Tuesday, 9 April 2013

Robertson: City Living Ain't Cheap

Gamuda land is ready to launch its first ever high rise project in the heart of KL city - The Robertson.

The 2.94 acres land at Jalan Pudu next to the abandoned Plaza Rakyat & Pudu Sentral, was bought way back in year 2010 at the price of RM820 psf. Now it will be turned into a mixed commercial development with a GDV of RM670 million.

The development comprises a row of 2.5 storey shops, a 10 storey commercial complex and 2 blocks of 41 & 45 storeys serviced apartment.

        The Robertson

The unit sizes for this freehold commercial title serviced apartment ranges from 538 sqft to 807 sqft. Price is expected to be from RM1300 psf for the fully furnished unit.

There will be 6 shop units measuring 28 x 59 sqft with the price starts from RM1250 psf.

The area near the previous Puduraya is notorious for its traffic and crime, with long-distance buses queuing along Jalan Pudu emitting exhaust smoke, and local people and foreigners zig-zagging across the road. The condition may become better after the upgrade of Puduraya to Pudu Sentral and shifting of some southern-bound long distance buses to Bandar Tasik Selatan.

       Facelifted Pudu Sentral

Though it is considered as KL old town, the location is actually quite strategic. It is located within walking distance from Bukit Bintang, Berjaya Time Square, Petaling Street, new Pudu jail development and the future Menara Warisan Merdeka site. The left-rotten Plaza Rakyat if redeveloped, may make this area more attractive.

The initial plan of Plaza Rakyat comprises a 79-storey office tower, a 46-storey condominium, a 24-storey hotel and a 7-storey shopping centre. 

       Location of The Robertson

The best part of Robertson is the convenience of public transport. The LRT station is just next door at Plaza Rakyat, and Pasar Seni/Masjid Jamek and the monorail are not far away. There are plenty of public buses and taxis at nearby Pudu Sentral and Kota Raya.

The price at RM1300psf is quite high at this moment, but after a few years, people may think that it's not. Smallest unit 538 sqft will cost RM700,000 and if rented out, should ask for at least RM3500 per month. Whether it is worth investing in, it depends on how each investor analyses it.

If Gamuda succeed in turning this area into a "classy" area with al-fresco dining along Jalan Robertson, and the Plaza Rakyat project is revived, then it will be good for the buyers.

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