1120 Park Avenue is a leasehold condominium nestled in PJ South, Petaling Jaya. This medium-cost condominium is developed by Park Avenue Sdn Bhd, and is managed by Peter’s Holding. It is expected to be completed by December 2013. It comprises 5 blocks of 16-storey condominium housing a total of 1120 units. That is the reason the development is aptly named 1120 Park Avenue.
There are total 4 types of design available at 1120 Park Avenue with different in built up sizes; S1 & S2 – 870 sf; M – 1,020 sf; and L – 1,193 sf. The developer offers attractive prices starting from RM162,000 to RM265,000 and targets the middle income class, as well as young professionals. However, the prices have significantly escalated since the launch. The marketers are selling the condominium design that emphasizes on generous dining and living rooms, which give the buyer sizable dining and living rooms to entertain visitors or for family gathering. Aside from that, each unit comes with two car parks which make it an even more attractive asset.
1120 Park Avenue offers a variety of facilities such as covered parking, playground, swimming pool & children pool, jogging track, multi-purpose hall, landscape garden and 24-hour security. Other than making use of full equipped facilities, residents at 1120 Park Avenue can also enjoy amenities surrounding the property such as school, banks, hypermarket, utilities and shops. There are few schools found within the vicinity, which includes Sekolah Jenis Kebangsaan Yuk Chyun, Sekolah Kebangsaan Petaling 1, Sekolah Menengah Kebangsaan Dato Harun and Sekolah Kebangsaan Taman Medan.
Moreover, the residents of 1120 Park Avenue can find a few hospitals within 10 km radius such as Universiti Malaya Medical Centre, Hospital Assunta and Sunway Medical Centre. Its location which is close to several townships such as Sunway City, Kuchai Lama and PJ old town, makes it convenient for residents. Due to its strategic location, 1120 Park Avenue is accessible via New Pantai Highway, Jalan Klang Lama, Federal Highway and Damansara-Puchong Highway. Furthermore, it is hassle-free to get public transportation, as it is only within 5-minute drive to the nearest Kampung Dato Harun KTM Komuter station.
The developer of 1120 Park Avenue, Park Avenue Sdn Bhd, is not very well-known in the property market. However, the management company, Peter’s Holding, is quite an active player in the Klang Valley property market recently. The recent project launched by them other than 1120 Park Avenue is the Papillon Desahill at Taman Desa. Peter Group of companies was incepted in 1973 and has been involved in property development with over 6000 units completed and sold; of mixed residential, commercial and industrial properties.
The developer did attract a lot of buyers to this development due to its home buyer friendly marketing strategy. The home buyers and investors need only pay 10% down payment of the purchase price and nothing more for four and a half years. This attractive financing package gives the greatest benefit to some home buyers and investors, as they do not need to service their loan repayments during construction, and even 18 months after delivery.
Overall, 1120 Park Avenue is regarded as one of the most attractive property to be owned in Klang Valley, mainly due to its low entry cost and of course its strategic location. However, among drawbacks of this development would be the development’s surrounding that made of low cost flats and untenanted shop lots that have been vacant for years, the leasehold tenure and its location on top of an ex-mining land.