A recent report in a national newspaper stated that the high-end condominium market in Kuala Lumpur is expected to remain soft in 2022. Factors such as an apparent oversupply, a questionable economic outlook coupled with the discontinuation of the Home Ownership Campaign (HOC) and moratorium by Bank Negara, along with interest rates hikes are contributing to this rather subdued outlook.
Although it may take a while before the luxury condominium market fully bounces back there are already signs that the segment may stir to life. According to a report by Knight Frank, the volume of transactions for high-rise residentials have been showing an upward trend of 25.5% in quarter three of last year.
In terms of areas, especially within the sub-market areas, average prices in prominent areas such as Damansara Heights, Kenny Hills and Mont Kiara continue to be positive. The reason for that is simple – their well-connected location and surrounding amenities, which make them hotspots for dwellers.
Mont Kiara has always been a consistent favourite amongst home buyers. A coveted address the property prices here have continued to hold steady. Presently, there are well over 400 listings for properties in Mont Kiara on Mudah Property. The property types range from condos to service residences to semi-detached homes and bungalows with prices starting from RM300,000 to several million.
The choices are undoubtedly plenty and if you’re in the market to purchase or invest in a piece of real estate, you can’t really go wrong with an address like Mont Kiara. Here are the reasons why:
Long before it became a property hotspot, Mont Kiara was an expansive agricultural land called Segambut Dalam Rubber Estate. Rapid development soon transformed the area into a high-end locality which now boasts residential towers, retail outlets and shops, offices as well as malls and shopping centres.
Neighboured by Sri Hartamas and a stone throw’s away to Taman Tun Dr. Ismail, Bangsar as well as the Kuala Lumpur City Centre, Mont Kiara provides the perfect setting for dwellers looking for a home in a well-connected neighbourhood with the appealing amenities and facilities within easy reach.
There are also several educational institutions within the neighbourhood such as the Mont Kiara International School and Garden International. As such it remains a popular choice amongst the expat community, which further ensures its attractiveness and appeal within the rental space.
Mont Kiara has numerous options for home buyers. Despite a large number of sub-sale units, there are also ongoing projects in the area. Solasta, Allevia and Residensi are the latest developments that will sprout up in this upper-scale neighbourhood. The sub-sale segment though does provide some ample choices amongst home seekers.
That’s largely due to the ample choice of homes available at the moment. This includes older developments as well as newer ones along with varied sizes ranging from smaller studio units to penthouses and landed homes.
With its prestigious address along with its reputation of being an affluent neighbourhood, properties in Mont Kiara continue to maintain their value. Although the pandemic has affected the value of real estate across the board, the average capital value of properties in Mont Kiara declined only marginally over the past two years.
This is the direct result of properties in the area still being able to deliver good capital appreciation along with attractive rentals, which ensures homes in the area continue to command favourable prices.
Take for instance Casa Kiara 1, a residential development that was built in 2006. Featuring 223 units spread across a pair of towers, the condo offers units ranging between 1,235 to 4,573 sq ft. A freehold 3+1 bedroom unit measuring 1,268 sq ft can command around RM650,000, which is considerable value for a property located in such as central and sought after neighbourhood.
There’s also Mont Kiara Pines, one of the earliest developments in the neighbourhood. Built in 1993, the development features 1,288 sq ft to 2,900 sq ft layouts ranging from the mid-RM600k range to over a million ringgit. For luxury condos, Kiaraville is also an enticing option within the space with units priced from upwards of RM1 million. Completed in 2008, the freehold development offers a good design and architecture with built-up units starting from 1,593 sq ft to 3,942 sq ft.
With numerous choices and real estate choices to suit a variety of budgets and needs, Mont Kiara’s continued appeal isn’t all that surprising. With a vibrant retail and F&B scene and practically everything at one’s doorstep, the affluent neighbourhood offers multicultural appeal that has made it a hot spot for expats and families. Easily accessible and well-connected, the premier location continues to draw interest as an aspiring locale for real estate buyers, which ensures its position as a viable investment in the real estate space.
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