DONE DEAL: Unit at 11 Mont’Kiara condominium, Mont’Kiara, Kuala Lumpur
Sold for: RM2.98 million or RM799 psf
Concluded by: Freeman Woo Chee Meng of MIP Properties (012-656 7617)
When: October, 2015
Noteworthy: * Freehold * Partly furnished unit * Built-up area: 3,729 sq ft * Very luxurious condo with private lift lobby * 4+1 bedrooms, 6 bathrooms and 3 parking bays * Developed by UEM Sunrise Bhd * Accessible via Penchala Link, Federal Highway, North-South Highway, North Klang Valley Expressway and the Duta-Ulu Klang Expressway
According to the negotiator, Freeman Woo Chee Meng of MIP Properties, the buyer is a Malaysian who bought the unit for his own use. However, when the tenant who was already living on the property requested to renew the lease for one more year, the owner decided to rent it out for RM13,000 per month.
“With monthly rental of RM13,000, it means more than 5% yield,” Woo says. “Most units here are occupied by expatriates or leased by companies.”
11 Mont‘Kiara has a total of 339 units in five 43-storey blocks. Spanning over 6.7 acres of land, the built-up areas of the units range from 2,707 to 6,725 sq ft. There are only two units per floor.
There are plenty of amenities within a short distance from 11 Mont'Kiara, including international schools and shopping malls.
According to data from theedgeproperty.com, the average asking monthly rent at 11 Mont’Kiara is RM12,324 or RM3.65 psf, based on 474 listings on theedgeproperty.com. Based on an average transacted price of RM772 psf (from 2Q2014 to 1Q2015), this means the indicative asking rental yield is 5.7%.
There were 10 transactions in 11 Mont Kiara last year, with average selling prices ranging from RM2.31 million (RM721 psf) to RM3.13 million (RM776 psf).