DONE DEAL: AraGreens Residences serviced apartment, Ara Damansara, Petaling Jaya

Sold for: RM1.243 million (RM833 psf)

Concluded by: Kenex Seng (REN 04277) of PropLeague Realty Sdn Bhd (03-9054 8810)

When: December 2016

Noteworthy:
● Freehold
● 1,492 sq ft
● Facing southeast
● Mid floor
● 3+1 bedrooms + 3 bathrooms
● Renovated

AraGreens Residences is a new resort-style serviced apartment project completed in the third quarter of 2016. The project sits on a 7.42-acre freehold site and features 700 units.

“The buyer likes the environment of the place. About 65% of the development is community space, which is designed for wholesome family recreation,” said real estate negotiator Kenex Seng from PropLeague Realty who closed the deal.

Besides a 1.4km network of jogging paths meandering through water features, there is a multi-purpose lawn, an adventure corner with facilities including a rock climbing wall, swimming pool, herb garden, basketball court, badminton court, soccer field, karaoke, golf simulator and skate park.

Seng said the seller had intended to stay in the unit hence had invested “a lot” in its renovations. “The plan changed when they decided to move to a landed home and let this unit go.”

However, owing to weak market conditions, the unit was on the market for nine months before it was sold in December last year.

The unit was on the market for some time as “the seller asked for RM1.39 million and the market price was about RM1.28 million. After a few months, the seller agreed to lower the asking price and in just two weeks, the buyer decided to make the purchase,” said Seng.

After offsetting the renovation cost, the seller did not make much of a profit from the unit.

Listings on the TheEdgeProperty.com show that the current average asking price range for similar-sized units at AraGreens Residences is between RM1.3 million and RM1.48 million. The average asking price psf is RM904 psf, while the indicative average rental is RM2.64 psf with an indicative rental yield of 3.51%.

Interested to buy properties in Ara Damansara? Click here.

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