Good response to preview of Sunway Mont Residences

THE domestic property market may be experiencing a downturn at the moment but if the response to the public preview of Sunway Bhd’s Sunway Mont Residences in Mont’Kiara is any indication, there are still bright spots in the gloomy outlook.

“More than 1,000 people came for the preview last weekend [May 21 and 22]. We are soft-launching Sunway Mont Residences on May 28 and judging from the response to the preview, I believe the development will be well received. I think it also proves that
Mont’Kiara remains one of the most sought-after addresses,” Ang Kee Ping, executive director, central region, property development division tells City & Country.

The 38-storey condominium sits on a freehold 2.88-acre parcel in Jalan Kiara 5. It comprises 288 units and has a gross development value of RM250 million.

The old mantra of location, location, location still holds true, says Ang.

“Mont’Kiara is still a preferred address and Sunway Mont Residences is located in a quieter part of the area. It is quite a distance from the highway and the main access road but it is close to the amenities. The most important attraction in Mont’Kiara is the international schools, and Garden International School is located about 100m away,” he observes.

Other amenities close by are Global Doctors Hospital, Verve Shops, 1 Mont’Kiara, Solaris Mont’Kiara and Publika.

Sunway has set a sales target of 70% within six months and expects to complete the development by 2020.

 Modern rustic

According to Ang, Sunway Mont Residences features modern rustic architecture that can withstand the test of time.

“We are using natural materials and concrete surfaces as part of the finishes. One unique design is the wide frontage that presents all the bedrooms with sweeping views. I believe people will like this layout as none of the bedrooms will be secondary and there will be a lot of natural light,” he says.

The integration of architecture and the environment is seen throughout the development. Some highlights include an eco-pond and a north-south orientation that promises plenty of natural light and ventilation, Ang points out. 

Facilities include landscaped gardens and pavilions, a relaxation lounge, gym, wading pool, 50m lap pool, playground and viewing deck.

The development offers five types of units with built-ups of 1,122 (2 +1 bedrooms) to 1,609 sq ft (4+1 bedrooms). Ninety out of the 288 available units are dual-key (built-up: 1,695 to 1,906 sq ft), so they can be used by multi-generational families or be a tenancy option for investors, says Ang. “We are selling at an average price of RM787 psf after discount [or RM880,000 onwards]. Certain locations in Mont’Kiara can command more than RM1,000 psf, so this is value for money. We can keep the price at this rate through efficient construction.”

 Not a surprise

Ang is not surprised by the response to the preview. In fact, this was exactly what he had expected.

“There haven’t been many new launches in the market lately and our development offers only 288 units. If you look around Mont’Kiara, the new launches are mostly high-density of over 300 units, some going up to more than 1,000 units,” he explains.

According to Gerard Yuen, Sunway Integrated Properties Sdn Bhd sales and marketing general manager, the response is a good example of market forces at work.

“I agree with the general sentiment that the market is not as rosy as it was but the response to the preview shows that there are still people interested in buying; the demand is still there,” he says, stressing that there are still transactions in the market, although people are more selective these days.

“Buyers demand better developments, especially from well-known developers such as Sunway. Certain segments of the market are seeing demand,” says Yuen.

Ang notes that those who came for the preview were from a good spread of areas in the Klang Valley, such as Taman Tun Dr Ismail, Bangsar, Bandar Utama and Cheras.

“Mont’Kiara tends to attract buyers from all over, unlike certain locations that only attract those who live or work nearby, because most people would want to upgrade to this prestigious address. It is also a good location for investment. Prices are stabilising [after some consolidation] and in terms of rent, there is consistent demand. In my opinion, one of the key reasons Mont’Kiara has remained popular is its strategic and convenient location,” he says.

He also believes that while it was predominantly foreigners in the past, the profile of Mont’Kiara residents is changing.

“In recent years, we have seen more locals move to Mont’Kiara. They are a mix of owner-occupiers and investors. The number of expatriates is dropping and developments in the area are still growing,” Ang concludes.

This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on May 30, 2016. Subscribe here for your personal copy.