Right at the heart of a city, on a hill called Bukit Ceylon, is the 31-storey Angkasa Impian 1. Bukit Ceylon is said to be one of the best residential locations in the heart of Kuala Lumpur. It is within KL’s Golden Triangle (the entertainment, shopping and commercial capital). It also houses the palace of Sultan of Pahang.
The single block of Angkasa Impian 1 sits on a freehold land next to Angkasa Impian 2, Mutiara Villa and City Gardens. It is surrounded by a few hotels and guest houses. Being located on a hill and at 31 storeys high, Angkasa Impian affords its residents on higher floors a commanding view of the city and the mountains.
Based on current listings, selling prices of units at Angkasa Impian 1 range from RM440-RM570 psf while rentals are pegged from RM2.20 to RM3.25 psf. Its next-door neighbor, Angkasa Impian 2 sells from RM440 to RM560 psf while rental rates range from RM2.50 to RM3.30 psf. Another residential property within the vicinity, Mutiara Villa are sold from RM380 to as much as RM730 psf while rental rates range from RM2.60 to RM3.30 psf.
There seems to be a rather broad spread of asking prices despite rather stable transaction prices historically (around the RM400 PSF level). While there may be “bait and switch” listings which are rife on the local property portals, we reckon that the “fair price” should be around that level still based on a number of factors – Angkasa Impian is leasehold despite being in the middle of Kuala Lumpur, the presence of very similar properties around the area which pushes up the supply. To come up with your own analysis, use our simple valuation guide which you can download here. It’s free courtesy of GoodPlace.my 🙂
Living at Angkasa Impian 1
According to anecdotal sources, Angkasa Impian 1 is old but is well-kept; or even better than some newer developments in the area. 🙂 Condominium units at Angkasa Impian 1 are have built-up sizes from 500 to 1,950 sqf and layouts start at the one bedroom apartment. Facilities provided for residents include covered parking, swimming pool, sauna, children’s playground, gym and barbecue area. Security is also provided 24 hours a day.
Bukit Ceylon is considered a jewel by a lot of investors. And with new and luxurious developments underway, market prices of properties here are expected to pick up in the next few years. It is a mixed enclave, a melting pot, so to speak. From 5-star hotels, luxury condominiums to ordinary flats, you will find in Bukit Ceylon.
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Since the prices of the properties in the same area are almost identical, what sets apart Mutiara Villa from the Angkasa apartments is the fact that the former is a freehold property and the latter are leasehold. However, for some investors, this may not be a major concern especially if they plan to rent out the units they are buying. Per the information we gathered, Angkasa Impian 1 has more or less 70 years more. This would be enough to get a return on investment, especially if a buyer could score a unit for a cheap price. Also, there seems to be a ready market for the Angkasa among the expats due to its favorable location.
All in all, we like Angkasa Impian 1, despite its age, for its location and the well-maintained facilities. We reckon that the fair price should hover well below the RM500 PSF point – but it’s advisable for any prospective buyer and investor to figure out the “true market value” in order to maximize the return on investment. To do this, download this guide here –