THE Mitraland group has whipped up such a lot of interest in its maiden condominium project in Mont’ Kiara, the Kiara 1888, that 60% of the high-rise block has been sold prior to launch over the weekend.
It is now focusing on selling the higher-priced low-rise villas facing the swimming pool and facilities area.
Mitraland managing director Chuah Theong Yee told StarBiz that there were more than 100 “confirmed registrants” and another 500 people registering their interest in the project, located on a three-acre freehold land in Jalan Kiara 3, Kuala Lumpur.
Kiara 1888 bears the auspicious triple prosperity number (8 means prosperity in Cantonese), which is also the lot number of the exclusive condominium enclave.
However, it is more than just a nice name.
Mitraland has done extensive research with the help of its sole marketing agent, Henry Butcher Malaysia Realtors (P.J.) Sdn Bhd, to ensure that buyers have the best and latest features.
“We have studied all the existing developments in Mont’ Kiara and it took us a year to work the details to make our development stand out from the rest,” said Chuah.
For example, he noted that most of the existing condominiums in Mont’ Kiara comprised two high-rise blocks with over 200 units on a three-acre land.
“However, Kiara 1888 will only have one high-rise block and a low-rise block with a total of 182 units. Our density of about 60 units per acre is also one of the lowest in the area,” he said.
Other improved and unique features include:
Besides having a good architect, who has given much thought to the design, the group is also lucky to have entered into a joint-venture agreement with the landowner on “very good terms”, and this has enabled it to price the condominiums and villas “very reasonably.”
Kiara 1888, which has a gross development value of about RM120mil, comprises a 33-storey high-rise condominium block with 130 units and a five-storey car park and 52 villas in a terraced block of seven to nine storeys with a two-storey car park.
The selling price of the units starts from RM404,930 to RM1.35mil while that of the villas is between RM919,320 and RM1.63 mil. There is a wide range of unit types with sizes from 1,238 to 3,983 sq ft.
“We are prepared to make less to ensure a lower density development and also to enable our purchasers room for at least 20% to 30% capital appreciation,” Chuah said.
He added that Kiara 1888 would also have a multi-tier security electronic card access system at the condominium entrance, main lift lobby entrance and own private lift lobby (villas).
There will also be wireless broadband access in the common area.
Its neighbours along Jalan Kiara 3 include Laman Suria, Casa Kiara, Vista Kiara, Lanai Kiara, Aman Kiara and the Garden International School. The Mont’ Kiara International School is just behind it.
The design features modern contemporary architecture with extensive use of glass. Residents will have access to a wide range of facilities, including an infinity swimming pool, gym, yoga centre, reflexology path, meditation gardens, indoor badminton and squash courts, and health spa.
There will also be a private covered car park with 420 bays.
Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng said the Mont’ Kiara area had a “very good track record” for rental yield and capital appreciation.
“Those who bought (condos) in the early days have achieved double-digit returns as well as 8% to 10% rental yields,” he said, adding that the property market there had held on quite well.
“At the end of the day, it depends largely on the condominium’s distinguishing features and how well it is managed. Old condos with good management can still fetch good returns,” he added.