yes…there is a whole action scene before balloting. I heard rumor before hand units were reserved with no need of balloting. Appeared over 50 units were not in the balloting event.
- Maximize in anyway to get more ballot chances. People can always put in different people name especially in a family circle.
- Deploy all available tricks at the time to get in without ballot after ballot failed. I saw one guy made complaint after the ballot event…works like magic…he got in…hmmm….
- I’m sure people will drop out even after balloted and confirmed a unit…these cases may not be accounted for…
Updates July 14 2013
By the way…I’ve managed to get a unit 🙂
And so do I, the author Danny here! Not one but 2 units, one under my name and the other under my company’s name. A high floor studio and a mid floor 1+1 bedroom. How lucky can I be back then!? Or so I thought then….
Fast forward to Update 20 April 2016
I received Completion Letters for both my units and 29 April is my Key Collection dates..
Fast forward, the market here has tutned subdued to the point of bearish, following the downturns of the Singapore property mart for the last 2 years, which also affected the market a great deal. Sentiments are down and hence the euphoria in getting these 2 units at at the Ballot was long gone and its in fact turned into anxiety for many, including myself, as an investor of these 2 units…
My game plan: 1. Furnished 1 unit to rent to Medical staffs across the street at Gleneagles and 2. Convert one unit into a Themed Hello Kitty Condo unit to attract Airbnb homestayers from the globe who come to visit Leogland 🙂
Stay tuned folks…..