Cyberjaya is known as the hub of technology because it has successfully established itself as the premier location of corporate offices, technology spaces, and commercial complexes that all combine modern technology with convenience and amenities. Hence, it’s no surprise how Cyberjaya has changed as more and more residential and commercial properties have been built there over time.
One of the prominent properties among Cyberjaya’s long list of residential and commercial developments is the Hyve. The Hyve consists of two towers—21 storeys and 20 storeys respectively—built on top of a podium which consists of five levels. This freehold property stands on land a little less than five acres on Jalan Impact. It is interesting to note that the Hyve is somewhat ‘dis-attached’ from the other residential areas in Cyberjaya where the other condominiums and student flats are.
About The Developer
Kimlun Corporation is the developer behind The Hyve. It was listed and included on Bursa Malaysia in 2010. Formed in 1977, the corporation has been successful in developing infrastructure and construction projects for the past few years. However, in an effort to jumpstart change and innovation within the company, Kimlun began focusing on developing residential and commercial projects outside their headquarters in Johor, and The Hyve is its biggest project to date.
Kimlun planned to build properties with a SoHo concept in Cyberjaya because of the high demand among both locals and expats—especially those who work or study in the area.
Why The Hyve?
The condominium’s name is actually derived from “hive”, to adapt to the concept of bees living and working in a hive.
The Hyve boasts of an 80,000 square feet worth of space dedicated to amenities and facilities, including a clubhouse, a jogging track, private function rooms, wiFi hotspots, and a business centre. Built-up areas for The Hyve units start at 450 square feet to 1,035 square feet.
In order to be stand out among the rest of its neighbouring properties, The Hyve does not have shops or retail outlets on the lower floors. The developer planned to make the property mostly residential, with professionals and small families as target residents. In order to maximise the property, Kimlun included several SoHo units. In order to preserve the exclusivity, privacy, and employ work-life balance among the condominium, the developer made SoHo units small.
Selling prices are estimated to go from RM450 per square feet to RM700 per square feet. These pricing levels are almost unimaginable couple of years back when Cyberjaya is known primarily for its Silicon Valley pretensions and much less of a place to live. Prices in the neighbouring Shaftsbury Square are reportedly breaching the RM650 PSF mark, and it does seem that there are some bargains to be had if you can find units which are below the fair market price. Use this valuation guide to help you.
Many employees working in Cyberjaya will find The Hyve as a good living space, as going to work will be easy and convenient.
There are several highways and roads that can be utilised in order to go to Cyberjaya. The Damansara Puchong or LDP Highway is one, as well as the Maju Highway, and the ELITE Highway.
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Cyberjaya: The Next Modern Residential Enclave?
As of this writing, we have seen a lot of properties being developed in Cyberjaya. These include the Garden Plaza @ Cyberjaya, The Place @ Cyberjaya, and the Shaftsbury Square. These properties have been reported to have high sales rates upon construction.
While more and more developers have their sights on Cyberjaya, this sudden increase in numbers might create lesser demand, which may result in lower sales rates over time. However, commercial complexes like shopping malls(specifically the Centrus Mall) might attract potential investors and residents in the future, and eventually increase the market value of the properties scheduled to rise in the future in Cyberjaya.
The future remains unseen, but Cyberjaya shows a lot of promise. With a lot of residential properties brewing to change the entire area’s landscape, modern living is readily available. Slated commercial establishments will continue to attract more and more investors and residents; developers like Kimlun will continue to strive and develop quality residential properties such as the Hyve to accommodate the growing demand for convenient and luxurious living in a location that’s bound to burn bright as years progress.
Cyberjaya is fast getting a reputation for being an attractive rental market due to the presence of students (from the Multimedia University, Limkokwing University as well as a score of other colleges) as well as workers in the many multinationals which are situated there. However, given the exponential rise in launches in the past few years (with the near saturation in terms of development land in Kuala Lumpur) it does seem that an oversupply situation would be in order unless there’s a drastic increase in population.
Given that the Hyve is a little “off” location and it’s a little further from the colleges, it might not hold that much appeal to the students. On the other hand, young executives working in Cyberjaya (or on their own – in the case which they would also be interested in the SoHo units at Shaftsbury next door) may find Hyve to fit into their requirements – especially when the sizes are small-ish (with the biggest units, the TechnoSuites, at merely 850 sq ft).
Finally, the price is a point of contention; the entry point is rather friendly to the beginner investor (RM210,000+ for the one bedroom configuration after discounts) – you definitely won’t be seeing many of these kinds of properties now in greater Kuala Lumpur (no, not even in fringes like Puchong). The price on a PSF level, however, is definitely nothing to be scoffed at; to see if you will be paying the fair market price then use our property valuation guide which you can download below.