Just a stone’s throw away from the famous Raintree Club and Royal Selangor Polo Club is Menara Polo, a mid-rise residential condominium property. The property sits on Jalan 2/76e inside Desa Pandan, neighboring the upscale Mutiara Upper East condominium (and a series of not-too-upscale flats in the form of Desa Pandan Apartment, Baiduri Apartment and Angsana Hilir Condominiums). It’s also not strictly within the Ampang Hilir area but often is marketed as such in order to get the premium associated with the “Embassy Row” name. We see this all the time with pseudo-Mont Kiara properties which are actually in the Dutamas (cough, Concerto, cough) or the Segambut area (cough, Kiara 3, cough). 😉
Also, Menara Polo seems to suffer from a rather indifferent name (it’s more apt for an office block) – rather, it seems to be inspired by the polo ground where it’s next to. We heard that the developer’s launching new projects named Menara Bola and Menara Bulu Tangkis next to a football field and a badminton court respectively. 😉 Jokes aside, branding is all the rage these days, and having a rather lackluster certainly doesn’t help to boost the sub sale value of its units.
Currently, you may purchase a unit at Menara Polo from RM350 to RM400 psf. Rental rates are from RM1.50 to RM2.30 psf. According to available resources, these figures have increased insignificantly, if at all. Comparing it to its immediate neighbor, Mutiara Upper East, Menara Polo’s rates are cheaper, as the former sells from RM520 psf to RM640 psf, while rental rates range from RM2.20 psf to RM4.00 psf.
It must be noted, though, that Mutiara Upper East is almost a decade younger than Menara Polo – these are two markedly different properties targeted at entirely different demographics altogether, with the former targeting the more affluent which are more closely associated with the Embassy Row crowd. To find a good “comparative” property in order to price Menara Polo correctly, use this valuation guide (free).
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The two blocks of 14-storey towers make up Menara Polo, which was completed in 1999 by TTDI Realty. The land is leasehold.
Living in Menara Polo
The standard condominium units at Menara Polo are sized from 1,485 sqf and typically have three bedrooms. Standard facilities are provided by Menara Polo to its residents, namely:
- Tennis and squash courts
- Swimming and wading pools
- Covered parking bays
- Kids’ playground
- Snack bar
- Barbecue pit
Nothing much to shout about here. On top of this, 24 hours security is provided with CCTV surveillance and key card security access system.
Weighing Your Options
Menara Polo may be located in one of the inner city’s less dense enclaves, but it is worthy to note that it is situated among low- to medium- cost flats. For a lot of home buyers, this is a turnoff, but at sub RM400 PSF price for a city condominium, this seems to be somewhat bearable.
The property is old (built in 1999) and it shows. Unlike other older residential properties, Menara Polo seems to be a bit run down from the outside – the management may well take a leaf from the handbook of even older apartments on the Embassy Row proper which look fabulous even as they age.
However, others may find this property a good investment, as you can get a unit for about 70% the price of a Mutiara Upper East unit. This could yield good rental figures in the future, especially because the area is being transformed into a better place, with new upscale residential properties underway. Also, it helps with sub sale if you’d positioned it as an “Embassy Row condo” 😉
With the presence of Mutiara Upper East there’s bound to be some spillover effect which we have already seen in the form of capital appreciation for Menara Polo in the last twelve months, so there’s hope after all. To estimate the fair market value for a unit here at Menara Polo, use this guide which will get emailed to you after you fill in the form below.