Property Talk: A weekly column by S.C. Cheah
”OH, we have sold all our Mont'Kiara Banyan units!” Sunrise Bhd head of marketing and sales Lee Meng Tuck told me when I enquired about the latest sales figures of the group’s latest condominium in the affluent Mont'Kiara in Kuala Lumpur last week.
A few days earlier, members of the media who attended the official launch of the Mont’ Kiara Banyan were told that 80% of the 147 units had been sold since the soft launch in March this year.
The project, on a 3-acre freehold land adjacent to the Mont’Kiara International School, comprises a 33-storey tower block, a two-storey shoplex and a six-storey car park block with recreation deck on top. Three lifts serve five units per floor.
There are four types of standard units priced at between RM738,000 and RM2.3mil with only five units to a floor with sizes ranging from 1,838 sq ft to 2,648 sq ft. Units come with extra fittings such as air conditioners, kitchen cabinets and water heaters.
There are full condo facilities including a multi-purpose hall/badminton court, gymnasium, tennis court and swimming pool.
The remarkable sales are not at all surprising for those who know the Mont'Kiara neighbourhood well.
Even during the regional financial crisis of 1997, property value in Mont'Kiara had been quite stable although property prices elsewhere had plummeted. Many early buyers are happy to see their properties appreciated 30% to 40% in value within a few years. Some of them have upgraded to bigger condominiums in Mont’Kiara while others have moved out and bought more expensive homes.
“Mont’Kiara is still the pick for most expatriates. The number of expatriates leaving Mont’Kiara as well as those making it their homes is quite balanced. Rental rates have been generally maintained,” said Lee, adding that expatriates’ housing allowance was also quite stable as the ringgit was still pegged to the US dollar.
He said some expatriates could afford to pay monthly rental of between RM12,000 and RM13,000 for the Mont’Kiara Damai where the units are bigger at between 2,272 sq ft to 5,500 sq ft. The Damai units are priced from RM1.3mil with rental charges starting from RM7,500.
The older Mont’Kiara Pines (1,228 sq ft to 1,428 sq ft) is being sold from around RM350,000 and could fetch rentals from RM2,300 a month.
Mont’Kiara Banyan’s launch has been eagerly waited as Sunrise had not launched anything in Mont’Kiara since unveiling its Kiara Designer Suites in June last year. The serviced apartments with 324 units in a tower block are priced from RM370,000 to RM523,000 (about RM350 per sq ft).
Sunrise has built about 1,700 condominium units in Mont'Kiara (and another 583 commercial units in Plaza Mont’Kiara). There will be three more new projects in the pipeline. Two of them are condominiums and the other is a bungalow project.
The group, listed on the main board, is also developing a futuristic commercial centre called the Solaris Dutamas, a few kilometres from Mont’Kiara. The 17-acre freehold project is at one end of the new Jalan Duta-Kiara flyover across the New Klang Valley Expressway.
There will be about 2,100 units comprising about 400 shoplots, 800 designer suites and 900 office suites. About 60% of the shop office units (with two levels of corridors) in four six-storey blocks had been sold since the soft launch last month. A 28-storey serviced apartment would be
launched next month.
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