Situated between Wisma Hong Leong and Menara Bank Islam is the latest condominium to grace KLCC’s skyline – the Soho Suites @ KLCC. Developed by Jadepot Development (subsidiary of Monoland), this condominium that is developed on freehold land is set to be completed by the end of 2013. As its name suggests, the Soho Suites is made up of residential and business office spaces. But unlike other small office-home office units, the condominium has separate lifts and internal passages that separate the “home” versus “professional” setting for its residents.
The Soho concept is all the rage these days; with the worsening of traffic jam conditions in Kuala Lumpur it seems that the “work and live” concept is catching on rapidly. Within KLCC, the options for Soho units seem to be limited to Binjai 8, some selected units at Troika and a few other places. Elsewhere, places like Gateway Residences in the Mont Kiara area are also gaining good traction.
Disclaimer: my ex-landlord Alice Ng of Amazing Place is an owner of one of the units here, and she’s a wonderful lady and a pretty savvy real estate investor. And so if Soho Suites is good enough for her then you know you’ve got a gem in your hands. 🙂
Click here(and scroll down if needed) if you are looking for property listings for Soho Suites.
About the Developer
Jadepot Development is a developer which is also subsidized by Monoland Corporation. Having a long list of properties already under its belt, Monoland Corporation has indeed become one of Malaysia’s property giants. Its developments since the early 1990s include The Oval, Gurney Park, Oval Tower, Vipod Suites, and Quadro Residences. The Soho Suites @ KLCC is its latest addition to its already stellar line-up of property developments.
While Monoland has somewhat attracted controversy over some of its projects (especially those which are in the luxury segment), it’s undeniable that it has been a rather prolific player; it has been rolling with the proverbial punches with each and every launch. Still, its projects get snatched up pretty quickly given its “mass prestige” positioning – luxury condominiums at affordable entry prices. Its Vipod Suites project is rocking it with demand far outstripping supply – you can check out the comments section in our reviews page (click here) just to see how “hot” this property is.
Will Soho Suites repeat Vipod’s success? Early indications show that it will. Mark our words. 🙂
Build Area and Layouts
The condominium has two blocks which separates the small offices or business offices with the residential apartments. In total, it is comprised of five blocks, namely:
- Zone RA (Residential Apartment) 1
- Zone RA 2
- Zone CO (Corporate Office)
- Zone SO (Suite Office)
- Zone SA (Suite Apartments)
These zones are all serviced by four lifts that serve four units per storey. To keep the exclusivity and professionalism, so to speak—the business/office lifts are designated to stop only at office floors. This allows for a residential “ambience”, as well set a professional tone for a professional setting.
There are two types of units: a simplex and a duplex. Its duplex units comprise of two storeys. Its simplex units are single-storey units. The condominium’s Service Residential Apartment is connected to the Corporate Office which is located on a different block. Built-up areas for units start from 601 square feet to 877 square feet. The floor plans can be found here at its official site.
The facilities are not too shabby either. There is a lounge located on the condominium’s rooftop that houses everything one could ask for—a health fitness centre, a timber pool deck complete with sun loungers, a sauna and steam room, a café, a bar, an alfresco lounge, poolside cabanas with sofa beds, and a 25 metre lap swimming pool. The condominium also has a launderette to service its residents, and a convenience store.
Soho Suites @ KLCC is located along Jalan Perak, off Jalan P Ramlee right in the heart of KLCC, Kuala Lumpur. This being said, it’s no doubt how its residents can enjoy the best Kuala Lumpur has to offer—the nightlife, the culture, and its people. Being in KLCC gives residents access to entertainment spots, hotels, hospitals, and schools. St John’s Primary School is just within walking distance; while Lai Meng Primary School is also just nearby. There are also surrounding hospitals, including Tung Shin Hospital and the Prince Court Medical Centre. Shoppers would get their fix at the nearby Suria KLCC, Pavilion, and Avenue K.
Buyers tend to flock to KLCC condominiums because of their purported closeness to amenities that matter (although this may not be true for some apartments in this area; case in point: the properties that line up Jalan Yap Kwan Seng). The fact that Soho Suites are located on a very central (and hence very accessible) Jalan Perak means that its “walkability factor” is decidedly high. In fact, its GoodPlace Walkability Score (a measure by our sister site GoodPlace.my which scores a property’s walkability from 0 to 100) is a high 92.1
This map below to shows the closest amenities to the Soho Suites (click on the icons on the right).
[poiautomap address=”3.153478,101.710285″ zoom=”15″]Soho Suites @KLCC[/poiautomap]
Soho Suites Prices
The SoHo concept is definitely attracting a new wave of investors and property-buyers, and it seems like it is only the beginning. Recent successful properties that employ the SoHo concept are Axis Sohu and Empire Subang—and it appears that the Soho Suites @ KLCC is following suit. If one would compare the condominium’s price (sub sale price is listed at RM700 per square feet at the time of publication) versus its neighbouring condominiums in the KLCC district, it would be observed how it is priced lower, even if it’s a KLCC address. Plus, with all those amenities and facilities to boot, it’s definitely a bargain.
Here’s a chart depicting the asking prices for the past few months where available:-
It’s now a far cry from the RM700+ PSF launch price, and as we have gathered from our agent friends, there are no more developer units left during the time of the update of this review.
What We Think
Dubbed as the final piece that comprises Monoland’s “KLCC Trinity” (the other two being Quadro and Vipod), Soho Suites hold much promise. It decidedly targets a smaller niche of the usual KLCC buyers with its smaller sized units (less than 1,000 square feet a piece), and this means that even at prices above RM1,000+ PSF (the median asking price of KLCC condominiums at the time of review) the prices are still less than RM1 million. Given that the prices of KLCC apartments are now on the uptick again, this is much welcome news for many middle-of-the-range buyers and investors.
With the scarcity of land inside the KLCC enclave the general sentiment is that the Soho Suites would indeed be one of the last few sub-RM1 million opportunities available – and this has been reflected in the healthy take up rates since its launch. Indeed, its RM700+ PSF launch price was its main selling point, and with some of the best “trimmings” in the market (designer fittings, branded appliances, unobstructed KL Tower and Petronas Twin Tower views) the appeal is quite obvious.
As far as the pricing goes, we have seen asking prices reach as high as RM1,500 PSF in the local listings – which represents more than 200% increase from its launch price. Some may argue that this is above fair market value and therefore unsustainable, but without closer look it’s really hard to tell. Use GoodPlace.my’s property valuation guide which you can download below for free to help you figure out if the asking price is worth it –