When it comes to up market condominium in Kuala Lumpur, Mont Kiara always come at the top of the list. Situated on the west of KL city center with 15 minutes driving time, Mont Kiara community is a melting pot of expatriates, local professionals and people from medium upper income groups. It has a list of international schools, banks, vast array of foreign-themed restaurants, classy hangouts and nightlife joints. You can view the point of interest highlights in Mont Kiara here.
Mont Kiara is nearby to highway access such Sprint, NKVE and DUKE. Commuting to work in city center only takes less than 15 minutes but access to public transportation like train station is unavailable, but no sweat, Grab ride hailing is minutes available anytime of the day. There is also walking pavement at the roadside around Mont Kiara but if you area a cyclist the road is not that bicycle friendly. Within a short drive, there is Bukit Kiara Park. It is a very nice garden with plenty of parking. It is a popular urban park among families, walkers and joggers due to its close proximity to several residential communities. It’s main feature is a large lake surrounded by jogging tracks, exercise stations, children playgrounds and picnic spots. There are also mountain bike trails for those that are into mountain bike.
One of the main advantage for family growing up young children in Mont Kiara is providing them an opportunity to make foreign friends, to experience foreign languages, foreign culture and probably start a global network from young age. Within the neighborhood, there many additional classes that the children can enroll such as art class, coding workshop and sports coaching.
The option for condominiums are plenty in Mont Kiara. It is buyers’ market and and home buyers should carefully find and select the best deal . For the purpose of this article we have grouped condominiums and serviced apartment in Sri Hartamas and Dutamas areas under Mont Kiara.
Maintenance Fee vs Density
When home owners pay higher maintenance cost they should expect better/newer facilities and lower units density as higher maintenance cost should represent exclusiveness. Charts below show the comparison of maintenance price fee per square feet and number of units in the development for condominiums and serviced apartments around Mont Kiara. It seems that Verve Suites, Kiara 163 and Arcoris have higher than average unit density per development and higher than average maintenance fee per square feet that technically make them seem like not a good deal. However there are possibly other factors that make different. Please find out further. In this article we are only providing the technical aspects of the properties.
Maintenance Fee vs Completion Years and Developers
Should older condominiums charge higher maintenance fee?
Older condominiums are likely to offer older set of facilities and less likely to offer lower total count of facilities. New condominiums area likely to offer new and modern facilities such as lap pool, infinity pool, rooftop jacuzzi and rains spa. For older condominiums, home buyers are likely to pay the maintenance of the building and facilities’ wear and tear, rather than paying for new and modern facilities. One clear benefit of staying in condominium is having nice facilities to pamper you and your family. For those that are investing and not for their own use, having good facilities in your property should translate to higher rental yield. Below are the charts for your comparison.
Mont Kiara Price vs Rental Yield%
The economic principle of supply and demand generally applicable to all businesses. However, sometimes when it comes to home buying, emotional decision decision overrules logic. As for price of condominium, the property that should be in demand are those that within financial reach of the targeted population. In this instance, for a average family size of 2 children, they probably need a home of 3 bedroom between 1,000 square feet to 1,800 square feet within the price of RM 500,000 to RM 1,000,000. However, we have seen developers are selling larger units only and higher price only development in Mont Kiara that earn rental yield below 4%. The charts below show a general trend of rightly-sized and rightly-priced condominiums fetching higher rental yields. Below, we have also illustrated mortgage financing rate for home buyers to compare with the rental yield.
*rental yield = monthly rental * 12 months divided by property price.
Mont Kiara Asking Price vs Transacted Price Per Square Feet(PSF)
Which is the best reference price that buyers show use to compare when buying a new home? Asking price or past transacted price?
In order to assist buyers to make smarter decision we provide below the comparison of median asking price per square feet and transacted price per square feet. The transacted price per square feet is derived from past one year transaction price. We have attended a talk by Jabatan Perumahan dan Penilaian Harta (JPPH) or in English The Department of Property Valuation of Malaysia and they have indicated that there is evidence that secondary home market price is cheaper than primary (new launch) home price for certain properties. This phenomenon might be the result of the new launch offering discount and, sales and purchase price in the agreement is based on price without reflecting the discount. As such the official price reflected in the sales and purchase agreement, valuation reports and bank records can be inflated price without reflecting the discount. Another possible reason is Mont Kiara is experiencing a downward pressure in property price due to oversupply. Thus we urge buyers to be more careful and give more thoughts before buying a property in Mont Kiara. If you must buy now, you need look at both past transaction price and the average of current asking price. Please avoid Lumina Kiara at the moment as it shows asking price PSF significantly lower than the transacted price PSF and probably the worst is yet to come.
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