DONE DEAL: Unit at Verve Suites, Mont’Kiara, Kuala Lumpur

Sold for: RM1.11 million or RM955psf

Concluded by: Patrick Teow of MIP Properties (012-704 1074)

When: Nov 26, 2015

Noteworthy:
* Freehold
* Fully furnished unit
* Serviced apartment located in Mont’Kiara
* The unit is on the 32nd floor, Block A
* Built-up: 1,172 sq ft 
* Two bedrooms and one study room; two bathrooms
* Facilities include Sky Lounge, indoor and outdoor theatre as well as Sky Beach
* About 12km from KL City Centre, about 25-minute drive in smooth traffic conditions

Verve Suites is made up of luxury lifestyle serviced apartments located at Jalan Kiara 5, Mont’Kiara, Kuala Lumpur. The 5.87-acre freehold development consists of four residential towers, which house 881 designer suites, with built-ups ranging from 462 sq ft to 1,394 sq ft.

All units come fully-furnished and are equipped with Bosch brand appliances.

According to Patrick Teow of MIP Properties, the first block was launched in 2006 with selling prices averaging at RM570psf. He notes that the current selling prices average at RM1,000psf, depending on the size of the unit, and the block and floor it is at.

“Bigger units at high floors are in great demand as most units are sized from 462 sq ft to 932 sq ft; units with built-ups of above 1,000 sq ft are limited in the market as most owners have strong holding power,” Teow explained.

He said the sold unit is in good condition as the previous owner bought the property as a vacation home and decided to cash out as its price has increased over the past few years.

According to data from TheEdgeProperty.com, for this year (as at Dec 22, 2015), there were six transactions at Verve Suites with an average selling price of RM820,000 or RM1,040psf.

Based on 698 listings from TheEdgeProperty.com, the average asking monthly rent is RM3,446 or RM5.30psf, with an indicative gross rental yield of about 5.6%.

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