A condo project in TTDI, Kuala Lumpur, abandoned for more than 10 years, has recently been revived. Renamed Mas Kiara Residences, it comprises two 16-storey towers offering 242 units and four penthouse suites. Will its fortunes change this time around?

In the popular middle and upper-class residential enclave of Kuala Lumpur’s Taman Tun Dr Ismail or TTDI is a forlorn-looking half-completed condominium project that has become a landmark of sorts.

Located on a prime site at the corner of Jalan Datuk Sulaiman just off the Penchala Link, the unfinished structures, comprising two towers, are sadly often referred to as “the abandoned project in TTDI”.

Left unattended for more than 10 years, the project had many guessing its fate. But things are looking up now — work on the project is apparently well underway and is expected to be completed by year-end or early next year. Since the activities are now centred on the interior spaces, the progress is not noticeable from the outside.

The white knight is Intan Permata Properties Sdn Bhd that emerged sometime in 2007. The project is now known as Mas Kiara Residences.

The project, abandoned in 1998, sits on Malay reserve land and buyers must thus be bumiputeras. This made the task of reviving it challenging.

According to a news report a few years ago, the previous developer, Pinggir Kiara Sdn Bhd, folded up in February 2003. A liquidator was appointed in August 2004.

Intan Permata, according to sources, is deliberately keeping a low profile as it wishes to focus on getting the project completed. Its chairman is Rear Admiral Tan Sri Ahmad Ramli Mohd Nor (retired), who is also the group managing director of Boustead Heavy Industries Corp Bhd. It is believed that the 3.35 acre freehold site is owned by a member of the Kedah royalty.

City & Country visited the site recently and found work progressing within the building — the interior layouts of the units are being reconfigured while old finishings are being replaced for a more modern contemporary look. Some of the units have been sold and during the visit, there were three prospective buyers being shown around the place.

When ready, Mas Kiara Residences will comprise two 16-storey towers known as Block Intan and Block Permata, offering a total of 242 standard units of 3 bedrooms and 2 bathrooms as well as four penthouse suites.

The standard units are sized from 1,281 to 1,539 sq ft and are priced from around RM345,500 onwards.

The penthouses are spacious, sized from 3,000 to more than 5,000 sq ft, with indicative tags of RM2.3 million and above.

The project will also feature facilities such as a female-only indoor pool besides the outdoor general pool, two squash courts, one tennis court, one gym, one multipurpose hall, a launderette, a cafeteria, a nursery and a mini mart. The proposed Bukit Kiara Park lies nearby.

The revived Mas Kiara Residences, if done properly, should be able to do well despite its Malay land reserve status, James Tan tells City & Country. This is due to the excellent location and access to other major parts of the Klang Valley, including to Kuala Lumpur city centre, adds Tan, associate director of Raine & Horne International Zaki + Partners.

“Demand for condos in TTDI is quite good. For one, there are not many condo projects in TTDI. This means supply is limited. Being on Malay reserve land also means that the buyer can expect about 30% discount on the property price compared with similar properties on normal freehold land,” says Tan.

The cosmopolitan nature of the population in the area can also contribute to the success of this project. “TTDI has quite a mixed population. If it is in a Chinese majority community, then it may be a different story,” adds Tan.

Mas Kiara Residences will be the second condo project in TTDI sitting on Malay reserve land. The first was Sri TTDI on Jalan Rahim Kajai 14, a stone’s throw from Mas Kiara Residences.

“Sri TTDI, a low-density project, is quite popular because it is located next to a commercial area and is a 10-minute walk to 1 Utama shopping centre.

“Prices of land in the Penchala Malay reserve land (close to TTDI) are not considered low; bungalow land here can be priced at about RM80 to RM90 psf while demand is high mainly because of the location,” says Tan. TTDI is a mature, integrated and low-density township with mainly landed properties

TTDI condo market
There is a handful of low and high-rise condos and apartments in TTDI. The earlier projects were developed in the late 1980s to mid-1990s, mainly by the then TTDI Development Sdn Bhd. The list of projects include Kiara Green townhouses, Trellises Apartment, Kiara View, Kiara Park, Pinggiran Kiara, Villa Flora, and Sri TTDI. TTDI Development Sdn Bhd was bought over by the Naza Group in 2004 from Danaharta.

Raine & Horne’s Tan notes that the older condo projects are now changing hands at between RM250 and RM300 psf, depending on the facilities, the condition of the units and the views offered. They give a yearly average rental yield of about 5%.

Newer projects in TTDI include Sinaran TTDI, a serviced apartment development being undertaken by UDA Holdings Bhd. Then there are The Residence condo and The Plaza serviced apartments, both developed by Naza TTDI, which were completed in April and December 2006 respectively.

The Plaza, launched in August 2004, comprises 176 apartments and 38 three-storey shopoffices. The units, tagged from RM475,888 and above, have all been sold. The Residence, launched the same year, comprises 120 apartments that were priced from about RM477,888.

Data from YY Property Solutions (Valuation) Sdn Bhd shows that to date, TTDI has only some 1,600 condo units in Kiara Green, Trellises, Kiara Park, Kiara View, Pinggiran Kiara, Villa Flora, Sri TTDI, The Residence and The Plaza.

According to Tiffany Goh, director of YY Property Solutions which operates out of TTDI, Kiara Green on Jalan Tun Mohd Fuad is the oldest condo project. Completed in 1990, it was launched at an average price of RM100 psf. Today, average transacted prices of this project range from RM270 to RM300 psf.

As for Sri TTDI, Goh says it was completed in 1999 and is about 80% occupied. The units command average secondary market price of RM260 psf onwards.

“Sinaran TTDI is expected to be ready next year. The Residence and The Plaza are the newest completed condo projects, which were sold at an average selling price of RM270 psf and above. Today, the average prices for both developments start from RM360 psf,” she says.

“TTDI is a mature, integrated and low-density development, with mainly landed properties. Unlike Mont’Kiara, one of the nearest townships popular with stratified developments, there is higher demand for landed properties in TTDI.

“The stratified developments in TTDI, especially those completed in the 1990s, are also mainly owner-occupied. So, in general, the older condos record a higher estimated  average occupancy of 80%, while newer projects, such as The Plaza and The Residence, register a lower 60% to 70% occupancy rate,” says Goh, who believes the two developments have been purchased for investment purposes, mainly by current TTDI residents.

Depending on the particular project and the condition of the units — furnished or renovated — average gross rents of TTDI condos completed in the 1990s range from RM1,500 to RM3,000 a month, says Goh. Average gross yields will work out to about 4% to  5% and above.

“TTDI is definitely a sought-after address, with easy access to KL city centre and Petaling Jaya. It is near popular townships like Bandar Utama and Mutiara Damansara, while Kota Damansara, Damansara Uptown and Bangsar are not far away.

“In addition, the supporting highway network in the vicinity, such as Lebuhraya Damansara Puchong, Penchala Link and North Klang Valley Expressway, has further improved accessibility,” says Goh.


This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 775, Oct 5-11, 2009.

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