On a lazy morning, I was flipping the newspaper and travel magazine to get some inspiration for my year-end holiday destination. Instead of making a call to travel agency, the advertisement of Marriott hotel’s package on 5-Star Hotel, Golfing, SPA, Amusement Park, Ice Rink, and Regional Shopping Mall brought me to IOI City Resort in the end. What else? PROPCAFE eats, drinks and sleeps with property, property, and property. With holiday planning out of the window, I visited the IOI property sales gallery to explore the Lifestyle of “Resort Living, City Convenience”.
Many property developers selling their products with the theme of “Lifestyle”. Seriously, one 40-storey property with sky deck will not change your lifestyle. 10 blocks of properties with only one big green parcel or lake will not significantly change your way of living either. You need an environment with integrated mixed development that come not just conveniences for your daily needs but also relaxation, family leisure and entertainment in different hours and days. That’s what made me curious and excited to explore this Resort City.
Before we go into the latest offering of “Conezion” from IOI Properties, it is essential to understand the master plan of IOI Resort City. Why? Because you are not just going to buy a property but also buy into the environment and lifestyle that provided by this self-containing city!
On top of the existing greenery spread across the 320 acres land, IOI Resort City is surrounding by lush green lungs – Putrajaya wetland (one of the world biggest wetland), UPM and Uniten’s reserve green turf.
This modern eco city recently welcomed a new flyer over from Puchong/Petaling Jaya direction, so together with the existing two ingresses from the direction of Kajang/Cheras and one from Putrajaya, there are now total of four ingresses to ease the traffics toward IOI Resort City.
IOI Resort City comes with a stunning award winning 18 holes Palm Garden golf course (http://www.palmgarden.net.my) which designed by famous golf architect Ted Parslow (architect of KLGCC). The best part is, it is a public golf course! Obviously, the first thing in your mind – “I want the Golf Course View!” It is just too beautiful to miss it. To golf lover – “My playground + family day! Less travelling, no more grumpy wife and kids! You all can catch me anytime at the world acclaimed clubhouse!”
Shopping time! IOI City Mall, located at the centre of IOI Resort City, is the regional mall of Southern Klang Valley. The mall (Phase 1 – 36 acres, 1.4mil lettable space), comes with 7200 car park bays, is hosting 350 stores, more than 80 F&B outlets, a cineplex, a hypermarket, and health centres. The lettable space, after the phase 2, will be more than Mid-Valley Mega Mall in Kuala Lumpur!
The early sceptical view on IOI City Mall was immediately varnished after the overwhelming crowds visited the mall since it opened its doors. The great reception proved that the Southern Klang Valley residents are clearly “underserved” on commercial activities.
One of the highlight inside the mall is the first of its kind 70,000sf indoor amusement park – District 21 (see propcafe previous coverage http://propcafe.net/district-21-ioi-city-mall-putrajaya). What’s more? There is an Olympic size Icescape Ice Skating Rink! “Alright, no more long distance travelling to jam packed mall, no more crazy parking experience! Mum, shop till you drop! I see you at home after my adventure park and ice skating!”
Several parcels of land in IOI Resort City have been developed for following residential, hospitality and commercial purpose.
Hotel – Palm Garden 4 Star Hotel and Putrajaya Marriott 5 Star Hotel &SPA, where the parent and couple can pamper themselves.
IOI Square Office Towers currently occupied by IOI Group of Companies and other tenants.
Puteri Palma Condominium (15 storeys – 606 units), Diamond Hill Bungalow lots (not for sales), Beverly Row Bungalows (for rent only. Fully tenanted!) and the work in progress – CLIO Residences (34 storeys – 234 units
Commercial projects to be completed soon:
For any property purchase, other than assess what is available now, it is crucial to know about the future developments. With only near to 30% development completed in IOI Resort City, there are plenty of developments to look forward in this new and vibrant township.
1st Quarter 2016 – Le Meridien Hotel Putrajaya, IOI City Tower 1 & 2 – Grade A office block. IOI is experience enough to know the sustainability of a mall relies so much on the weekday patrons from offices and hotels.
So, what is in the pipeline for residential projects after the Conezion?
Clio Residences II –> Par 3 –> Jems & Jewel –> Southern Hills (see below)
Interestingly, there is one tower sitting on top of the mall in the scaled model. However, we shall wait for the final plan of the Phase II – IOI City Mall before getting too excited on it.
The Diamond Hill and Beverly row are not shown in the diagram above as it is not for sales and for rental only. There could be also some changes on the plan for these two plots of lands which likely to give way for future infrastructure upgrade in IOI Resort City.
Let’s focus on Conezion!
Conezion assembles with an eloquent trendy glassy façade that articulates with a “crescent shape” steel framing. IOI Properties is clearly putting more efforts nowadays on its property’s façade compares to those old days. It is a freehold commercial title residential properties sitting at a 16.49 acres land besides the work in progress Clio Residences. This development has four residential towers (32-storey) and a total of 1,326 units (Tower A & C – 364 units and Tower B & D – 299 units). The density ratio works out to be 80.4 unit per acre which fall under “Average” density category based on PROPCAFE’s criteria.
The “block” design observed from the floor plan (see below) shows architect’s effort to solve the “long” corridor concern and cleverly use it to diverse the unnecessary human traffic. If one to analyse the density and view from the floor plan, it is not difficult to realise the trade-off between the two. Although Block A & C comes with 14 units (4 lifts & 1 service lift) per floor compares to 12 units per floor in Block B & D, the unit 01-05 & 12A-13A in Block A & C is having an advantage to enjoy fantastic golf course/IOI City Mall view. Having said that, Block B & D still having green view toward Uniten campus. The other views, right and left hand side of the building, are toward Putrajaya and KL. Those who like pool or facilities view may consider low to mid floor that face internally. See the aerial view below and pick the one that you like the most!
What is the distance you prefer between your home and a big regional mall? This was discussed in property forum and many property coffee sessions extensively and the answer is always hovering around 700m to 1km. Why? Many respondents wanted to avoid unnecessary traffic but yet want a distance that can give them a choice to walk, cycle or drive to the mall. PROPCAFE can’t agree more.
More importantly, do we have any properties considered “fail” with a regional mall reachable within 1km? Also unsurprisingly, properties that within 1km from a big and successful mall always enjoy better rate of capital appreciation and rental compares to other properties. So, it seems like in both property investment or own-stay criteria, 1km (or below) from a big mall is rather “safe”. IOI understands it fully which see Conezion’s entrance to Phase 1 IOI mall is just about 700m. It can only be better and shorter when the mall’s phase 2 is completed. The dual carriage way bridge with 1 meter width of pathway has been constructed (it is not opened yet. See below). What IOI can do more is to put in more tropical and art streetscape like what they planned for Bandar Puteri Bangi, to make it a truly walkable resort city environment. The photos below which shows the current condition on the route to the mall from Conezion. PROPCAFE was initially doubt the statement of 700m distance as it looks far but my car dashboard showed and proved me otherwise.
PROPCAFE’s favourite analysis is always on layout because its concern the owner the most. In addition, the practicality of the layout would also affect the demand of the rental. According to latest information, size of the layouts has been revised, therefore, you may see some differences between the layout here and the one shown in the Conezion website (yet to update). Type C1 (780sf) & C2 (783sf) is a 2 bedrooms units. It comes with 2 bathrooms and wide frontage windows. The kitchen is efficiently stuck in the end corner behind the entrance level, which effectively utilises the space especially for this sort of small size unit. The space between kitchen and dining provide flexibility for owner to allocate space for bigger kitchen (island or counter) or dining area. Out of surprise, it even comes with a yard! Its horizontal layout is always the PROPCAFE preferred choice as it makes the unit visually more spacious, brighter, and good for furniture arrangement. Nothing much to pick on Type C considered its size unless you are balcony lover or smoker.
For Type B1 (986sf) and B2 (990sf), other than providing additional small room, the layout is almost identical to Type C! Horizontal design for living and two bedrooms wide frontage full glass windows. Kitchen and yard are well located. For the size near to 1ksf, if you want to be picky, the only thing you can complain would be the missing wet kitchen. By looking at the layout closely, there is a chance that you may be able to take down the wall at the yard’s entrance and relocate it in toward the current location of kitchen. By sacrificing the yard and having a smaller dry kitchen, one may get him/herself a wet kitchen.
Lastly, it is balcony lover’s turn. Type A1 (1251sf) and A2 (1278sf) comes with a balcony, additional bathroom and a standard third bedroom that can cater for queen size bed. The rest of the composition are almost the same like other layouts. This is a very functional family size layout and PROPCAFE can hardly find any wastage. Similar to Type B, it does not provide wet kitchen but again a “modification” may make it available.
In short, Conezion’s horizontal layouts help space utilisation and no issue on natural lights. The ceiling height of 11ft will certainly add extra cubic feet for every unit. Tag along your family and friends to check out the show units today!
IOI Properties caters a total of 530 visitor bays for residential blocks and given two carpark bays to each unit. PROPCAFE would say, the allocation of two parking bays is indeed very generous for small size units like Type C.
Development – Other Features
These 32-storey buildings includes 3200 car park bays which spread over five levels of car park podium and four levels of basement. The facilities are located at 6th floor, therefore, the unit starts from 7th floor. There are many thematic facilities will be provided which includes mini theatrette, swimming pool with aqua bed, chill-out deck, party room, learning lab, children’s art studio, gym, multipurpose hall, multipurpose court, and games room. The facilities will be shared between two blocks (Block C & D and A & B) and the maintenance fee is estimated at RM0.35psf (inclusive sinking fund).
Based on the scaled model, the residents of Conezion have their own dedicated parking entrances, drop-off areas and high ceiling lobbies which are all separated from the public/visitors carpark entrances for commercial usage.
In case you don’t even willing to walk for 700m or because you have shopped too much, a bus/taxi stop will be built in front of Conezion. A dedicated shuttle service to the mall and future MRT2 station would make it perfect! Clio and Connezion JMB should seriously consider it!
Pricing of Conezion
Based on the indicative price, two bedrooms – Type C (780sf & 783sf) will be priced in the range of RM586psf to RM670psf nett which means it will be around RM500k+ and one may be able to get below RM500k if one work hard and early enough to secure the cheapest units. The low floors of three bedroom Type B unit (986sf and 990sf) will be priced below 600psf nett with the price tag starts from RM540k. The biggest unit Type A (1251sf and 1278sf) is priced at lowest per square feet among all and nett price will be from RM663k. Each floor’s premium is expected to increase about RM2.5k except those floors with good numbers. Those who know IOI’s marketing well, similar package offered to Le Pavilion is expected to be given to Conezion buyers.
Conezion’s Commercial
The commercial elements of 2, 4 and 5 storeys modern retails and stylish shop offices certainly will add more convenient not just for the Conezion’s residents but also provide alternative commercial activities for IOI Resort City. The 20 commercial blocks, indicatively priced from RM850psf for ground floor retail units, consist of total 445 units of retail shops and offices (mostly 26ft x 70ft or 26ft x80ft) in Conezion. Except block K & L, all blocks will be opened for sale. Shop office units will be sold separately i.e. Ground and 1st floor as one then the upper floors’ offices as individual strata titles.
The lovely cantilevered terrace (15’ wide) at Conezion is overlooking the golf course, which designed to cater for great alfresco dining experience and atmosphere. This interconnection between the podiums will lead the traffic flow to the circular courtyard which is at the centre of the development. The curve shape corridor, waterscape and the open courtyard will forms an interactive space for residents, workers, and visitors.
A total of 2,194 basement car park bays has been allocated for this commercial blocks. The ingress/egress from the main road also have been built at the site to ensure easy and clear traffic flow.
It is understandable that everyone will question on the demand and reason behind the commercial proposition at Conezion. PROPCAFE is no difference of course. Clearly, Conezion commercial is planned as the complement to the mall rather than competitor by IOI Properties. The commercial at Conezion is aimed to provide convenient to residents and office workers especially on the services that may not be available in the mall due to the mall restriction on business hours, for example,24 hours convenient stores, clinics or F&B outlets with longer service hours. To sum it up, it works for those service oriented businesses, for instance, childcare & kid learning centres, banks, telco payment or service centers, fitness centers, laundrette, product showroom, agencies, bookstores, accounting & legal services etc. because the patrons or residents in Conezion may not want to waste time to look for car park and shop in the mall for these services. In addition, Conezion will provide the business opportunities to those business that may not be able to absorb the high rental rate and service fees charged by the mall.
In short, Conezion’s commercial will bring more economic options on foods, services and necessities for residents and office workers. In any township, no one will be satisfied with just a mall which most of the time only caters for a relatively up market business chains or products. The balancing requirements may make the commercials at Conezion viable and popular within IOI Resort City. The challenge for the commercial is the timing and growth of population in IOI Resort City as it may be able to ride on 10-15% of IOI City Mall’s visitors. By the time Conezion completed, IOI Resort City would have more than two thousands residential units. The office towers (to be ready next year) would attract more day time patrons to the outlets here. Therefore, the chance for Conezion’s commercial to success is still very possible given that there are many future developments are coming to IOI Resort City.
Location and Amenities
How could PROPCAFE miss the LOCATION section? While for people in Petaling Jaya or Kuala Lumpur City Center may perceived the location of IOI Resort City as very far, it could be totally different from the Southern Klang Valley residents (Kajang, Semenyih, Puchong, Cyberjaya, Putrajaya, Bangi, Serdang, Balakong, Cheras South). It explained by the success of IOI City Mall, which is now the focal point of Southern Klang Valley. If there are reasons for people in KL city or Petaling Jaya to get a home closer to Mid Valley Mega Mall/Bangsar Village, then same could apply to Southern Klang Valley folks. Everyone like to get a property that near to a successful mall, the issue is always on whether the location allows residents to minimize the pain of daily routine (to and from the workplace). There is no perfect location to reach everywhere in Klang Valley as it subject to individual’s daily routine, origin, and lifestyle. The thing is, you cannot demand more on the connectivity of IOI Resort City which already served by SILK, LDP, MEX, SKVE, NSE and Besraya Highway i.e. plenty of alternative routes available to reach other locations in Klang Valley (see below).
PROPCAFE has already discussed the nearby amenities in the review of 16 Sierra previously (http://propcafe.net/16-sierra-puchong-south). Therefore, to cut it short, PROPCAFE provides the directories below instead for your reference. It has more than just nearby amenities as PROPCAFE believe it is also important for buyers who are new to this township to know and feel the distance from IOI Resort City to other key landmarks or places in Klang Valley. Some may look far from IOI Resort City, but again like PROPCAFE emphasis before, it is about finding the best location for you, not for everyone! Individual’s routine and preference is always different from one another.
Future Prospect
Buying a newly launched property is all about “forward looking” decision making. Externally, other than the nearby MRT2 plan at IOI 16 Sierra, IOI Resort City is pretty much equipped with all necessary infrastructures and connectivity. One should not expect it to be next hustle and bustle township like Puchong or Subang as IOI Resort City is a relatively small and surrounding by Putrajaya wetlands and public universities’ green lungs which unlikely to be developed. The master plan is spot on, based on its geographical location, to make it as a self-sufficient resort living environment. The future value creation of Conezion, therefore, is very much relying on the execution of IOI Properties itself. IOI Resort City already has a head start rides on the success of the IOI City Mall and the phase 2 will be an icing on the cake. More critically, how soon IOI can make this place to be the “residential magnet” for Southern Klang Valley folks? To attract “new migrants”, house quality and streetscape/landscape at resort’s standard play a big role on this which are no difference on what people expects from the other premium address. Optimistically, the completion of grade A office tower should bring in quality companies and workforce to fill the element of “work” in this township which may subsequently will increase the “citizenship” of IOI Resort City. In tandem with the township maturity, property value will naturally and gradually rise over the years which is the basic cycle of new township development.
Conclusion
By looking at the masterplan of IOI Resort City, PROPCAFE sees “Tropicana”, “Mid Valley Mega Mall”, “Bangsar South”, and “Publika/Jaya33” in one place. The combination of all and the completion of offices towers should make IOI Resort City a unique proposition to live, play, works, leisure and entertain. Why PROPCAFE emphasis a lot on the master plan of IOI City Resort in the early part of this review is because to buy a property in this place, one needs to understand the premium that one need to pay which are the overall township environment, concept, and benefits of a well-planned township. PROPCAFE calls this as address premium, which can be observed in other development with good master plan like Desa Parkcity. The only different is, IOI Resort City is still at the development stage. If the developer can deliver a beautiful streetscape to link up each parcel of developments and giving truly resort environment, then the realisation of “resort living, city convenient” will worth much more than the current price tag of properties in IOI Resort City.
Progress of Conezion
Although Conezion Residential is expected to be completed in 36 months’ time, the superstructure already completed and now at the stage of 30% completion. The commercial of Conezion will be scheduled to complete much earlier. See the progress photos below as of 10th Nov 2015.
Show Unit Photos
Type B – 990sf
Type A – 1251sf
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