Read our honest review on Greenfield Residence, Bandar Sunway so that you can make confident property decisions.
Continue Reading ⋅ 19 February 2022
MET 1 Residences @ KL Metropolis is being developed by Naza TTDI, which was established in 1973. The developer is known for Taman Tun Dr Ismail, an award-winning residential project spanning 662 acres. It’s also behind Stadium Malawati, TTDI Alam Impian, Masjid Al-Ikhlas, and TTDI Jaya. Apart from successfully completing the TTDI Grove township at Kajang in 2015, the developer also has a large property portfolio that includes integrated projects like Platinum Park in Kuala Lumpur, TTDI Gateway at Shah Alam and the Malaysia International Trade and Exhibition Centre (MITEC).
The subject development comprises 616 serviced residence units housed within a 55-storey tower sited on leasehold land with a commercial title. The property is part of MET 1, an integrated project with a gross development value (GDV) of RM1.3 billion that consists of one block of serviced residences, two office towers and a two-storey mall, all sited on 4.3 acres of leasehold land with a commercial title. The serviced residence is scheduled to be completed by 2021.
Address: Jalan Sultan Haji Ahmad Shah, Other, Mont Kiara, Kuala Lumpur
Property Type: Serviced Residence
Land Title: Commercial
No of Storeys: 55
No of Blocks: 1
Total Units: 616
Tenure: Leasehold
Sales Gallery: KL Metropolis Show Gallery, Level 30, Naza Tower, Platinum Park, 50450 Kuala Lumpur.
Site GPS Coordinates: 3.175695, 101.669799
Expected Date of Completion: 2021
Built-up area: 677 sq ft – 1,613 sq ft
Facilities:
- Concierge Service
- Children’s Pool
- Pavilion
- Infinity Pool
- Jacuzzi
- Terrace Garden
- Reflexology
- Maze
- Hammock
- Playground
- Sunken Lawn
- Lounge
- Pool Deck
- Yoga Deck
- Aqua Gym Pool
- Elevated Gym
- Barbecue Garden
- Children’s Play Area
- Games Room
- Multipurpose Room
- Reading Room
- Private Dining Pavilion
- Observatory Lounge
- Sky Lounge
Launch Price: RM740,000 – RM1,745,000
Price psf: From RM1,100 per sq ft
Maintenance Fee psf: RM0.33 per sq ft
Parking Bay/s per Unit: 1 – 4 per unit
Special Features:
- Direct access to MET 1 mall, Metropolis Park, MRT Station and MITEC
- Concierge Services (available at charge) valet, key drop-off services, laundry, housekeeping services
- Barrier-free (friendly for children, elderly and wheelchair)
- Free WiFi at facilities floor
- Quality sanitary wares by KOHLER (in all bathrooms)
- In-sink food waste disposer in the kitchen
- 2 + 1 defect liability period
Project Details
Buyers can select from 4 layouts – A, B, C, and Dual Key units – measuring from 677 sq ft to 1,613 sq ft. These come with 1+1 to 3+1 bedrooms and 1 to 3 bathrooms. The units have a layout that is similar to a bungalow or a semi-detached home. They are priced from RM740,000 to RM1,637,000.
|
Type |
Built Up |
No. of Rooms |
Starting Price |
|
A |
677 sq ft |
1+1R, 1B |
From RM740,000 |
|
B |
930 sq ft |
2R, 2B |
From RM1,114,000 |
|
C |
1,314 sq ft |
3R, 2B |
From RM1,338,000 |
|
Dual Key |
1,613 sq ft |
3+1R, 3B |
From RM1,637,000 |
The leasehold development features more than 20 facilities, including three-tier security, to ensure residents’ peace of mind. Apart from a terrace garden, residents will get to enjoy an infinity pool, Jacuzzi, aqua gym pool, and elevated gym. Future residents can relax at the observatory lounge and sky lounge, where they can enjoy the breathtaking views of the city.
The homes were designed to be user-friendly, particularly for handicapped people, the elderly and kids. For the children, this development provides a games room, children’s pool and children’s play area.
One good thing about the development is the free Wi-Fi on the facilities floor. And adding value to the development, all the units’ bathrooms will be equipped with high-quality sanitary ware made by KOHLER. Besides a food waste disposer in the kitchen, buyers get to benefit from an extended 2+1 defect liability period, whereby issues found within this timeframe will be rectified by the developer at no cost to the purchaser. In addition, the project will offer concierge services, valet parking, key drop-off services, laundry, and housekeeping.
Location
This project is near the sought-after townships of Bangsar, Mont Kiara, Sri Hartamas and Damansara Heights. Thanks to its prime location, MET 1 Residences is just a short stroll from the Malaysia International Trade & Exhibition Centre (MITEC), Ministry of International Trade and Industry (MITI), Malaysia External Trade Development Corporation (MATRADE) and the KL Courts Complex.
Apart from being close to malls and popular shopping venues like Publika, Solaris Dutamas, Solaris Mont Kiara and Hartamas Shopping Centre, the development is within proximity to prestigious learning institutions like SMK Kiaramas, SJK (C) Khai Chee, SMK Segambut, Taylor’s College Sri Hartamas, Garden International School and Mont Kiara International School.
For those who drive, the project is accessible via many major roads like Jalan Kuching, Penchala Link, SPRINT Highway, Jalan Tuanku Abdul Halim (formerly known as Jalan Duta), Duta–Ulu Klang Expressway (DUKE), and New Klang Valley Expressway (NKVE).
For those who use public transportation, the development is expected to house a station along the upcoming MRT Line 3. But at present, residents will have to rely on feeder buses that can transport them to the Segambut KTM Station, or take a 700m walk to Jalan Duta Bus Terminal.
Analysis
|
Project title |
Tenure |
No. of units |
Price range |
|
MET 1 Residences @ KL Metropolis |
Leasehold |
616 |
From RM740,000 |
|
Inspirasi Mont Kiara |
Leasehold |
640 |
From RM623,000 |
|
Agile MK |
Freehold |
813 |
From RM1 million |
Pros
As shown in the above table, units in MET 1 Residences @ KL Metropolis are more affordable than the freehold Agile MK, but the absolute prices are RM100,000 more than the leasehold project Inspirasi Mont Kiara, which has a slightly higher density. But the most attractive thing about the subject project is that it’s just next to MATRADE, MITEC, and MITI, making it a potentially good investment option in case buyers want to rent the unit out to travelling business people. Furthermore, KL Metropolis is expected to have a station along the future MRT Line 3.
Cons
A commercial land title would mean higher utility bills, but the biggest drawback is the postponement of the MRT Line 3, a 40 km-long rail line that was originally scheduled to be completed in 2025. Also known as the MRT Circle Line, it is intended to connect areas in Sentul, Bukit Kiara, KL Ecocity, Ampang and Bandar Malaysia. The indefinite delay of MRT Line 3 is expected to impact the project due to its leasehold status.
The development is adjacent to MATRADE, MITEC, and MITI as well as MET 1’s mall, which means that their retail aspect would be facing strong competition to survive, let alone succeed. So, it remains to be seen whether the mall would be able to draw in the foot-fall. As it is, public transportation in the vicinity seems to be lacking currently. Also, a good connection to transport nodes will help boost the prospects of MITEC.
Summary
Mixed-use projects, even those with good masterplans and concepts, still require time to succeed and become a vibrant hub after completion. This is also true for MET 1 Residences. While the postponement of MRT Line 3 has negatively affected the development, we are still optimistic about its outlook due to its proximity to MITEC, a world-class facility that boasts state-of-the-art facilities for meetings, conventions, and exhibitions.
It’s also close to the Ministry of International Trade and Industry (MITI) and government-linked firms like MATRADE, so the federal authorities would most probably be pushing for the success of this project. Therefore, we are bullish on MET 1 Residences, whether as a family home or an investment opportunity.
Assuming you took out a RM592,000 loan (80% LTV) with an interest rate of 4.6% that is payable in 30 years to buy a RM740,000 unit in MET 1 Residences, your monthly debt instalment works to about RM3,035.
Due to experts’ advice that not more than 30% of your monthly income should go to housing expenses, you should have a monthly salary of at least RM10,117 to be able to afford a home in this development.
