Chelsea, Sri Hartamas

Chelsea (also known as Chelsea @ Plaza Damas 3) is a fully-furnished bite-sized serviced apartment located in the affluent Sri Hartamas vicinity. It is part of Plaza Damas Phase 3 (also known as Plaza Damas 3) development which is located opposite Hartamas Shopping Centre and the earlier phases of Plaza Damas.

Plaza Damas 3 is an integrated shop-office and residential development sprawling over 5.423 acres. It consists of 72 shop-office units, and 1,452 service apartment units. The service apartments are to be built on top of the shop-offices. The shop-offices are designed with wide frontage with built-up size of 26 ft by 45 ft.

The service apartments are built over three phases, namely Carlton, Chelsea and Cliveden. Each unit has built-up size ranging from 488 to 928 sq ft, and comes in six designs from studio, one-bedroom to 1+1 room setup. Chelsea is launched in August 2009 from RM330,888 per unit. Initial buyers were offered 10/90 package that consists of 6% guaranteed return for 2 years, minimum down payment of RM15,000 upon signing SPA (Sales Purchase Agreement), interest free during construction period and free legal fees and disbursement of loan.

Property Details

• Name: Chelsea (also known as Chelsea @ Plaza Damas 3)
• Address: Plaza Damas 3, Jalan Sri Hartamas 1, Kuala Lumpur
• Developer: Mayland Universal (Mayland Group of Companies)
• Completion Date: June 2011 (estimate)
• Type: Serviced Apartment
• Tenure: {Tenure}
• No. of Blocks: 1
• No. of Units: 230
• No. of Bathrooms: 1
• Land Area: Part of 5.23 acres
• Built-up: 500 sf (Studio)
• Maintenance Fee: RM0.35 psf
• Launch Price: RM330,888 – RM900,000
• Subsale Price: {Price Range}
• Rental: {Rental Range}

Facilities

• 24-hour security
• Clubhouse
• Games room
• Spa
• Sauna
• Swimming pool
• Gymnasium
• Function room

Analysis

Plaza Damas 3 can be easily accessible via Jalan Duta and Sprint Highway with ease. Compared to most residence in the jam-packed Mont Kiara enclave, residents here will enjoy better accessibility to the city centre as well as other places. Parking will definitely become an issue here since none of the units will get a car park. The car park bays are only available for lease by the management. Hence, whatever rent it is, you need to top up a minimum of RM100 to get yourself a car park.

In terms of investment, the launch price of Chelsea by the developer is already sky high, that might limit its potential for further appreciation. Its average developer pricing is around RM413,000 to RM512,000, or about RM826 psf onwards. From the figure, investor should look for RM1,0000 psf once it is completed. With a lot of vacant units in nearby studio apartments, such as Windsor Tower and Waldorf Tower, it is very hard for the price to push to RM1,000 psf.