One of the first condominium developments to grace the skyline of Mont Kiara was the Mont Kiara Pelangi. Having completed in 1994, it is one of the “venerable” Mont Kiara condominiums which pioneered the area. Mont Kiara Pelangi was developed by one of Malaysia’s top property development firms – Sunrise (now known as UEM Sunrise post-merger with UEM).
The perception amongst prospective buyers and renters is that it’s an “old” condo with wear and tear already showing up given its age. To overcome this, there has been a few rounds of refurbishment and upgrades – notably the landscaping as well as some of the facilities (the gym, tennis courts, children playroom, etc).
As with other older condominiums in the Mont Kiara enclave, location remains the Pelangi’s strongest selling point. It’s also of no surprise that it boasts one of Mont Kiara’s highest walkability scores (more on this later).
Mont Kiara Pelangi: The Prices
At the time of the publication of this review, listings in local property portals indicate that Mont Kiara Pelangi’s asking prices range from RM460 to RM640 psf. Its price is comparable to its neighbor and (almost) contemporary Mont Kiara Pines (completed in 1993) sells from RM500 to RM630 psf.
Another neighbor, Mont Kiara Sophia, sells from RM550 to RM760, which is a bit higher. The extra premium is attributable to the fact that Sophia is a relatively newer property, and from the outside it does look more well maintained than the Pelangi. For a quick guide on how to estimate a good price for a unit at the Pelangi, click here.
Check the chart below for the asking price trends for the last few months –
What You’ll Get For The Moolah
Mont Kiara Pelangi is a freehold condominium with 299 units distributed in two 27-storey blocks (named Apollo and Venus). It sits on 4.5 acres of land just off the main artery of Mont Kiara – Jalan Kiara. This is also where the original “cluster” of Mont Kiara condominiums are found – Palma, Pines, Sophia amongst others. Villa Mont Kiara is on the opposite side of the road, as well as the “twin condominiums” Angkupuri and Almaspuri.
Units at Mont Kiara Pelangi are sized from 1,200 to 3,600 sqf.
Residents of Mont Kiara Pelangi are provided with facilities that caters to kids and adults. For children, there is a play area, a nursery and a wading pool. On the other hand, adults enjoy a BBQ area, a fully equipped gym, squash and tennis courts, jogging track, swimming pool, sauna, and a snack bar. Other facilities include covered carpark, clubhouse and 24-hour security.
Besides the premium materials and upscale feel of all Sunrise’s projects, Mont Kiara Pelangi also boasts of its tasteful architecture and style. For one, the Apollo and Venus blocks are connected by a sky bridge that is beautifully landscaped. The sky bridge also has a restaurant and a business centre to cater to its residents.
Below is a concise data specifications sheet on the Pelangi –
|Name||Mont Kiara Pelangi|
|GoodPlace Walkability Score||84|
|Blocks||2 (Venus & Apollo)|
|Rental||RM2,200 - RM7,100|
Mont Kiara has become one of Kuala Lumpur’s most sought-after residential areas. Why not? It is centrally located so everything you will ever need is within reach. Shopping centres, hospitals, restaurants, cafes, pubs, salons, golf clubs and sporting facilities, embassies and schools are all within short driving distances from the enclave. In fact, there are two international schools inside Mont Kiara – Garden International School and Mont Kiara International School (the latter is within walking distance).
Although it has not been a major issue, the lack of public transportation servicing the enclave may be a weak point for some investors, especially those who are just starting to invest.
The biggest selling point of the “older” Mont Kiara condominiums such as Pelangi is undoubtedly the location. The newer developments in Mont Kiara are often occupied in rather “off-centre” areas (see Concerto North Kiara in Jalan Dutamas Raya), and for many renters and buyers they would prefer a place where everything is available at a walking distance. For this purpose, the Pelangi fits the bill nicely.
Additionally, the “Sunrise” factor also comes to play, and many investors believe that a strong developer brand helps protect the sub-sale value of a property in the medium and the long term. Sunrise, a multi-awarded property development firm, is responsible for many of the projects in the Mont Kiara enclave, and is given credit for the enclave’s tremendous growth over the years.
Pricing-wise, the Pelangi is on par with the other condominiums in the same consideration set, and is firmly entrenched in the “middle” segment. We like it for what it is – a good place with a central location albeit with some wear and tear.
All in all, we do like the Pelangi primarily because of its location as well as its accessibility, and although the age factor may be a deal breaker for some, we reckon that it can be a fair investment if it can be procured at a good “fair market value” price.