Upper East Mutiara is a leasehold condominium comprising 294 units in a 23-storey block located in the neighbourhood of Desa Pandan, Kuala Lumpur. Completed in 2008, it was developed by Puncak Kencana Sdn Bhd, a subsidiary of Mutiara Goodyear Development.
According to Betty Gill of IPC Realty Sdn Bhd, the tenant, who worked in Singapore, was looking for a unit for her and her sister.
“She wanted to have another unit in the Klang Valley so that she would have a place to live in when she comes back to Malaysia. At the same time, while she is away, her sister stays in the unit.”
Meanwhile, Gill added that the landlord who had bought the unit in 2010 as an investment, initially set the rental price at RM4,500.
However, due to the market condition, the landlord was willing to lower the price of a semi-furnished unit to RM3,500 as the owner felt that it was better to have the unit tenanted rather than leaving it empty.
According to EdgeProp Research, an average transacted price of RM1.34 million or RM629 psf in 2019 was recorded for a total of 10 units in Upper East Mutiara. No transaction data was recorded for 2020.
As of Aug 2021, a total of 39 units were listed for sale in EdgeProp.my with an average asking price of RM1.62 million or RM673.41 psf while 38 units were listed for rental with an average asking monthly rate of RM5,734 or RM2.42 psf.
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