28 in Cantonese bears similarity to the phrase “easy to prosper”. True to this moniker, 28 Mont Kiara is a luxury condominium development built on more than 5.8 acres of land. Interestingly, as much as 70% of the space is reserved for landscaping and the swimming pool, with buildings taking up the remaining 30%.
Located next to Mont Kiara Banyan, 28 Mont Kiara (also known as MK28) houses a total of 460 units of luxury apartments on two 40-storied towers. There are six levels of car parks in the basement. There are a total of six penthouses with sizes ranging from about 5,800 to 6,400 sq ft. The smallest units has built-up sizes of 2,535 sq ft. The smaller units come with three parking bays each. Penthouses come with five. Awesome stuff!
MK28 Prices Analysis
Mont Kiara 28 is developed by Sunrise (now merged into UEM and known as UEM Sunrise), and was launched in mid 2008 at about RM750 per sq ft. Since its launch, the asking price hovers at about RM770-790 per sq ft, although this has come down somewhat recently.
According to Sunrise executive Raymond Cheah, units went up to as high as RM2.8 million in the resale market1. As recently as June there was a 2,535 sq ft unit sold for RM1.8 million (RM710 per sq ft). The unit was brand new, and came fitted with air conditioning units, a fully fitted kitchen as well as a swanky private lift. It also came with three parking bays.
Sidenote: When valuing a property, we recommend that the actual transacted prices are used for benchmark. It’s a common mistake to take the asking price as gospel! For an easy method on how to value a property, click here.
There are new developments in the Mont Kiara area, and given the current glut the prices for MK28 are seen to be somewhat flat for this year. However, given the reputation of Sunrise, the future for 28 Mont Kiara seems bright.
The chart below shows the trend for the asking prices for MK28 for the past few months –
MK28 – A Tour
28 Mont Kiara comes with the usual facilities that you would expect from an upmarket Mont Kiara development – a 50m swimming pool (a rarity here in Mont Kiara) with nice water landscaping features (MK10 has got an abundance of water landscaping which covers more than 16,000 sq ft in total), jogging trails, children’s playground, a well equipped gym and also a retail centre.
The common concierge area is tastefully designed with rather nice marble flooring, designer chandeliers and also a baby grand piano. The lobby areas boast some of the best design elements that you would normally spot at the grand entrance of a five star hotel. It’s pretty exotic.
There are conservatories with plants and creepers which take inspiration from the legendary Hanging Gardens of Babylon. Very innovative! There’s also a yoga terrace for all you yoga enthusiasts out there.
Each apartment unit is also well “isolated” for privacy due to a creatively designed perimeter opening and also individual lifts.
Location-wise, MK28 occupies one of the best sites in Mont Kiara – it is just up the road from the Mont Kiara International School (MKIS) and Plaza Mont Kiara, and opposite the Sunrise Showcase. Everything you need is at a stone’s throw away, really – with One Mont Kiara just down the street giving you everything you need, from a nice gym (Fitness First) to good coffee (Coffee Club – particularly famous in Singapore).
The table below summarizes MK28’s most vital statistics for your consideration –
|Name||Mont Kiara 28|
|GoodPlace Walkability Score||74|
|Rental||RM4,550 - RM15,700|
|Subsale||RM700 PSF (Asking)|
What Else You Need To Know?
The Mont Kiara property market is competitive (not unlike KLCC condos), and the reputation of the developer is a strong competitive advantage. Having developed by Sunrise Berhad which is behind many prestigious and successful developments in Mont Kiara (such as MK10), the return on investment could be high.
From afar, MK28 seems to be just another cookie cutter Sunrise condo, but upon closer inspection it is clear that there are many who would prefer this condo from the others. Ample outside space is a good differentiator since most Mont Kiara condominiums are packed to the brim in order to maximize space. Claustrophobia can be a niggling problem among Mont Kiara apartments; not so in the case of MK28.
We are bullish about Mont Kiara in the long run; in that sense MK28 seems to fit the bill for the long term investor who is not bothered by short-term fluctuations and stagnant prices. Rental market can be tough (this is a problem afflicting Mont Kiara and not specific to MK28), and you’ll need a kick butt agent to help you if you want to rent out your unit. Get in touch with us if you need help.