MK10

High on the Rise: 10 Mont Kiara (MK10)

Mont Kiara, a prestigious township located northwest of the city centre of Kuala Lumpur, is becoming one of the most popular addresses among the affluent community of Malaysia and its residents. No questions here – Mont Kiara truly defines class, substance, and status more and more every day; while some would prefer KLCC or Bangsar, Mont Kiara remains dear to the editors of PropertyReviews.my :). Read about our previous review about Mont Kiara here.

10 Mont Kiara (or often abbreviated to MK10 for brevity) is one of the newer Sunrise properties located in central Mont Kiara, but is fast becoming a signature condominium which encapsulates the best of the enclave. While the infamous “Mont Kiara glut” has been ongoing for a while, there’s no doubt that demand will keep up with the supply eventually, and when this happens, expect prices to continue to rise.

The posh 10 Mont Kiara is so far one of Sunrise ‘s most exquisite (and hence most expensive!) developments.

Ever since MK10’s completion in 2009, it has always been one of Mont Kiara’s most sought-after residences. Sunrise (now known as UEM Sunrise post-merger with UEM), a leading real estate developer that specialises in Mont Kiara properties, has 10 Mont Kiara listed as one of its most expensive property developed so far.

Developed for a cool RM650 million, MK10 remains Sunrise’s biggest and most ambitious project, ever. After the condominium’s completion, a total of more than RM550+ mil worth of sales has been reported. Most of its residents are Malaysians, and 70% of the sales were reportedly repeat purchases. It does seem that Sunrise has created a cult of following among its buyers (we have also seen this with Mayland and its KLCC launches – just look at Vortex), and with a loyal group of investors with enough dough to buy a small island off the Mediterranean, Sunrise’s new launches are almost guaranteed of success even before they are built…

MK10 – What’s The Big Deal?

10 Mont Kiara – rectangular designs which contrast with its neighbour MK11’s more curvy look

10 Mont Kiara is built on more than seven acres of land, and is comprised of two towers, with 43 storeys each. Both towers have 322 units.

A standard unit ranges from 3,748 to 4,090 square feet, while a penthouse unit ranges from 6,500 to 7500 square feet. Each storey houses four units, all of which have access to a private lift lobby.

Security and safety seems to be given top priority, as 10 Mont Kiara boasts of a state-of-the-art security system that includes a perimeter CCTV system, as well as a biometric ID system with access code-controlled doors for all its residents. There is a heightened need for security with the high profile kidnapping of Nayati Moodliar in 2012. That incident somewhat gave Mont Kiara properties a black eye of sorts, and it took some time before recovery took place…

Below are some of 10 Mont Kiara’s amenities and facilities:

• Infinity pool
• Water jet pool
• Sauna
• Contemporary landscaped garden
• Indoor golf range
• Putting green
• Tennis court
• Children’s playground
• Pavilion with grand lobby
• Private lift lobby
• Games room
• Yoga terrace
• Surau
• Jogging route
• Wireless internet access
• Gymnasium
• Half-basketball court

Sunrise seems to have pulled out all the stops with MK10, and this is no surprise as the standards just keep getting higher nowadays with the dearth of choices for the upscale buyer (not only in Mont Kiara, but elsewhere in KLCC, Damansara Heights, Bangsar, Sentul and Ampang Hilir).

The two 43-storey blocks of MK10, each having only four units per floor, making it somewhat low density.

While the older, off-the-mill condominiums such as the Astana or Pelangi seem to be competing among themselves inside Mont Kiara, MK10 (and its compatriot of newer Mont Kiara condominiums such as MK28 and MK11) are firmly in the consideration set of the typical upmarket condominium buyer who might, say, compare the property to the likes of KLCC condominiums such as Troika and Binjai Residency.

10 Mont Kiara’s vital stats are neatly summarized in this table below –

MK10 Pricing Analysis

Experts estimate that the fair market value of MK10 to be above RM1,000 PSF given its positioning in the upscale condominium niche, but given the oversupply situation in Mont Kiara at the moment the prices seem to be depressed at the moment. Does this mean that there are bargains to be had? There’s only one way to find out – and that’s to know what’s MK10 really worth (download this guide if you need help).

The chart below shows the asking prices noted in the listings and advertisements that we culled from various property sites for the last three months –

Location Matters

Being in central Mont Kiara, 10 Mont Kiara is situated within a close range of restaurants, banks, schools, and shops. The Mont Kiara International School (MKIS) is within walking distance, and Solaris @ Mont Kiara is only a short drive away. The Plaza Damas complex is minutes within reach, and neighbouring towns such as Sri Hartamas, Petaling Jaya, Damansara Heights, Bangsar, and TTDI are also nearby.

MK10 is just next to, well, no prize for guessing it right – MK11.

Our Final Analysis

On its own merit, MK10 has all the trimmings you’ll want from an upscale development. Sunrise has pulled out all stops in delivering a high quality product, and it is evident that MK10 could only be built by a specialist developer with a rich portfolio under its belt. MK10 does represent the best that can be found in Mont Kiara, and more.

On the minus side, the plus sizes (3,700 sq ft+) mean that the rental prospects are rather narrow, and the entry price is steep.

One of the brighter prospects in the Malaysia property market, MK10 deserves a serious consideration… but only if you can secure a unit at a “competitive” price. We have noticed that there is a large spread on the asking prices as evident in the local property portals (RM700 – 900 PSF), and it’s important to know what the “true” market value for an MK10 unit is so that you can make good on your investment.