In the last 5 years, Venice Hill Condominium has the highest number of transaction in the secondary market compared to all other condominiums in Malaysia. The condo price has undergone a long period of volatility. The condo price went down after the launch in year 2000 from RM120 per square feet ( PSF ) to lowest point about RM 70 PSF per square feet. In 2013, after about 14 years, it recovered to launch price level and has since showed steady rise to RM 160 PSF.
Venice Hill Condominium overview
Venice Hill is a high density condominium nestled in Batu 9, south of Cheras. It sits on the uphill ad offers lush greenery and Kuala Lumpur city center skyline views. Venice Hill was developed by a bankrupt developer, Li-Foong Group and designed by Australian-based Ehrlich Layton International Architecture. All units were reported sold out within six months over five stages. It comprises of 12 apartment blocks. There are from 17 to 30 floors per block and each unit has built-up area ranging from 1,200 sf to 1,600 sf with 5 different floor plans to choose from. More details on the property:
- Address: Persiaran Puteri 1, Taman Puteri, Batu 9, 43200 Cheras, Selangor
- Date of completion: 2000
- Tenure: Leasehold
- No. of Blocks: 12
- No. of Storey: 17 – 30
- Built-up: 1,200 – 1,600 sf
- Maintenance Fee: RM 0.15 psf
- Rental: RM 1,200.00 – RM 4,300.00
Venice Hill price movement is quite peculiar. It is very unusual a for property price went down after launch. So we did further investigation online and found out that Venice Hill Condo was negatively featured in local news headline for quite a number of times. Below are news and blogs that talk about Venice Hill.
- Living next door to vice
- MPKj to complete houses that replace those below Cheras’ Venice Hill condo
- Venice Hill condo buyers in a dilemma
- Venice Hill Condominium soil erosion?
What can we learn?
We can sum it up the learning from Venice Hill to the following:
- Highly transacted property in secondary market is not necessarily a good thing. It might indicates negative trend
- Know your future neighbors before buying a property. You do not want
- Research on ongoing issues and developer’s reputation
- Investigate on workmanship, news on structural issues and pay site visit