DONE DEAL: Retail lot at Solaris Mont’Kiara, Kuala Lumpur

Sold for: RM3.5 million (RM2,852.49 psf)

Concluded by: Keegan Soh (REN 05130) of IQI Realty (014-9653782)

When: June 27, 2016

Noteworthy:
* Freehold
* 1,227 sq ft
* Close to Publika, Plaza Mont’Kiara, Mont’Kiara International School, SohoKL and Seni Mont’Kiara
* Accessible via the North-South Expressway, Jalan Duta-Sungai Buloh Highway and Sprint Expressway E23
* 8km from the Kuala Lumpur city centre via Jalan Tuanku Abdul Halim

Solaris Mont’Kiara, which is located at the heart of the vibrant Mont’Kiara district, sits on a 12.71-acre piece of freehold land. The commercial development was launched in 2004 and completed in 2009. This freehold development comprises three towers of office suites, 70 shop offices and 76 retail lots.

According to IQI Realty team leader Keegan Soh who closed the deal, a local company bought the unit, which came with a tenancy agreement.

The tenant is presently renting the unit at RM15,000 per month, translating into a 5.1% rental yield for the current owner, Soh told TheEdgeProperty.com.

“The bank valued this unit at RM3.2 million, but the vendor managed to sell it at RM3.5 million — higher than the current market price,” he said.

Generally, the price of retail lot in Solaris Mont’Kiara ranges from RM2.8 million to RM3.2 million, he added.

“The deal was concluded at a high price as there is limited supply in the market.”

Moreover, the unit is located in a high-end and crowded area, which sees strong demand for retail lot, thus pushing up the selling price, Soh explained.

Due to the lack transactions recorded in Solaris Mont’Kiara, TheEdgeProperty.com does not have any data on this project yet.

Interested in property investments in Mont’Kiara after reading this article? Click here to check out the properties there.

Editor: To real estate agents — Have you just concluded an interesting deal? We would love to hear from you! Contact us at [email protected]