Kiara View draws the crowd

Seni Nusantara Sdn Bhd’s maiden project, Kiara View, in the Sungei Penchala Malay reserve in Kuala Lumpur, has been selling well since the launch of its first phase in 2005. Although the high-end, low-density, and guarded residential development can only be sold to bumiputeras, the take-up was impressive. To date, units in Phases One, Two, 3A and 4A have been sold out.

According to Seni Nusantara, the Malay Reserve status did not pose a problem as there is a pool of affluent Malay purchasers in the primary and secondary markets.

Although Kiara View sits in the Sungei Penchala Malay reserve, it is more closely identified with Desa Sri Hartamas and Mont’Kiara by virtue of its location. Phases One and Two, completed in 2007 and 2008 respectively, comprise 97 units of 2 and 3-storey semi-detached houses, while the newly completed Phase 3A consists of 34 units of 3-storey semidees.

Under construction now are 12 units of 3-storey semidees in Phase 4A, slated for completion in mid-2010.

Farah Lim Abdullah, Seni Nusantara’s marketing and sales manager, tells City & Country that houses in the first two phases are now 90% occupied, of which about 50% are owner-occupied and the balance tenanted. The gross rental yield based on current market value of the houses is about 6% to 7% per annum.

The 2-storey semidees in Phases One and Two, which were sold at the developer’s price of RM1.4 million to RM1.7 million, are now fetching about RM2 million on the secondary market. The 3-storey semidees in the two phases, sold at the developer’s price of between RM1.5 million and RM1.8 million, are now going for RM2.5 million.

Houses in Phase 3A come with an average land and gross built-up areas of 4,000, 4,900, and 5,400 sq ft. The houses were sold at between RM2.2 million and RM2.3 million each and are being prepared for handover. The gross development value of the project when fully completed is about RM500 million.

Farah says although the company does not have any other projects in the pipeline, it is exploring opportunities for high-end developments in the Klang Valley and Penang.






This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 774, Sep 28-Oct 4, 2009.