DONE DEAL: Condominium at Kiara 1888, Mont'Kiara, KL

Kiara 1888

Sold for: RM800,000 (RM489 psf)

Concluded by: Michelle Cheong (REN 18391, 016-502 0868) and Bonnie Poo (REN 18552, 012-256 7566) of Landbanc Property

When: December 2017

Noteworthy:
● Freehold
● High floor unit with built-up of 1,636 sq ft
● 3 + 1 bedrooms and 3 bathrooms
● Fully furnished with furniture, wallpaper, kitchen cabinet and curtains
● Accessible via Jalan Segambut, the Sprint Highway, Jalan Duta-Sungai Buloh Highway, Kerinchi Link and North-South Expressway
● Facilities include infinity pool, Jacuzzi, gymnasium, nature park, meditation garden and spa pavilion

Completed in end-2008, Kiara 1888 is Mitraland Group’s first luxury high-rise residential development in Mont’Kiara with just 182 units of condominium spread across a 26-storey tower.

According to Michelle Cheong of Landbanc Property, who co-brokered the deal, Kiara 1888 is a very low density development where most of the owners are also occupants of the building.

This has resulted in a very limited supply of units on the secondary market, she added.

“The seller is a seasoned investor who wanted to let go of the unit after leasing it out for some time. There were a few prospective buyers who came to view the unit but nothing materialised.

“Then this buyer came and viewed the unit. She immediately placed the booking as she was attracted by the modern design and spacious layout of the unit and, most importantly, the cheap selling price of RM800,000,” Cheong told EdgeProp.my.

According to her, the concluded price of RM489 psf is below the market value of more than RM600 psf for similar units.

Data from EdgeProp.my shows that the average transaction price psf for Kiara 1888 range from RM469 psf to RM664 psf in the period from the first quarter of 2012 (1Q12) to 2Q17, based on 69 transactions recorded in the period.

There were no transactions in the second half of last year while the latest average transaction price stood at RM536 psf in 2Q17.

The 58 sale listings on EdgeProp.my show that the average asking price for Kiara 1888 is RM1.5 million per unit or RM627 psf as of May 23, 2018.

Meanwhile, 44 rental listings on the portal show that the average asking rental is RM5,006 per unit or RM2.48 psf per month. This translates into an indicative rental yield of 5.39%.

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