Icon Residence is a highly lauded luxury condominium development in Mont Kiara by the reputable Mah Sing Group. Adapting a rather unique theme based on Mediterranean design, Icon Residence Mont Kiara houses some 260 apartments spread out in three blocks (Icon 1, 2 and 3). Built on top of more than 2.5 acres of prime, freehold land, each condo unit enjoys scenic view of either Mont Kiara or the Kuala Lumpur skyline. The Icon Residence has a gross development value (GDV) of close to RM300 million.
In 2011, Mah Sing secured a bulk sale of 96 units worth more than RM220 million from a Chinese company, reflecting the potential of the development. The Chinese corporation would then construct the buildings, thus freeing up the construction cost for Mah Sing. This arrangement is indeed quite innovative – probably the first in the Malaysia property market. This sale of 96 units would bring up the take up rate of the development up to 60%. Additionally, Icon Residence has garnered substantial interest from both local and foreign buyers: particularly from Singapore, Hong Kong and Taiwan. During its initial signing up of interested buyers, up to 30% were foreigners.
Pricing-wise, Icon Residence is now firmly entrenched in the upper tier of Mont Kiara condominiums with asking prices breaching RM1,200 PSF at the time of the publication of this review. Fully furnished units at ~700 sq ft are being advertised to be sold for at least RM800,000 – a premium by any standard. We will tend to compare Icon Residence with Solaris Dutamas down the road (given the closeness between the two developments, and also the mixed development nature), and given that the latter is at around RM750 PSF we do seem to think that Icon Residence is overpriced for now. There are, however, some other considerations that need to be made as well (actual transacted prices, unit conditions, etc). For an easy method on how to derive the “fair market value” for a unit at Icon Residence, click here for a free guide.
Location… Kinda Meh
Icon Residence is located on Jalan Dutamas Raya at the northern side of Mont Kiara, it is further up the road from Hartamas Regency heading towards the Segambut station. It has accessibility to major highways such as the New Klang Valley Expressway, the North South (PLUS) Highway, DUKE as well as the Penchala Link (connecting to Bandar Utama area).
We have had reservations about Icon Residence because while it’s being marketed as “inside Mont Kiara”, its location is perhaps not its best selling point. However, since it is an integrated development with everything touted to be under one roof, location may not be an issue after all. Also, it’s not as bad as those condos further up north: Concerto or Verdana for example. 🙂
As with other Mont Kiara condos, Icon Residence enjoys all the amenities such as internationally reputable schools (such as the Mont Kiara International School, or also known as MKIS), shopping centres (Publika at Solaris Dutamas, Plaza Mont Kiara, One Mont Kiara, Plaza Damas) and recreational spots (Kuala Lumpur Golf & Country Club is about 10 minutes drive away). Just don’t expect the “amenities at your doorstep” feature of the Mont Kiara condos which are more centrally located like Almaspuri, Angkupuri or those first generation Sunrise condos scattered along Jalan Kiara. Manage your expectations!
Configuration & Facilities
The unit built-up areas range from 875 up to 4,400+ sq ft, with launch prices from RM1 million to RM5+ million. There are six duplex penthouses with private swimming pools. Each condominium unit comes fitted with air-conditioner units, kitchen cabinets, refrigerators, washing machines – the full works.
There is a spectacular rooftop garden which offers the panoramic view of the Kuala Lumpur (KLCC) skyline. Standard recreational facilities such as swimming pools, yoga rooms, gymnasium, Jacuzzi, games room, function rooms and children’s playground are available. The Vertical Garden is a sight to behold in itself, and the Sky Garden comes with superb BBQ facilities and a tastefully designed lounge deck.
Icon Residence also boasts of several green development features – energy saving lighting, automated waste accumulation and disposal procedures, and the harvesting of rain water. It seems that going green is the latest trend in Malaysia property nowadays, and it doesn’t surprise us a bit that Mah Sing is jumping into the proverbial bandwagon. 😉
The table below summarizes Icon Residences’ most vital statistics –
|GoodPlace Walkability Score||51|
The nearby ‘KL Metropolis’, touted as a mega development with a gross development value of RM15 billion is expected to accelerate Icon Residence’s capital appreciation and rental yield. Additionally, with the Mah Sing brand name behind this development, the buyer traction is expected to be strong. Mah Sing is a top-tier Malaysia property developer behind notable projects such as Garden Residence in Cyberjaya, Kinrara Residence in Puchong, Meridin @ Medini in Nusajaya and The Icon on Jalan Tun Razak.
We like Icon Residence for its developer reputation and a wide range of sizes which cater to both the working bachelor and growing families. The design is unique and the landscaping is rather classy. There’s also the low density factor at play here with only two to six units per floor; this is a marked difference to some of the other cookie cutter Mont Kiara properties which seem to pack every available space to the brim. It also has a good location off Persiaran Dutamas which is close to the retail area of Solaris Dutamas and the upcoming KL Metropolis.
The only factor which seems to be pulling it back is the relatively steep asking price – it may well be in the top three of the most expensive developments in Mont Kiara. At this price point, buyers will be comparing it with 11 Mont Kiara or Verve Suites in the same Mont Kiara enclave, or even KLCC condominiums such as Marc Residence and the series of Hampshire apartments. We do think that it is overpriced for now, but the surest way to derive Icon Residence’s “fair market value” is to look at recent transacted prices.