More often than not, when mentioned Mont’ Kiara, it is mostly associated with high rise luxury condominiums and expensive penthouses and properties. Expatriates are most familiar with the area, and with its wide range of amenities and matured landscape, it’s easy to make a choice. However, since 10 years ago, Mont’ Kiara has outgrown its capacity. With every high rise apartment/condo built to accommodate demands, it’s running out of space and congestion is almost unbearable.
Everyone wants a piece of Mont’ Kiara but with the land drying up and prices are not as affordable as one would like, what are the alternative(s) for these people?
For tenants, it is merely a pick and choose situation as there are plenty of units available around the area but when it comes to price vs. building, they may have to think twice. Usually, older apartments comes with cheaper rental price and more simple furnishing. The ones in the middle category are those with the greater dilemma – those looking at around RM 3,000 +- rental per month. They wouldn’t want an old apartment that costs lower. Not that the money in view is a lot, but it is almost certain that it wouldn’t get them anything they are looking for and it is pretty rare a nice little unit is around for them to pick.
And usually, these units to-let are in the market for some time. As it goes, what started as a bare unit or partially furnished unit is now a fully furnished one. And it is again, almost certain that the landlord would increase the price a little in that aspect. Now, the tenant probably have a list of units that are older, pricier and fixed with some unwanted furniture (although some landlord could remove those not needed) to choose from. It is common that they take a longer time to view and choose and engaged with multiple agents to bring them around.
As for buyers, apart from some occasional fire sales or below market value units, anything that’s newer, well-kept and ‘investable’ costs about RM 700-800psf. And if you are talking about a 1,500 sqft apartment, that’ll set you around RM 1M to 1.2M. Although the market is slightly softer as we move in 2018, the price psf will still hover around that bracket and with bigger, newer and less costly units coming up around the other side of town, would they shift their sights?
North Kiara aka. Segambut stretch
Years ago, many would shy away when they were proposed something around that area. Couldn’t blame them. North Kiara or the Segambut area is not exactly what they have in mind when they speak of high-end living space. But technically, it is just a passage away from the fancy Mont’ Kiara proper. I was personally introduced to the location almost 15 years ago when I was looking around for a place and Mont’ Kiara is out of my league at that time and this was the next best thing. Question is, is it still, now?
For the past 5 years, there has been a-lot of activities around this part of town and newer condominiums sprouted with attractive prices and exciting layouts. The build quality and overall design is also comparable to the ones found in Mont’ Kiara. With the likes of Concerto, Anjali, Scenaria, Royalle, Verdana and 28 Dutamas holding the mantelpiece at the moment, there will be more coming up from this side of town to usher new homeowners to a location where they think is the next ‘place-to-be’.
The slightly reduced price psf for these developments mainly points to the fact that they are located at the less-affluent part of Segambut. But what will the future hold for this area in the next 5-10 years?
Just a mere 5 to 20mins away from its more illustrious neighbors, Segambut or North Kiara will no doubt rise to its potential. It’s just a matter of time. Old residential and undeveloped land will make way for its new projects and more and more home-buyers will definitely take notice of it soon.
Just a point to ponder. Many home-buyers within the next few years are more likely to opt for price over status. If living in a location with cheaper options and still within a stone-throw away to the superstar spot, would the answer be ‘why not’?
Let me know if you have any inquiry or simple looking for something in the above areas. I’ll be more than happy to be your guide. Cheers!
For a more detailed look at Segambut (North Kiara) transformation and it’s upcoming recognition as one of KL’s sought after location, please find the following article by PropertyInsight at http://propertyinsight.com.my/area-focus/segambut-comes-of-age/
Image courtesy of Anjali of TAGO.