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DONE DEAL: 11 Mont’Kiara condominium, Kuala Lumpur

Sold for: RM3 million (RM804.5 psf)

Concluded by: Freeman Woo Chee Meng (REN 05026) of MIP Properties (012-656 7617)

When: October 2018

Noteworthy:
Freehold, high floor level with unobstructed view
Built-up: 3,729 sq ft, 5+1 bedrooms
Facilities: Reflexology path, Woodland garden and jungle walk, gymnasium, sauna, swimming pools, badminton court, squash court, tennis court, half basketball court, sky lounges and terrace as well as one poolside barbeque area.
Nearby amenities: Mont’Kiara international school (distance about 500m), Solaris Mont’Kiara (about 1.6km), 1Mont’Kiara and Plaza Mont’Kiara (700m).

Completed in 2011, the 6.7-acre 11 Mont’Kiara or MK11 is located at Jalan Kiara 1, Mont’Kiara. The freehold development comprises five 43-storey towers of 339 units with built-ups of between 2,707 sq ft and 6,725 sq ft.

*DONE DEAL: 11 Mont’Kiara condominium, Kuala Lumpur

*DONE DEAL: 11 Mont’Kiara condominium, Kuala Lumpur

Freeman Woo Chee Meng of MIP Properties, who concluded the deal, said the owner who purchased the 3,729 sq ft unit when the project was launched in 2009 has rented it out for rental income over the years.

“The ageing owner decided to sell the unit as he wanted to have more time for himself and felt too tired of taking care the unit,” he tells EdgeProp.my.

The unit has found a new owner in a foreign investor from China with a price tag of RM3 million.

Woo revealed that with the current market price for units in MK11 at around RM850 psf, this purchase is considered a good deal for the new owner he gets a well-maintained unit for RM804.5 psf.

As for the seller who purchased the unit during the launch of the development, he managed to get a buyer in a short period and with a reasonable capital gain amidst soft market conditions.

According to Woo, units in 11 Mont’Kiara enjoy good demand as there are not many high-rise residential properties with such large built-ups available in Mont’Kiara.

“It’s impossible for one to get such a big unit (over 3,000 sq ft) with RM3 million as land values in Mont’Kiara keep escalating, while new launches have smaller built-ups due to expensive land and developers are not keen to build such big units in high-rise developments,” he added.

EdgeProp.my transaction data showed that a total of eight units in MK 11 were transacted in 1H2018, with an average price of close to RM3.5 million or RM859 psf.

Based on 161 property listings in EdgeProp.my (as at January 2019), the asking price for MK11 is RM3.14 million or RM872 psf.

Meanwhile, based on 123 rental listings, the average asking monthly rent of the units are RM11,994 or RM3.51 psf; with the highest asking rental for a 4,734 sq ft unit of up to RM25,000 or average of RM5.28 psf.

Interested to buy properties in Mont'Kiara, KL​? Click here.

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