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Mont Kiara & Kenny Heights (KL, Malaysia - MY#4)

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Mont Kiara & Kenny Heights (KL, Malaysia - MY#4)

A new Walkable "heart" for an old suburb coming

Is this a plan we should see in UK & USA etc ?

================================

 

“I think Kenny Heights has the promise of being the nearest thing to heaven..." - Sir Terrence Conran

 

Creating a new sort of walkable city, within the suburbs of KL - destined to be connected to the main city by mass transit links (in 2020?)

 

sf_14c_782.gif

Originally a 16.2 acres site near Mont’ Kiara, it became a 70 acre development under a Masterplan:

 

3099499572_0f8cd496e9_o.jpg

MK Map: http://img208.imageshack.us/img208/1565/003kl.jpg / http://tinyurl.com/montkiara'>http://tinyurl.com/montkiara

 

Dutaland, formerly Mycom Bhd, bought the 88-acre freehold land 32 years ago. The land is jointly owned by Dutaland’s wholly-owned subsidiary KH Estates Sdn Bhd (58%) and Olympia Properties Sdn Bhd (42%), a unit of Olympia Industries Bhd. There were six architects involved in this development. The company has spent tens of millions of ringgit on the layout alone. They want to build a second Suria KLCC,” he said.

 

Kenny Heights* will be Kuala Lumpur's new midtown and will offer a gateway development embodying the capital's growing design awareness as well as its aspirations for a better quality of life... a unique place... to command attention on the world stage.

 

*Named after Kenny Hill and Damansara Heights - planned as the main commercial centre gateway to the Beverly Hills of Kuala Lumpur, Kenny Hill. The project is segmented into 9 parcels within a 15 year development horizon.</i>

 

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It has been launched for sale this weekend in Hong Kong (for a new phase?)

 

kennyob9.jpg

 

Malaysia-based developer, Dutaland, is in the early stages of a project scheduled for completion in 2021: Kenny Heights, an urban development in Kuala Lumpur, will feature a variety of architectural designs by esteemed architects such as Foster and Partners, Kengo Kuma, David Adjaye and Zaha Hadid.

 

Affordability in KL:

In the KLCC area, pricing is relatively affordable at around US$400-$600 per square foot. Based on an anecdotal comparison, one would probably pay numerically the same for a property in KL centre and Singapore city centre: A Singapore city property may cost around S$1,800 per square foot while a KLCC property costs around RM1800 per square foot! Given an exchange rate of S$1 to RM2.4, one can easily understand the affordability factor.

/source: http://www.property-report.com/property-news-opinion-analysis.php?id=237 /Malaysia : An Investor's Look

 

Price Cycle

MYprop.gif.jpg

 

== ==

 

Maps & comments..... :: http://tinyurl.com/montkiara

Skyscraper city pages :: http://www.skyscrapercity.com/showthread.php?t=600116&page=1

Kenny Heights on map :: http://www.propwall.my/kenny_heights/kenny_heights_sanctuary/map

Mont Kiara chat Forum :: http://thinkproperty.com.my/realestate/Forums/Expatriates/Mont-Kiara-Pros-and-Cons-list-please-contribute.html

Mont Kiara photos...... :: http://www.skyscrapercity.com/showthread.php?t=109806&page=13

 

Kenny Hts. brochure :: http://www.winkreative.com/portfolio/branding/kenny_heights.aspx

Charts / MY Builders :: http://www.advfn.com/cmn/fbb/thread.php3?id=17072022

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(originally from Mycom, and Merrill Lynch / this is how it was announced back in Sept. 2007)

 

b_01kennyheights.jpg

 

A 16.2 acres site near Mont’ Kiara, just two months ...

 

Compared with an average S$4,000 per sq ft in Singapore, property in Kuala Lumpur is still fetching around RM1,500 to RM2,000 per sq ft in good locations around the KL City Centre (KLCC).

 

NEWS ARTICLE:

Adjaye, Benoy and Foster team up on huge Kuala Lumpur 'suburban city'

 

(Clive Walker, Architect's Journal, 19th September 2007, www.ajplus.co.uk)

 

A team of architectural big hitters, including Adjaye Associates, Benoy, and Foster + Partners, is creating a 'suburban city' twice the size of London's Covent Garden in Kuala Lumpur, Malaysia.

 

The Kenny Heights scheme will boast 3,000 homes, hotels, office blocks and almost 400,000m2 of retail space. Conference facilities, a medical centre and cultural quarter will also be incorporated.

 

Other firms on board include Conran and Partners, South Korea's ga.a architects, Heatherwick Studio, US firm the Jerde Partnership, Japan's Kengo Kuma and Associates, and WDA.

 

Billed as the key commercial and 'high-class' residential hub for the Kenny Hills suburb of Kuala Lumpur, the 36ha scheme has been broken down into nine 'parcels' to be developed over the next 15 years.

 

The scheme is being developed as a joint venture between Mycom Bhd and Merrill Lynch Asia. According to Mycom, the site is regarded as 'the last integrated development on the last choice site' in suburban Kuala Lumpur.

 

Mycom chief executive Datuk Yap Yong Seong said: 'It is unparalleled to any single development in Kuala Lumpur except for [massive commercial development] KLCC. It will evolve into a new suburban city with about 230,000m2 of gross floor area.'

 

For more information please contact: Emilie Lemons, Conran & Partners: cp@conranandpartners.com

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DutaLand’s development plan stalls

by Racheal Lee Mei Nyee

 

KUALA LUMPUR:

DutaLand Bhd formerly known as Mycom Bhd became a victim of the global financial crisis when an agreement to jointly develop several parcels of land in the Mont’Kiara-Sri Hartamas area, which was supposed to form the backbone of its revival, with several foreign parties fell through.

 

Yesterday, DutaLand announced the termination of the conditional joint venture and shareholders’ agreement with several parties for the 8.78-acre (3.55ha) mixed development located in the vicinity of Mont’Kiara/Sri Hartamas which carried an estimated gross development value of RM1.8 billion.

 

The agreement, which was signed on Nov 1 last year, involved Dutaland’s wholly-owned subsidiary, KH Estates Sdn Bhd, Olympia Properties Sdn Bhd, Kenny Heights Central Sdn Bhd (formerly known as Allied Parade Sdn Bhd), Kenny Heights Westcity Sdn Bhd (formerly known as Asas Galian Sdn Bhd) with Stonehage Westcity Property Fund Limited and its wholly-owned subsidiary, SWX Malaysia Ltd.

 

DutaLand said that the agreement was terminated with consent from all parties due to the current market conditions and certain conditions precedents was not fulfilled within the agreed time frame.

 

“Accordingly, all the other ancillary agreements entered into in connection with the agreement comprising the share sale agreement, the land sale agreement, the infrastructures agreement and the development management-cum-sale and marketing agreement all dated Nov 1, 2007, which are inter-conditional with the agreement have also been terminated,” the company said.

 

Following the termination of the agreement, the company said the letter of intent between KH Land Sdn Bhd and Merrill Lynch (Asia Pacific) Ltd on Sept 4 last year for a proposed joint venture to develop land totalling 16.2 acres located in the vicinity of Kenny Heights/Mont’Kiara area has also lapsed.

 

After more than seven years, Dutaland and its sister company Olympia Industries Bhd were restructured last year. The restructuring scheme was based on the development of some 73.44 acres of prime land in the Mont’Kiara/Sri Hartamas area.

 

/more, see post #21: http://www.skyscrapercity.com/showthread.p...0116&page=2

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Kuala Lumpur project is attracting international buyers

 

Posted by Kevin Brass in Asia real estate, News, General

 

International buyers are playing a key role in the early growth of Kenny Heights, an 88-acre site which hopes to develop as a Beverly Hills-like suburb of Kuala Lumpur.

 

Since the first phase of the development went on sale in April—49 villas designed by Kengo Kuma, priced between $1.3 million and $1.6 million (RM 4.6 million-RM 5.8 million)—more than 40 percent of the buyers have been from outside Malaysia, according to Dato Jeff Yap, executive director of KH Land Sdn Bhd, the project developer. Although he declined to say how many units have sold, the international buyers have been from Australia, the U.K., Korea, Japan and the Middle East, he said.

 

 

Kenny Heights Estate

 

The developer, a subsidiary of Dutaland Bhd, is “unveiling” the master plan this week at MIPIM Asia, the industry event in Hong Kong. Dutaland also developed the K Residence, the tallest luxury condo development in Kuala Lumpur.

 

Kenny Heights will be developed over 15-years, including an array of commercial and residential space designed by such architects as Foster + Partners, Adjaye Associates, Conran and Partners and Zaha Hadid Architects.

 

In addition to the 3.7 acres of Kenny Heights Estate, the first phase will include a nine acre site with condominium towers, including two towers under Sir Terence Conran’s brand, plus a 10-acre site for a hotel, retail space and apartments. The master plan calls for the various elements to be connected by an extensive green belt, gardens and “intimate walkways.” The development is adjacent to the site of the new national palace.

 

KH_BigMain2.jpg

 

“Kenny Heights will be Kuala Lumpur’s new midtown that offers a gateway development embodying the capital’s growing design awareness, as well as its aspirations for a better quality of life,” Yap said.

 

Government tax breaks and incentives have helped spark the international market, Yap said. Malaysia’s program allowing foreign buyers to easily gain permanent resident status, Malaysia My Second Home, is also a strong selling point, he said. Coupled with the abolition of a real estate gains tax last April, the measure helped Kuala Lumpur real estate values jump 30 percent over the last 12 months, he said.

 

/see: http://kennyheightssanctuary.blogspot.com/...attracting.html

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KUALA LUMPUR: Malaysian Rating Corp downgraded the rating of DUTALAND BHD []’s (DutaLand) outstanding RM50.66 million redeemable unsecured loan stocks (RULS) to B from BB-. The outlook on the rating is negative.

 

MY:3948 Dutaland Berhad (MYX) ... <a href="http://bigcharts.marketwatch.com/charts/big.chart?symb=MY%3A3948&compidx=aaaaa%3A0&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&size=2&state=8&sid=2671596&style=320&time=9&freq=1&nosettings=1&rand=2786&mocktick=1&rand=1989" target="_blank">update</a>

aa3.png.jpg

 

The rating agency said on Friday, Feb 5 the rating action reflects DutaLand’s dependence on asset sales to meet its upcoming debt maturities and the significant near-term pressure on its profitability and cash flow.

 

MARC said DutaLand's operating profitability and cash flow generation would remain weak. The negative factors were the relatively slow property sales by its property development segment and narrowed scope of its oil palm business after selling a PLANTATION [] subsidiary.

 

"The negative outlook assumes that management will seek to further realise asset sales within a compressed time frame, and highlights concerns about DutaLand’s ability to augment its limited cash liquidity which is currently insufficient to address the RM8.94 million due on the RULS as well as other maturing obligations," it said.

 

DutaLand's core activities are property development and palm oil plantations after the completion of a major restructuring that was completed in 2007.

 

In FY ended June 30, 2009 (FY2009), it sold its plantation subsidiary Tingkayu Plantation Sdn Bhd (Tingkayu) for a cash consideration of RM152 million. The group used the proceeds to pared down RM191 million of its debt. However, the sale of Tingkayu, DutaLand’s planted oil palm acreage declined to 30,000 acres, with a mature area of 20,000 acres.

 

<b>DutaLand’s major property project is the 73-acre Kenny Heights, a high-end development which has suffered from weaker sales and delayed launches due to challenging market conditions that prevailed in 2009. </b>

 

To date, only two parcels of the development’s total 9 parcels has been launched. As of June 30, 2009, parcel two which comprises 49 units of four-storey villas with a gross development value of RM213.3 million has achieved a take-up rate of 53% and a total sales value of RM130.3 million.

 

In addition to slower sales during the year, MARC observes that there are no definite launch dates for the majority of its other parcels, which increases earnings uncertainty and limits prospects of meaningful improvement in earnings from the property division.

 

/see: <a href="http://www.theedgemalaysia.com/business-news/159240-marc-downgrades-dutalands-rm5066m-loan-stocks-to-negative.html" target="_blank">http://www.theedgemalaysia.com/business-ne...o-negative.html</a>

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3074166256_6dca59eba1_o.png

2/ - from Foster & Partners

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Kenny Heights Sanctuary, Dutamas

 

This is the second phase of Kenny Heights being launched now, which consists of 4 condominium towers. The first phase was the launch of its 49 units of villas called Duta Villa. The entire Kenny Heights project by Olympia Land sits on a vast 88 acre tract, which calls for some 15 years in total before everything gets developed. Buyers will have to be patient to reap its rewards as residents will definitely be hounded by the issue of ongoing construction sites just outside their residence.

 

Given time, if all moves well, Kenny Heights should be buzzing with commercial activities, and that would indeed boost demand for the residential units there. The Sri Hartamas and Mont' Kiara areas were never really known for hotel services prior to this, and after having observed how Mutiara Damansara shot through the roof with its demand for Royale Bintang Hotel, I won't be surprised if the hotel suites offered in Kenny Heights will be much in demand once completed.

 

Of course, this will pose as competition for the individual owners where rental is concerned, but we have to bear in mind that with apartment units, rental is usually long term, and rental rates are therefore lower on average. Not exactly in the same kind of competition league, so I think owners can rest assured that they are in fact targetting a different group of tenants. The hotel suites will be more for business travellers and tourists alike, not so much expatriates.

 

From RM710 per sf onwards for the residential units launched here, it does seem a little steep, but that is how pricing has become for the Mont' Kiara / Hartamas / Dutamas area anyway. High end ones are fetching some RM900-1000 persf now, with more affordable ones at RM500-700 persf, while the lower end older units are within RM400-500 persf now. Not surprising that Olympia Land has decided to price theirs above RM700 persf given their vast plans for this project. I am sure that they foresee the potential here, hence the bold decision.

 

I have no qualms that this area is in fact in the Dutamas district because in essence, it sits right across the bridge from Mont' Kiara. Some might even mistake it for Mont' Kiara, yes, it is that close by. It has all the convenience of nearby amenities like Solaris Mont' Kiara and Solaris Dutamas. Apart from the planned schools at Kenny Heights itself, Mont' Kiara has a few internaitonal schools to boost too. So far so good, Kenny Heights seems to be a rather promising area to invest into. Do remember that although the economy might seem a little down now, things always move in cycles, and by the time Kenny Heights is more or less established, you could be looking at the next economic boom already. So, don't judge the project on current market sentiments alone. What comes down always goes back up eventually.

 

Location : Dutamas

Tenure : Freehold

Total land area : 88 acres

Consists of :

Residential, Hotel, Office suites, Retail lots, Schools and cultural amenities

To be developed : Within 10-15 years

Developer : Olympia Land

Launched now : Kenny Heights Sanctuary

Type : 4 towers of condominium units (2 towers to be launched first)

Built-up : 1859sf - 3748sf

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Beverly Hills in Kuala Lumpur?

 

A posh development rivalling Beverly Hills (Los Angeles), Notting Hill (London)

or Roponggi Hills (Tokyo) right here in Kuala Lumpur?

 

The masterplan for Kenny Heights, an 88-acre freehold integrated midtown

development in Sri Hartamas, KL — which may well be the Beverly Hills of KL —

has just been unveiled by KH Land, the developer of Kenny Heights, after several

years in the making.

 

KH Land, a subsidiary of DutaLand Bhd, had revealed the masterplan of the

project, with an expected gross development value (GDV) of RM2 billion, at MIPIM

Asia, a real estate industry event in Hong Kong recently.

 

The entire Kenny Heights development will take at least 15 years and will

involve some of the most well-known names in the architectural world today, says

Datuk Yap Yong Seong, DutaLand group managing director when met at the Kenny

Heights booth at MIPIM Asia. The architects include Kengo Kuma, Conran &

Partners, Adjaye Architects, Foster & Partners and Zaha Hadid who are involved

in various niche projects in different parcels of the development.

 

Yap believes there is nothing like it right now in the Klang Valley in terms of

size, location, concept and the number of "premier" architects involved.

 

"Kenny Heights is perhaps the last mixed-use development of this size in the

Mont'Kiara, Damansara Heights and Kenny Hills area," he says.

 

Divided into nine parcels zoned for mixed use with retail, cultural and

commercial offerings next to residential towers and townhouses, all the parcels

and buildings will be interlinked on the ground via walkways, designer gardens

and green areas.

 

The proposed development has been approved for a gross floor area of about 23

million sq ft, of which 70% would be commercial and 30% residential. The

development comprises 12.2 million sq ft of residential space, 1.8 million sq ft

of hotels, 4.6 million sq ft of office space, 3.2 million sq ft of retail space

and 1 million sq ft for schools and cultural amenities.

 

"When we first acquired the land in 1976, it was a rubber estate. Our plans have

been incubating for more than five years. For a project of this size on such

prime land, we want to take our time," says Yap.

 

Despite the current gloomy outlook on the economy and the property market, the

developer hopes to bank on the project's prime location, and size, which will

keep it busy for at least another decade.

 

However, the economic crisis has not left the developer unscathed. Just before

MIPIM Asia in Hong Kong, the developer announced the termination of proposed

joint ventures (JVs) to develop two parcels involving 3.55ha in Kenny Heights —

the proposed JVs were with Stonehage Westcity Property Fund Ltd and Merrill

Lynch (Asia Pacific) Ltd.

 

Hence, MIPIM Asia provided the developer an opportunity to introduce Kenny

Heights to potential global investors.

. . .

Kenny Heights Sanctuary

Although uncertain when the next launch at Kenny Heights will be — considering

the global economic downturn — the developer recently opened the first two

blocks of condominiums at Kenny Heights Sanctuary for registrations. These are

two of the four condominium towers at Kenny Heights Sanctuary, a nine-acre

condominium precinct where one of the towers will become the first

Conran-branded residences in the world.

 

The first two blocks contain 168 condominium units and four duplex penthouses

per block. Indicative prices start from RM710 psf for a GDV of about RM800

million. Unit sizes range from 1,859 to 3,748 sq ft. John Van Hage, the winner

of the 1991 gold medal in London's prestigious annual Chelsea Flower Show, will

be the landscape designer for this parcel.

 

/more : post #xx : http://www.skyscrapercity.com/showthread.p...0116&page=4

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kennyh.jpg

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Kenny Height Central (Parcel 3) - hidden behind the left hill. (across parcel 1)

The cluster ll house the foster designed 3 blocks 50-storey towers and adjaye 45 storey tower.

kh6.jpg

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Kenny Heights

 

“I think Kenny Heights has the promise of being the nearest thing to heaven..." - Sir Terrence Conran

 

Kenny Heights is a large-scale integrated lifestyle development, spanning 88 acres. Located five kilometers north of central Kuala Lumpur, 70% of which will be developed as commercial real estate with the remaining 30% as high-end residential property.

 

Compared with similar large-scale development such as Tokyo Midtown, a Mitsui Fudosan development on the last remaining 24 acres of land in the heart of Tokyo, Kenny Heights is a mammoth. Through his involvement in various developments in Tokyo for the Mori Building Company (Japan’s largest developer) namely Moto-Azabu and the similarly scaled Roppongi Hills, he was naturally selected to be involved in Kenny Heights, perhaps Kuala Lumpur’s

incarnation of Tokyo Midtown.

 

“It is interesting we are doing this amazing job here. I think it’s amazing that Kenny Heights has risen because the residential we did for Roppongi Hills have been so successful. I think we have developed a reputation for being able to give apartments a simple modern style which works with the sort of customers that Kenny Heights is aimed at. It is rather fortunate for us to be chosen,” informs Conran.

 

Conran & Partners’ maiden project in Kenny Heights is 3 residential blocks, known as S-blocks, located in the mixed commercial parcel, known as Kenny Heights Central. Conran & Partners are responsible for the building architecture and interior design of S-blocks. Aside from Kenny Heights Central’s S-blocks, Sir Terence Conran and his team will also be involved in the residential parcel of Kenny Heights Sanctuary. Two of the four towers will be Conran Residence – branded tower, which is Conran’s first officially-branded scheme

internationally.

 

Still in its infancy, the developers for Kenny Heights claim to have enlisted international superstars – Adjaye Associates, Benoy, Conran & Partners, Foster + Partners, Kengo Kuma & Associates, Patrick Blanc and John Van Hage - to create an integrated midtown development of a community that brings refreshing opportunities to urban living.

 

We asked Conran what is his vision for Kenny Heights? – “Luckily, I see that as entirely coinciding with our vision in other words, intelligently designed architecture, a democratic society where we gather a lot of people similar interest and providing the extra things like cafes and sporting facilities that people share. It is rather like a William Morris philosophy. I think it is very interesting and if it works and I hope it will work, I think it will change the attitude of developers around the world.”

 

Conran adds, “I think Kenny Heights has the promise of being the nearest thing to heaven in any religion could look forward to. Terribly, I never expected to go there. It would be a very nice place to end one’s days I would imagine. I think knitting together not just architecture and buildings and comfortable apartments but the whole infrastructure and how it all works together and what other things happen really building an idealized town with gardens and amusements and sporting activities.”

 

“To have a client like Jeff is something that rarely occurs for somebody who is so interested and so fascinated, it drives the best of out a designer. He likes cigars as well. He likes food. he likes design”

 

“I mean what he is trying to do is creating a place that encourages a certain lifestyle.”

 

“…Just makes you want to do better.”

 

http://www.conranandpartners.com/new.....;/conran_in_kl/

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Kenny Heights Sanctuary condo lauching soon by Conran & Partners ...4 blocks but they gonna lauched 2 blocks 1st..

 

smaller units facing MK10 and 11. Bigger units might have KL view.

 

price from rm750 sqft less 10%

== ==

 

4 towers comprising of:

2 28 storey towers - 132 units each

2 38 storey towers - 168 units each

 

Price from RM1.3 million

Penthouses from RM5 million

 

7051f84d1b46470880436b51182202e1_l.jpg

 

fc287b3a592147dcaf0d9bb94f1c0484_l.jpg

 

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The selling price starts from RM1.4million and we are currently offering a promotional package as below:-

- an early bird discount up to 10%

- an interest absorption scheme up to 80% for Malaysians; up to 70% for foreigners (subject to bank’s approval on loan margin).

 

For more information about the property, please do not hesitate to contact us at the number given below and we do hope to hear from you soon!

 

Thank you.

 

Best Regards

Lai Ju Ping

Kenny Heights Estate

KH Land Sdn Bhd

Block P-1-13 & P-1-15 (Ground Floor)

60 Plaza Damas, Jln Sri Hartamas 1

Sri Hartamas, 50480 Kuala Lumpur

Tel: +603-62018388 Fax:+603-62012898

 

-- --

(More on pricing):

Kenny Heights Sanctuary

------------------------

exclusive preview at Star Property Fair

Date - 27-29/11/09

Time - 11am-7pm

Venue - KL Convention Ctr

 

599 Units

Size-1859sqft - 3748sqft

Expected completion - 3/2013

price- rm1,280.400 /1859 = RM 689 psf.

- to - rm5,191,600 / 3748 = RM 1,385 psf.

 

5% bumi discount

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the apartments’ sales price starts from USD197 (RM710) per sq ft.

 

Interested buyers can now enjoy different sales incentives,

 

for example, *developer interest bearing scheme up to 80%. With the unique location and high-end living, Kenny Heights Estate is a valuable opportunity for buyers looking for luxury residences in Kuala Lumpur. The weakening of the ringgit against US dollar makes it an ideal time for foreign investors to lock-in lower prices, yielding higher returns. Long-term real estate prospects in Malaysia remain undiminished despite the global economic challenges.

 

http://www.iproperty.com.my/propertylistin...ominium_ForSale

 

QuikPro No: UP449938

Property Type: Condominium

Tenure: Freehold

Land Area: 2385 sq. ft.

Built-Up: 2385 sq. ft.

Asking Price RM 1,956,400

Asking Price psf : RM 820

Bedrooms: 3+1

Bathrooms: 4

Maintenance Fee: RM 0.3 per s.f.

Unit type: Corner

Occupancy: Vacant

Furnishing: Partly Furnished

Facing Direction: South

Date available: 05/02/2010

Posted Date: 27/02/2010

Facilities: Barbecue Area, Business Centre, Cafeteria, Club House, Covered Parking, Gymnasium, Jacuzzi, Jogging Track, Mini Market, Nursery, Playground, Salon, Sauna, Squash Court, Swimming Pool, Wading Pool, Tennis Court, 24hr Security

 

 

zzzzp.jpg

 

CIMG0770.jpg

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Looks interesting Dr B. But the drawback with living in KL is the smog. Looking at KL from the suburbs, one can see this haze over the city. Aircon won't keep that crap from your lungs.

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Looks interesting Dr B. But the drawback with living in KL is the smog. Looking at KL from the suburbs, one can see this haze over the city. Aircon won't keep that crap from your lungs.

 

Probably true.

But Hong Kong is no better, porbably worse

 

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Olympia Industries Bhd - 2009

 

MY:3018 / Olympia Inds Bhd ... update : 3 years : 6-months

002z.gif

 

Olympia is involved in a property joint-venture with sister company, DutaLand Berhad,

...to develop 73 acres of land located in Mont Kiara and Sri Hartamas. Olympia owns 32 acres of the 73-acre Kenny Heights development site and is entitled to 42% of total gross profits generated from the development under a profit guarantee agreement with DutaLand Berhad, the developer of Kenny Heights, and a private company controlled by Olympia’s major shareholder, Tan Sri Dato’ Yap. Of the nine parcels earmarked under the development plan, only one parcel has been launched. Consisting of 49 units of four-storey villas with an average selling price of RM4.35 million per unit, the first parcel achieved a take-up rate of only 53% as of June 30, 2009. The relatively weak market demand for the launched properties limits prospects of an immediate and meaningful improvement of property development earnings unless the group elects to sell the remaining parcels outright instead of undertaking development.

 

Olympia’s investment property, the 31-storey Menara Olympia, registered lower occupancy of 83% in 2009 (2008: 91%), generating a modest total rental income of RM1.6 million per month, with an average rental rate of RM4.00 per sq ft. The company’s stock broking subsidiary, Jupiter Securities Sdn Bhd, recorded an operating loss of RM40 million in fiscal 2009 mainly due to provisions made for losses arising from mark-to-market value adjustments on securities held, while the performance of its travel-related business was affected by weaker economic conditions. Olympia’s numbers forecast and public lottery operations, one of the only three main gaming operators in the state of Sabah, recorded lower pre-tax profit in FY2009 compared to FY2008. Notwithstanding a 23.8% increase in revenue to RM161.3 million in FY2009 (FY2008: RM130.3 million) attributable to improved ticket sales and increase in number of draws during the year, pre-tax profit declined by 36.3% to RM7.4 million (FY2008: RM11.6 million) mainly attributed to higher prize payouts.

 

For FY2009, Olympia’s consolidated financial performance was negatively impacted by weaker market conditions for its property development, tourism-related and financial services operations. Consolidated revenue dropped to RM327.9 million, and the group registered a pre-tax loss of RM7.5 million (FY2008: +RM80.4 million).

 

/more: http://www.marc.com.my/ratBase/pub.report....tBase/index.php

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“I think Kenny Heights has the promise of being the nearest thing to heaven..." - Sir Terrence Conran

 

What's the population density like now and projections for the next 20 years, I wonder?

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“I think Kenny Heights has the promise of being the nearest thing to heaven..." - Sir Terrence Conran

What's the population density like now and projections for the next 20 years, I wonder?

I may be able to tell you in 3-4 weeks, since I plan to go down and have a look at it

 

From press reports, sales have been slower than expected, which is why the shares prices of Dutaland and Olympia are down, off from the highs.

 

It may be because Malaysian property has not yet recovered as Hong Kong and Singapore have.

Will it follow these too upwards? I shall be researching this question

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I may be able to tell you in 3-4 weeks, since I plan to go down and have a look at it

A 'Macao' style travelogue would be great, if you had the time.

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A 'Macao' style travelogue would be great, if you had the time.

I will bring my phone-camera.

But there is not much to see there yet, since the KH-Sanctuary (and early stage) will not be complete until 2013.

 

I will give a google map link here, when I find it.

 

KH-Sanctuary is right next to a place called MK-11 in Mt.Kiara, which we had a good look at 2 years ago.

So it will be interesting to see how that is going.

 

11_kiara.jpg

/source: http://www.skyscrapercity.com/showthread.p...4832&page=2

11 Mont Kiara

...is part of the Sunrise Mont Kiara area, a well-known high-end township amongst a neighbourhood of high-end residential areas and townships. Sri Hartamas, Bukit Kiara and Damansara Heights are the closest to it; and it is accessible by the NKVE, Jalan Duta and Jalan Damansara, as shown in the map above. It is only a few kilometers radius within the area of 3 International schools: Mont' Kiara International School, Garden International School and French International School; 2 commercial outlets: Solaris@Mont Kiara and Plaza Mont Kiara; amenities such as the MATRADE Centre, the Tun Razak Hockey Stadium and the KL Courthouse.

 

Sunrise Berhad (KLSE:6165) // update : 3 years : 6-months

 

Developer

Ranked among the Top Ten Property Developers in The Edge Malaysia for 5 consecutive years (2003-2007), Sunrise is an award-winning company with a list of prominent projects under its lead, including the Sunrise Mont Kiara Integrated Global Village and a large part of development in Mont Kiara. It has business operations in Australia and Canada via joint-ventures as well. Incorporated as Sunrise Snd. Bhd. in 1968, the company has a solid reputation as a developer and property manager in Klang Valley, starting with the OG Heights Condominium. Sunrise Berhad is also listed in Forbes in 2005, and is the winner of the FIABCI Malaysia Property Award in 2005, 2001 and 1997.

 

Selling Point

Its 6-stars quality of facilities is not the only selling point. 11 Mont Kiara is the ideal place for an urban home, especially for raising a family. It is a short distance away from the basic amenities and education institutes, vital for every child’s growing up. International schools will appeal to expatriates with children, as well as local parents. Being near retail and commercial outlets makes it convenient to get food and other daily necessities. Easy access to KL city and PJ, main commerce centres of Selangor and Wilayah Persekutuan makes traveling easier as well, especially to and fro work, seeing that most expatriates and professionals are from major companies in KL or PJ.

 

Another attractive point for expatriates is 11 Mont Kiara's Green Mark Status, marking it as an environmentally-friendly residential development; which means beautiful landscape, energy and water efficient systems, plus an overall improved and healthy live quality. For investors, its location in a prestigious area will boost its land and unit value.

 

Drawbacks

Given its overall view, 11 Mont Kiara caters more for the working middle-age expatriate and professional with a family; not so much for retirees. Medical centres around the area are sparse, and are quite distant. Not too convenient for an old retiree who needs constant medical care; despite the convenient Tai Chi and Reflexology paths for exercise.

 

 

mk2t.jpg

Mont Kiara - the squeeze play is on !

Fritz H's comment:

Projek looks nice but then it's totally squeezed in by all the other highrise - no views from your condo except onto another highrise. Mt Kiara is definitely getting overbuilt and just loses all its appeal to me. Looks just like Kowloon. Traffic will get worse and worse as roads won't be able to cope with amount of traffic. Subsequently prices will fall. To me all of Mt Kiara would be a no go for investment.

 

DrB's comment:

Unfortunately for MK11 owners, it is not part of the walkable complex that KH will be. Although physically next to KH-S., there appears to be a long walk around to the shopping of Hartimas, and the coming shopping and "social space" attractions within the KH complex.

 

l_a9bdacf89133e10ceba014bd0a84c2ec.jpg

 

The MK11 pool here, may be looking straight into another high rise in future, possibly KH-Sanctuary

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MARKET NOTES - 1st Half 2009

 

+ Feb. 2009:

KL property market to continue falling

Prices of luxury condominiums in KLCC may drop by 30%

 

KUALA LUMPUR: The property market in Kuala Lumpur could depreciate as much as 10% to 15% going forward, while the prices of high-end condominiums in the Kuala Lumpur City Centre (KLCC) area may fall up to 30% in the next two to three months, said property consultant Rahim & Co.

 

The rest of the property market in Malaysia was expected to remain stable, it said.

 

“The drop in prices will be more drastic in the KLCC area due to higher price escalation that (it had enjoyed) from 2005 to 2008,” said Datuk Abdul Rahim Rahman, executive chairman of Rahim & Co.

 

“We are beginning to feel the impact on property in KLCC that depends on foreign buyers.”

 

He said there had been indications that the asking price for high-end condominiums in the KLCC area had fallen by 30% from the RM2,000 per sq ft they fetched last year.

== ==

 

+ March 2009

Survey: Property outlook sentiment deteriorates further

Published: 2009/03/07

 

MALAYSIA'S property outlook sentiment has deteriorated further, according to a survey carried out by a local property website.

 

The thinkproperty.my Property Outlook Index remains firmly in the negative, currently at -51 per cent, the lowest it has been since the survey began in May 2008.

 

"This is not positive news, but we believe Malaysia is weathering the storm better than neighbouring countries," said Asim Qureshi, chief executive officer of Think Media Sdn Bhd, which owns thinkproperty.my, in a statement yesterday.

 

"But with unemployment rising and Malaysia's trading partners suffering from an economic slowdown, we believe the index will possibly fall further before it rises again," he added.

 

b_05falling.jpg

 

Announced in May

p3-housingcht.JPG

 

BANKING data that came out earlier this month surprised analysts when they saw approved loans for residential property surge 49% in March from February.

 

There was still a lot of fear in the stock market in March or earlier, when buyers applied for loans, but the behaviour of home buyers is different from that of businesses or market punters. Home buyers are sensitive to interest rates, especially when they fall to base lending rate (BLR) minus two percentage points, and when job losses are not extensive here.

 

Their behaviour is in contrast to businesses that might not borrow, and stock market investors who might not invest, even when interest rates are low. The March loans data invalidated the perception that housing sales were robust in a few pockets of projects only. The data showed sales must have been brisk in many property projects.

 

+ May 2009

Developers still getting good sales from new projects

 

IN every storm, there is a silver lining. Despite the current tough economic conditions, property developers are still able to launch new projects and fetch encouraging sales from ongoing projects, thanks to the low interest rates and attractive financing packages offered by property developers.

 

Based on banking data released in early May, approved loans for residential property surged 49% in March from the previous month.

 

According to developers, home buyers are not simply opting for cheaper homes due to the slowdown but are looking for good value buys as opposed to just a cheap sticker price. That is reason enough for some developers to base their launches on their target markets instead of being compelled to switch to cheaper or affordable properties.

 

+ June 2009

Too early to rejoice, say developers and consultants

 

DEVELOPERS and consultancies are taking a cautious stand on analysts’ optimism that the market is finally turning around.

 

While they rejoice over the positive signs, they are of the view that “it is too early to tell” if the sector has turned from the worst.

 

“The issue is sustainability,” two developers and two consultancies say. They prefer to wait for the year-end before they pop the champagne bottle.

 

Hall Chadwick Asia Sdn Bhd chairman Kumar Tharmalingam says he would like to look further and be more cautious.

 

“I will not be convinced until I see the third-quarter results. In fact, I would like to look at the next six months. If the stock market hold up until the end of the year, I would say we are at the beginning of a possible bull run and with that, the property market will improve.”

 

Kumar says Europe is not exactly out of the woods yet and while a dip there may not have such a big effect on Malaysia and Southeast Asia, they do buy quite a bit from China.

 

“If China’s economy dips further, that will affect us,” says Kumar.

 

He says analysts are rejoicing because the developers are seeing an upturn due to better sales volume.

 

“Sales volume have been good because of the close co-operation between the banks and the country’s top 20 developers. The two factors which pushed developers and bankers to work together was the slowdown which started in September 2008 and the buoyant secondary market last year.

 

“Because of the meltdown, buyers took a back seat. Because developers needed to sell, they sought the cooperation of the banks.

 

“At the same time, in Selangor, out of 217,000 units of homes that exchanged hands last year, 63% were between individuals. That means, they did not buy from developers. The situation was the same for Penang and Johor,” says Kumar.

 

Home buyers like the security of being able to touch and feel the property before they buy and developers know that. Because buyers went to the secondary market, developers sought the help of banks to make buying from developers more attractive. The result is the special financing programmes,” says Kumar.

 

Beginning with SP Setia’s who started the Setia 5/95 Home Loan Package where buyers pay 5% and need not fork out stamp and legal duties, the other developers subsequently followed with 10/90 and other variations.

 

 

+ June 2009

Malaysia real estate stocks upgraded

Published: 2009/06/29

 

MALAYSIAN property developers, set to be the best performers on the Kuala Lumpur stock exchange this quarter, had their stock ratings raised by HwangDBS Vickers Research Sdn Bhd, which said sales are rebounding and potential “positive” policy announcements may bolster demand.

 

SP Setia Bhd, Malaysia’s biggest property developer, was upgraded to “buy” from “fully valued,” and the target price increased to RM4.50 from RM3.90, HwangDBS said in a report today. Eastern & Oriental Bhd, Sunrise Bhd and Sunway City Bhd were raised to “buy” from “hold,” it said.

 

“Sales are bottoming out” and “developers are more confident now to resume launches, including high-end” properties, HwangDBS said. Property stocks are now “stepping into the limelight.”

 

The Kuala Lumpur Property Index of 87 stocks jumped 43 per cent this quarter, outpacing the benchmark Kuala Lumpur Composite Index’s 23 per cent gain, and making it the best performing industry group on the stock exchange.

 

==

/see: http://www.skyscrapercity.com/showthread.p...341&page=10

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MARKET NOTES - 2nd Half 2009

 

+ July 2009

Confidence returns to Malaysia property mart // http://thinkproperty.my

Published: 2009/07/10

 

The thinkproperty.my Property Outlook Index has risen sharply during June 2009.

 

At the beginning of the month the index stood at +12 per cent, by the end of the month the index stood at +37 per cent, resulting in the index standing at the highest level it has been since the index began in May 2008.

 

The index has been on an increasing trend since early March 2009.

 

Said Asim Qureshi, the CEO and co-founder of thinkproperty.my: “The data confirms that confidence has truly returned back into the Malaysian property market. The results of this survey suggest that we will see higher prices over the next few months, which will in turn likely lead to further confidence. Now is an excellent time to buy.”

. . .

Equities gained, rising from 25% to 28%. Property remained firmly as the most favoured investment, with 61% preferring property over the other two investment classes, a rise of just 1% of the previous month.

. . .

Now is an excellent time to buy. Interest rates are low, banks are becoming increasingly aggressive, and of course, market confidence is returning.

. . .

Fixed deposits continued their decline in popularly, falling over the course of the month, from 15% to 11%, the lowest level since the survey began. Equities gained, rising from 25% to 28%. Property remained firmly as the most favoured investment, with 61% preferring property over the other two investment classes, a rise of just 1% of the previous month.

. . .

The chart shows that condominiums have come back in favour with the percentage of people favouring them rising from 15% to 22% over the month.

 

 

+ Sept. 2009

New launches in Kuala Lumpur

 

Property launches are taking place in Kuala Lumpur’s suburban areas whilst the KLCC and Mont Kiara area are witnessing few launches.

 

Property launches are back in trend, going by the advertisements in the local newspapers. Developers are coming out again after a long hiatus to market their new products and, at times, to clear their older units which were left on the shelves during the economic downturn.

 

Most of the new property launches are centred around areas in Petaling Jaya (PJ), a suburban township outside Kuala Lumpur (KL), Shah Alam and Puchong...

 

Demand for rentals in the Mont Kiara area is also increasing, especially for newer units. Property agents, who were experiencing a period of inactivity, are now getting busy again. Koreans, in particular, like the Mont Kiara area for its two international schools within the neighbourhood. For them, getting an English education for their children in Malaysia is so much cheaper than most other countries, including their own. Residential units which are 10 years or older, however, are harder to push, even at rentals as low as RM2, 500 a month. Generally there is more supply than demand in the Mont Kiara area and it’s basically a buyers’ and tenants’ market out there. Potential investors are mostly looking out for bargains and distressed sale.

 

Property transactions in the Kuala Lumpur City Centre (KLCC) within sight of the Petronas Twin Towers, however, are still slow or not moving at all. There are few, if any, new launches around that area. Buyers who bought properties in the area pre-crisis days are still looking to find tenants for their units. Property values in KLCC have depreciated by as much as 30 percent, according to one property consultant Rahim & Co.

 

Luxury units in this area are mostly dependent on foreign buyers and most of them were affected by the global economic downturn. The economic crisis effectively served as a check on spiralling prices in the KLCC area. The former darling of the industry was at one time trumpeted as the best-value investment in the region, given its low-cost entry as compared with property prices in Singapore and Hong Kong. This is despite the fact that at between RM800 to RM1, 400 per sq ft for apartment units, the pricing was way beyond what locals could afford.

 

property_1.jpg

 

property_4.jpg

 

property_5.jpg

 

Expect capital values to recover slowly

Capital values for the prime high-rise residentials in KLCC and Mont’ Kiara have held up well. Recent improvements in sentiments have also stopped values from sinking further (Fig 4).

 

• Average capital values for KLCC seem to have bottomed at RM1,159 psf, or 10% from CY07 peak. Values still remain above pre-CY07’s property bull run year or up 23% from CY06.

 

• Average capital values for Mont’ Kiara have also bottomed at RM568 psf, or 5% from CY07 peak. Values still remain above pre-CY07’s property bull run year or up 22% from CY06.

 

However, secondary capital values of prime high-rise residentials likely to remain below CY07 levels in the short to medium term, given

1) large incoming supply over next two to three years;

2) lack of expatriates to fuel yields;

3) foreign investors turning to severely depressed markets (eg US, UK).

These factors may cap prices of new supply in the short to medium term, discouraging new high-end residential entries (tend to be niche developments as land is scarce in prime areas); on the flip side, demand can play ‘catch-up’ allowing future capital values to firm higher in the long term.

 

+ Oct. 2009

Buyers moving away from ‘wait-and-see’ approach

 

19 October 2009 / By Wong King Wai of http://theedgeproperty.com

 

KUALA LUMPUR: Most local property developers have had to tighten their belts to weather the storm of the global recession but most were also able to maintain their footing, thanks to lessons learnt during the 1997 Asian financial crisis. To gauge how the current global slowdown has affected the local housing market, a report from the National Property Information Centre (NAPIC) looked at the performance of new housing launches from 4Q2008 to 2Q2009, a period of nine months. It focused on four areas: Kuala Lumpur, Selangor, Johor and Penang.

 

In Kuala Lumpur, a total of 2,389 units were launched in the nine-month period. Out of this, 994 units were sold, which represent a take-up rate of 41.6%. The remaining 1,395 units (58.4%) were unsold, with 299 (21.4%) comprising under-construction units, while the remaining 1,096 (78.6%) were made up of units yet to be constructed

 

+ Dec. 2009

Economic recovery will boost property market in 2010

 

December 22 2009 : http://www.themalaysianinsider.com/index.p...-market-in-2010

 

Analysts are upbeat about the property market in Malaysia next year. - Reuters pic

 

KUALA LUMPUR, Dec 22 — Improvement in the economy will help the property market to experience a slow steady recovery next year, according to the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector (PEPS).

 

Its president James Wong said the local property market had continued to contract in the first quarter of 2009, but recovered slightly in the seocnd quarter this year and then levelled again in the third quarter.

 

“Our property market is not recovering as fast as Singapore and Indonesia but viewed in perspective, our initial drop at end of 2008 was less severe at 10 to 15 per cent as compared to 25 to 30 per cent for the two countries,” he told reporters at a media briefing on the upcoming 13th Malaysian Property Summit 2010.

 

“Thus, Singapore and Indonesia have subsequently staged a higher percentage rate of recovery, whereas the recovery of Malaysia showed a lower rate,” he said.

 

According to Wong, the residential sector has been “quite resilient” and should see a faster growth in 2010, especially when existing surplus housing stocks have not risen.

 

“Many developers postponed or scaled back their projects in the first half of 2009. Thus, the take-up rate has improved, assisted also by the easy home loan package of only five to 10 per cent deposit,” he said.

 

Wong said prices for the upmarket condominium segment have also recovered slightly as compared to the 30 per cent drop it experienced, especially in the KLCC area, during the height of the global financial meltdown in the last quarter of 2008.

 

The secondary market for upmarket condominium will remain soft until the second half of next year due to existing oversupply and new launches although the secondary market for landed residential property remained firm, he said.

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MARKET NOTES - 1st Half 2010 / MyProperty chart:

 

+ Jan. 2010

Positive growth seen for Malaysia this year

 

MALAYSIA'S economic growth is likely to return to positive territory in the fourth quarter of last year and 2010, with the fiscal and monetary stimulus continuing, and exports expected to recover, says a research report by Deloitte.

 

"There are signs that the recovery could strengthen this quarter (last quarter of 2009). In October, exports grew year-on-year for the first time in the past one year. The 1.6 per cent gain came as most export markets improved, though most of the growth came from Asean countries and China," Deloitte said in the Asia-Pacific Economic Outlook report released recently.

 

It said Malaysia's gross domestic product (GDP) is expected to shrink by 2 per cent and 3 per cent last year before expanding to some 4 per cent this year.

 

The report on Malaysia also stressed that in the long term, however, the performance could depend on whether the economy is able to make the structural changes that look necessary.

 

"A key feature would be the ability to attract private foreign investment, especially in the services sector.

. . .

"Malaysia is also looking to attract investment from China and Singapore, apart from strengthening its trading ties with these countries," the Deloitte report said.

 

 

+ March 2010

 

Are we losing our charm with foreign investors?

 

By Hassan Ali / Published: 2010/03/03

 

One of the major problems with foreign direct investment is not whether the government is doing enough to lure investors into the country but the uncertainty surrounding the amount of investments expected to flow into the global economy.

 

Global foreign direct investment (FDI) in 2009 has fallen to US$1 trillion (RM3.39 trillion) as compared to the US$1.7 trillion (RM5.76 trillion) recorded in 2008 and US$1.8 trillion (RM6.10 trillion) in 2007 according to the UN Conference Trade and Development report published by the Global and Regional Trends in 2009.

 

FDI inflows to South and South East Asia have fallen by 32.1 per cent. Almost every Asean country recorded a sharp decline on its year-to-end change of FDI with Singapore leading the pact at -27.7 per cent followed by Malaysia with -12.9 per cent and Thailand -12.5 per cent.

 

Last year, Indonesia's foreign investment stood at US$10.8 billion (RM36.61 billion), Vietnam at US$9.8 (RM33.22 billion) and Malaysia's first three quarters stood at US$3.6 billion (RM12.20 billion), a pale comparison to the US$22.1 billion (RM74.91 billion) recorded in 2008.

 

Nonetheless, optimism on the region remains high. Goldman Sachs has recently announced its long-term growth projection of Asian economies, excluding Japan, at 7.25 per cent per year over the next 10 years - reaffirming Asia's status as the fastest growing region in the world.

 

Malaysia's economy remains fundamentally strong but not vigorous. Malaysia's export for the month of December 2009 grew by double digit, the highest since 2008.

. . .

Malaysia, on the other hand, is focusing on trying to improve its infrastructure by reducing administrative and bureaucratic red tapes.

 

But are the recent measures in Malaysia enough to lure investors into putting their money in the country?

 

Malaysia should be judged on its own merits based on its economic strength and the government's pro-business stance towards industrial development. The demands have changed and so does Malaysia's economic strength that is now blessed with better-educated workforce and improved infrastructure.

 

It is time for Malaysia to re-strategise itself by moving away from an economy that offers low operational cost and cheap labour, and begin harnessing its strength by embracing the values of enhancing high labour productivity to accommodate to the needs of high-value added sectors. Attracting foreign firms to invest on these high value-added technologies requires a different set of needs and demands.

 

Production technologies should now be dissected to identify phases in which Malaysia can offer its best expertise based on its quality of workforce rather than competing against countries with low-cost labour.

 

In addition, the rise of globalisation has added an increasing pressure for Malaysia to develop world-class communication technologies and logistics administration to facilitate the exports needs of foreign investors.

 

To gain a more competitive advantage, there is a need to set a high benchmark aimed at increasing the country's investment potential.

 

For example, one of the most worrying trends is the increasing government deficit that stood at an estimated 7.9 per cent in 2009. Malaysia had suffered 11 years of continued deficit that is until last year when it unveiled several measures to trim the operating expenditures and widened its revenue based.

 

For the first time in more than a decade, the government has set a benchmark of reducing the deficit to 5.6 per cent in 2010.

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TOP Malaysian Property Developers // Charts

 

For more details on the ranking read the Oct 12 issue of City & Country in The Edge Malaysia and view a video of the awards presentation night held on Oct 8 at www.theedgeproperty.com.

 

1. Sime Darby Property Bhd (-)

2. S P Setia Bhd (1)

3. Sunway City Bhd (3)

4. IGB Corp Bhd (2)

5. Island & Peninsular Sdn Bhd (4)

6. IOI Properties Bhd (5)

7. Bandar Raya Developments Bhd (6)

8. Eastern & Oriental Bhd (9)

9. Sunrise Bhd (8)

10. Bandar Utama City Corp Sdn Bhd (7)

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SLOWLY Car-driving snobs are waking up in KL

 

Re:Mont Kiara - Pros and Cons / 10 Months ago

 

Stephanie said:

QUOTE

I think you're making a very good point. I met a big property developer in the UK, and he wanted to buy property in KL. And he kept saying that he was buying for the long-term and so he wanted it near public transport.

 

I told him that in Malaysia the rich people don't care about public transport and everyone just uses their cars, so there is no point looking for property near a station.

 

jam.jpg

 

But he said "Look at the traffic, this is only going to get worse. KL's population is growing fast and lots of people are buying cars. In 10 years time, trust me, if you could save 20 or 30 mins on your commute, you'll use public transport even if you're rich. Most people commute in the mornings and back in the evenings and in those times the weather is ok for walking. And the government is going to have to spend on public transport to get people to stop using their cars."

 

And I think he's right. In most developed cities even the rich use public transport as it's quicker. One day they will probably do the same in KL, and the way KL is growing it will not take that long.

UNQUOTE

 

/see: http://thinkproperty.com.my/realestate/For...contribute.html

 

(Do you think brain-dead soccer moms & their spouses in the USA will every awake from their slumber?)

 

+ + + + +

 

 

ANOTHER GOOD COMMENT - from the same site

 

Re:Mont Kiara - Pros and Cons list /

 

I have always taken a liking for Mont Kiara since past 3 years although I am staying in Brickfields. The place where Mont Kiara scores over Brickfields is fantastic weather, excellent development, good range of properties in terms of size, quality of construction and quality of residents( without meaning any offence to residents of Brickfields). The poor quality of building management and the tendecy to swindle the building funds in some of Brickfields Condos really pains me.

Brickfields scores in terms of proximity to public transport, Indian expats find it easy to buy things of their interest in Brickfields.

 

Mont Kiara is a promising investment potential for foreigners. Malaysians would still prefer landed properties in Bangsar or Bandar Utama. Hence everything hinges on the job opportunities for expats in Kuala Lumpur. Currently the oil & gas market is very depressed. American, Euporian and Australian expats are moving out from Malaysia rather than moving in due to the shrinking job opportunities in KL. Hence the property prices in the Golden Triangle has bore the brunt of the falling prices. However Mont Kiara seems to be more stable and prices are less likely to fall further down in Mont Kiara. The most likely investors in Mont Kiara in this subdued market would be the Singaporeans, Indian expata, Middle East expats including Arabs, Iranians, Africans etc.

 

Developments which fascinates me are the Verve Suites, Meridian by Sunrise, Vista Kiara, Casa Vista, Bayan, Pelangi, Pines, Kiaramas. If one visits these place there are a lot of as for auction and one can definitely try them.

 

In the next 2-3 years time there will be a massive upgrade in the public transportation in this area. I will not be suprised if there are a plethora of commercial development in this area.

 

There is a tremendous potential in Mont Kiara and lets pray that any change in leadership or government doesnot turn upside down the applecart of Mont Kiara. All future developments of Bandar Utama are also directly or indirectly linked to the growth of Mont Kiara.

 

I personally see no negative factors retarding the development of Mont Kiara.

 

== ==

 

 

3/

QUALITY ISSUE in Newly-built flats

 

2. To date I have yet to see a single developer presenting a final product matching anything close to their brochures. 75% of what's in the brochure? I think is already out of this world! I think that if any developer can match half of what they show in the brochure, buyers are getting a super bargain!

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