Second fiddle to Mont Kiara

(File pix) Laman Villa is developed on 1.4ha land in Mont Kiara North.

 

By Sharen Kaur - Published in NST Property, November 1, 2018

THE Kampung Segambut Dalam settlement used to be a slum with many low-cost houses and small shops. It underwent various transformations just a decade ago with many kampung houses demolished to make way for the development of condominiums and apartments.

There was also improvement in infrastructure for better accessibility.

Segambut Dalam is playing second fiddle to Mont Kiara with property developers unofficially rebranding the southern part of Segambut as “Mont Kiara North” and banking on its name for sales.

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Since 2011,the name “Mont Kiara North” has been used by developers to link their developments in the area to Mont Kiara.

The first developer to use the term in its branding is BRDB Developments Sdn Bhd for its project called Verdana, followed by BCB Bhd for Concerto North Kiara.

Within Mont Kiara North there are also Bukit Prima Pelangi, Rosvilla, Prima Duta, Changkat View Condominium, Menara Duta 1 and 2,DutaRia Condominium, Anggun Puri, Sutramas and Prima Tiara.

High-end projects include Mesra Terrace, Villa Pines, The Serai, The Richmond and Laman Villa.

One of the earliest residential developments is Bukit Prima Pelangi by Brem Holdings Bhd.

Meanwhile, UEM Sunrise Bhd chief marketing officer Kenny Wong is not discounting the possibility of acquiring land in Mont Kiara North.

“Land is slowly diminishing in Mont Kiara. We came in about 40 years ago and still have 33 acres (13.35ha) that are undeveloped. We are looking around to replenish our landbank.

We are also planning new launches in the Mont Kiara area,” Wong told NST Property.

PROPERTY PRICES

Property prices in Segambut Dalam were within the affordable range in the 1990s as demand was weak.

Factors that contributed to the weak demand and lower prices in Segambut Dalam were the squatters and narrow roads, but that has changed in the last few years.

Bina Puri Properties Sdn Bhd chief operating officer Lee Tong Leong said in 2007, agriculture land in Segambut Dalam or the area that makes up Mont Kiara North was at about RM130 to RM150 per sq ft (psf).

“The land price today is about RM300 psf. We think it will slowly increase. Mont Kiara is doing about RM400 psf. If you look around, Segambut Dalam is no longer what it was 10 or 20 years ago. Back then there were hundreds of squatters and the roads were narrow.

“You still see squatters today, but their number has been reduced significantly. Over time they will also move out as developers buy up their land. There are many developers in Mont Kiara North today. While their selling prices may not be as high as those projects in Mont Kiara,they are slowly inching up,” Lee told NST Property.

Bina Puri acquired 1.4ha freehold land next to Bukit Prima Pelangi in Mont Kiara North to start a luxury project called Laman Villa.

Laman Villa could be the most expensive residential project in Mont Kiara North. The project comprises 22 units of three- and four-storey villas, and 20 units of low-density condominiums.

“When we launched the villas in 2014, they were selling at about RM850 psf. The price has since increased to about RM900-RM930 psf. Connectivity is key here. New highways and byways have emerged† in the Segambut locality,

boosting the prominence of this area and we think it will get better,” said Lee.

The main roads are from Jalan Tuanku Abdul Halim (formerly Jalan Duta), Jalan Sultan Azlan Shah (Jalan Ipoh stretch from Jalan Segambut to Jalan Pahang) and Jalan Kuching. These roads are connected by many expressways, including the Duta-Ulu Klang Expressway (Duke 1&Duke 2), North-South Expressway and New Klang Valley Expressway (NKVE).

Market analysis shows that there is still a price gap between properties in Mont Kiara North and Mont Kiara.

Condominiums in Mont Kiara North fetch between RM500 and RM700 psf, while newly launched condominiums by reputable developers in Mont Kiara sell between RM850 and RM1,100 psf.

“Mont Kiara North is more affordable as compared to properties at Mont Kiara, but prices will eventually pick up. Themarket at the moment is a bit soft. Give it another two to three years to see major improvements,” said Lee.

One of the newest launches within the Mont Kiara enclave is Trinity Pentamont by Trinity Group.

The 41-storey tower, which sits on a 1.17ha plot, was acquired from South Korea’s Daemyung Group in 2012 for RM55 million with a RM430 psf price tag.

The RM437 million project will have 330 units, with prices starting at RM640 psf.

Trinity founder and managing director Datuk Neoh Soo Keat said during the launch that the target market for Trinity Pentamont are upper-middle-class families, upgraders and those who are looking to downsize.