Sunway City has been stringing a lot of quality residential developments for the past couple of years. Sunway Palazzio is one of Sunway City’s brightest, as it has won numerous awards, including Best High Rise Residential Development in Malaysia back in 2009 by Asia Pacific Property Awards. It is also the first high rise condominium to be awarded the BCA Green Mark Gold Award in Malaysia.
But who cares about these self important awards anyway? As most of us know, these are bullshit awards being given to each other in a rather incestuous manner. We here at PropertyReviews.my are more concerned about the property’s quality, and perhaps more importantly, the capital yield 🙂 So let’s get into the review, shall we?
Sunway Palazzio is a freehold condominium that is located on Jalan Sri Hartamas near the Mont Kiara enclave. It is made up of two blocks, both with 40 storeys each. The condominium is home to 160 units in total, including six penthouse units.
For privacy, the condominium only has three to five units per floor, starting from level two until nineteen. Its parking bays are spread on four basement floors. Built-up areas for the condominium’s units start at 2,507 square feet. Its largest unit is measured at 5,327 square feet. Layouts are abundant, as potential residents may choose from:
- A and F – 3,336 square feet
- B and E – 2,819 square feet
- C and D – 2,507 square feet
- G – 5,327 square feet
- J and K – 4,240 square feet
- L and M – 3,691 square feet
- Penthouse units – 8,000 to 10,000 square feet
As you can see, the size of the units are huge. No bachelor would require 10,000 square feet of space anywhere to live, party and frolic around, unless he’s Jho Low 😉 These units are targeted more for the affluent family which grows by size over the years.
True enough, the Sunway Palazzio truly lives up to its name when it comes to facilities and amenities. As what one would expect from a luxury condominium, the condominium offers dual-infinity pools, a barbecue area, a sauna room, a sun deck, a fitness centre, and a gymnasium, for starters. In addition, Sunway Palazzio also has a lounge, a poolside function area, a spa pool, a children’s pool, a surau, and a multipurpose hall.
In terms of elegance, the condominium has beautiful landscaped gardens and water features, complete with a reflective pool. The Palazzio also comes with housekeeping and concierge services, complete with a 24-hour security system that includes CCTV services, A/V intercom, guardhouse interlinks, and a card access system for its residents. Residents are also entitled to a storage room at the condominium’s car park. A car washing area and a driver’s room are also available for additional convenience.
Sale Prices and Price Trends
Average transacted prices for the Sunway Palazzio has been rising, especially for the past couple of months. In the middle of the year, listed sales price for the condominium is around RM620 per square feet. A quick check at the property portals shown some listings at the RM650 per square feet level, which seems rather mid-range especially when compared to condominiums in Mont Kiara where newer launches are priced at RM800 PSF and up.
The relatively huge sizes mean that the capital outlay is high; RM2,000,000 seems to be the minimum. We have also seen several units for sale at RM7,000,000 – which is the price of a Bukit Tunku or Damansara Heights semi-d or bungalow! Are these fair market prices? Quickly check using this real estate pricing valuation guide which you can download here (for free).
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PropertyReviews.my Final Analysis
We have seen our fair share of dodgy and abandoned projects, and inevitably those come from ill-reputed developers who set up RM2 Sdn Bhd companies with abandon. Sunway has established itself as one of Malaysia’s biggest property developers and its well deserved reputation among investors definitely makes their developed properties attractive and sought-after.
Sunway Palazzio is one of Sunway’s well-received condominiums, especially in the Sri Hartamas area. With its long list of facilities and amenities, great location, competitive prices, and exclusivity and privacy for residents, considering investing on a unit seems like a good idea, but there are several disadvantages:-
- Given its huge sizes, the capital requirement might be too high for the casual investor.
- Rental market could be challenging, again due to its humongous sizes.
- The Mont Kiara glut is spilling over to the Hartamas area.
We are still attracted to the relatively low-ish price PSF which could well mean that the Palazzio is somewhat under market price. To check if this is true, use this handy little price valuation guide below –