The OOAK (Kiara 163), Mont' Kiara

  • Anjali Kassim Chan
  • 11 December 2015

01-Aerial From Soho Night H02

Quoted by http://goodplace.my/: “..possibly one of the best spots right in the heart of Mont Kiara ever since Sunrise Berhad kicked off the development in the area eons ago”, The OOAK (previously known as D’Kiara Place and then Kiara 163) is a 6-acre freehold development property located at the entrance of Mont’ Kiara, Kuala Lumpur.

The project is developed by D’ Kiara Place Sdn Bhd, a subsidiary of Perak-based YNH Property Berhad.

YNH Property that has properties in and around Kuala Lumpur, among others, the Fraser Residence next to Renaissance Hotel, Ceriaan Kiara which is its first high-end luxury condominiums development on a 3.06 acres’ prime land in Mont’ Kiara and Fraser Place, located strategically in the central business district (CBD) of KL.

YNH Property Bhd aims to develop this mixed development to consist of Hotel Suites, SOVO and retail podium. The estimated gross development value for this D’Kiara Place project is RM1.20 billion.

However, based on research done on the completion year of this property, apparently it was slated for December 2013 as per the review by another property page. Anyhow, in the latest engagement at the developer’s sales gallery, the sales person had mentioned that Kiara 163 would be completed 3 years from now, in 2019. As The OOAK, the latest estimated completion date is 2022.

Its SOVO units are 60% sold while the hotel suites take-up rate is 25% only, to date, of which some are currently going through the sales and purchase procedures. Let’s take a look at the specifications of this project.

Name: Kiara 163 (formerly known as D’Kiara Place and then Kiara 163)

Address : Jalan Kiara 1, Mont Kiara 50480, 50480, Kuala Lumpur, Malaysia

Developer: YNH Property Bhd

Type: Mixed Commercial & Residential
Tenure: Freehold

(a) Hotel Suites

Block A (not open for sale yet) 

No. of units: 202

Block B Currently in Stage 2(a) 20% completed

No. of units: 382

Prices: Starting from RM 920,800

(b) SOVO – Ground work on-going

No. of units: 308

Prices: Starting from RM 562,800

Number of elevators

SOVO (6 to each floor)

– Hotel Suites (4 to each floor)

Expected year of completion: 2022

Maintenance Fees: tentatively RM 0.55 psf (incl. sinking fund)

Other successful projects: Ceriaan Kiara, 633 Residency, Lot 163 (Fraser Place), 188 Suites (Fraser Residences)

Project Details

It is interesting to note that the developer has taken quite a different approach in the utilisation of The OOAK’s space. They named the accommodation space as the ‘Hotel Suites’ while granting the small office, versatile office (SOVO) title to its commercial block which is to be used as office space.

The OOAK is meant to be a business-oriented development. The close proximity of the Hotel Suites to the SOVO units ensures a steady stream of business patrons looking for short-stay, which will provide an ideal investment opportunity for Kiara 163 Hotel Suites buyers.
Despite the contemporary title ‘SOVO’ given to these working spaces, it pretty much still means the same thing, offices. Show rooms have yet to be made available for viewing, however, adequate details had been obtained to be shared here.

Prices begin from close to RM563,000 for the smallest unit of SOVO(620sf) to the largest unit at RM935,800. Average price per square foot for the SOVO units would be between RM950 and above.

2. The floor plan for SOVO(Small office, versatile office)

The SOVO floor plan

SOVO- Unit Types (Level 5 – 26 )

Type A: 658 sq ft (from RM 598,800)- facing podium garden

Type B: 678 sq ft (from RM 616,800)- facing podium garden

Type C: 1,028 sq ft (from RM 935,800)- facing Arcoris

Type D: 620 sq ft (from RM 562,800)- facing Arcoris

Type E: 768 sq ft (from RM 698,800)- facing podium garden

Duplexes (Level 27-30)

Type A1 (1,308sf)

Type B1 (1,348sf)

Type C1 (2,058sf)

Type D1 (1,228sf)

Type E1 (1,538sf)

For the duplex units is double units (upper floor & lower floor). Minimum price starts from RM1,199,800.00 to RM2,027,800.00 (maximum).

SOVO – Child Care Room, Laundry Room, Management Office, Staff Room, Playground Room, Bilik Solat (Male & Female)

3. . SOVO Unit interior (Artist impression)

Hotel Suites Block B- Unit Types

Type B2a: 1,236 sq ft (from RM 1,609,800)- facing podium garden

Type B2b: 1,236 sq ft (from RM 1,627,800)- facing podium garden

Type B2c: 1,166 sq ft (from RM 1,541,800)- facing podium garden

Type C4a: 716 sq ft (from RM 932,800)- facing swimming pool

Type C4b: 736 sq ft (from RM 969,800)- facing swimming pool

Type C4c: 736 sq ft (from RM 774,800)- facing swimming pool

Type C1: 710 sq ft (from RM 920,800)- facing podium garden

Type C2a: 853 sq ft (from RM 1,102,800)- facing swimming pool

Type C2b: 833 sq ft (from RM 1,088,800)- facing swimming pool

Type C3: 788 sq ft (from RM 1,022,800)- facing podium garden

Type B3: 1,103 sq ft (from RM 1,430,800)- facing podium garden

Hotel Suites –Wading Pool, Swimming Pool, Gymnasium, Function Room,

Utility Room, Bar, Outdoor Children Play Area, Outdoor Sitting Area, Changing Rooms, Bilik

Solat, Pool Store, 3-tier security.

Conceptual Plan 

The Conceptual Plan

1 – Hotel Suites Drop-off

2 –  Buddle Lift Access

3 – Hotel Suites

4 – Lifestyle Mall

5 – SOVO

6 – Thematic Garden

7 – SOVO Drop-off

8 –  Mall Drop-off

4. Designated drop-off point for SOVOs (artist impression)

About the developer

YNH Property Bhd was incorporated in Malaysia as a private company in 2001 and was subsequently listed on the Main Board of Bursa Malaysia Securities Berhad in 2003.

It has about 65-70% market share of the Manjung Perak township, comprising of Sitiawan, Lumut and Sri Manjung. The group is now expanding into the Klang Valley, focusing their projects around the Kuala Lumpur city centre and Mont’ Kiara areas.

In 2007, YNH Berhad was awarded as one of the region’s top 200 companies with market capitalisation of under RM1.0 billion by Forbes Asia.

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Location

The OOAK is located along Jalan Kiara, on the same row as Plaza Mont’ Kiara and in front of Shoplex Mont’ Kiara. Kiara 163 is accessible via the Sprint highway/ Penchala Link/ Kerinchi Link, North-South Expressway (NKVE) and the Jalan Duta – Sg. Buloh Highway.

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Location of The OOAK by YNH Properties Bhd

All directions from Kuala Lumpur, Jalan Kuching, Petaling Jaya, Rawang and Taman Tun Dr Ismail (TTDI) lead directly into Desa Sri Hartamas/ Mont’ Kiara which is why first-time visitors to Mont’ Kiara have to be aware of the specific roads to take in order to enter Mont’ Kiara at this entry point.IMG_8188The OOAK would soon be one of the commercial attractions that make up Mont’ Kiara such as 1Mont’ Kiara, Hartamas Shopping Centre, Solaris Dutamas Publika and Solaris Mont Kiara.

The main landmark to look out for as you are turning into Jalan Kiara from Kerinchi Link is the 1Mont’ Kiara building, which is Mont Kiara’s first truly integrated development set within the prestigious precinct.

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The whole stretch of Jalan Kiara is dotted with all the ‘Monts’ of Mont’ Kiara namely the Mont’ Kiara Pines, Mont’ Kiara Palma, Mont’ Kiara Pelangi, Mont’ Kiara Sophia, Mont’ Kiara Astana, Mont’ Kiara Bayu and Mont’ Kiara 28 at the end of the road, among others.

This is probably the most happening road at Mont’ Kiara and thus, for The OOAK to be situated here with such business positioning, more crowd will be flocking here.
Across from The OOAK also, you will be able to see the Shoplex complex where people hang out all day to enjoy a beach-like ambience at Coffee Bean and the likes.

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Coffee Bean cafe at Shoplex across Kiara 163

As more crowd is expected to pour into Jalan Kiara, there is growing concern with regards to this already-congested road entering into this busy commercial hub.

According to the sales person, however, once the construction for both The OOAK and Arcoris Mont’ Kiara are completed, a new road between Plaza Mont’ Kiara and Residensi 22 will be opened to public.

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As for now, it is still close and is only accessible to the construction vehicles such as the trucks and tractors carrying heavyweight construction materials.

The police station is right in front of the development.

We took the initiative to walk into the police station to say hi and strike up a conversation with the police officers a bit.

We wanted to find out their take on Mont’ Kiara’s security level. The police officer said that they do patrol the area quite often. Constant police presence to patrol and serve the neighbourhood would restore residents’ confidence in the force again. At least, we hope they are sincere and diligent.

That is the Arcoris Mont' Kiara which is beside Kiara 163

That is the Arcoris Mont’ Kiara which is beside The OOAK

The construction progress

The construction progress is at its infancy

In addition, there will be no MRT going through Mont’ Kiara. There is however a proposed MRT Line near the Matrade Building in the future. This is to be the centre of the KL Metropolis. This station would be situated near Matrade Centre between Jalan Dutamas 2 and Jalan Khidmat Usaha.

Public transportation services for Kiara 163

And because The OOAK is a commercial-focused development carrying hundreds of office units and hotel suites, it should be convenient for travelling staff or visiting business companions to access this location from just about anywhere. The OOAK alone will be offering an array of services to ensure that its occupants are efficiently and effectively taken care of, work and leisure wise.

And although the developers of Mont’ Kiara had generally agreed that most of the residents here have their own transportation, public transportation options should also be available.

If you are thinking about owning an office here at The OOAK, finding out the kinds of transportation for your employees or for yourself should be made one of the priorities in order for you to decide on buying this spot.

The only nearest train station is the Segambut KTM station which is located at the far end of North Kiara. The distance of this KTM station is about 4 km from Jalan Kiara.

From the KTM Station, you will be able to hire a taxi to get to Mont’ Kiara area or The OOAK. Fares start from RM7.00 for this short distance. For all the fares of different taxi services, you may be able to compare the prices here: http://www.taxiautofare.com/my

Taxi fares from

Taxi fares from taxiautofare.com

For outstation travels for Kiara 163 business community

7km away from The OOAK, there is the Hentian Duta Bus Terminal that takes passengers to the Northern side of Malaysia such as Butterworth, Taiping, Ipoh, Jitra, Padang Besar and even Hadyai Thailand, among others.

Whereas bus services to the east coast states of Pahang, Terengganu and Kelantan would be provided by the Hentian Putra Bus Terminal opposite Putra World Trade Centre(PWTC). To get to Hentian Putra, take the KTM to Putra KTM station and walk directly across to the terminal.

Hence, getting an office space here should ensure that your staff are able to access these key transportation points conveniently.

Although the traffic condition can be unbearable at times because there is the attraction of 1Mont’ Kiara and Plaza Mont’ Kiara especially in the day, getting around the area and neighbouring locations like Desa Sri Hartamas on foot should be quite easy. That is also if you can avoid driving.

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Comfortable walking paths for pedestrians

The roadside pavements have been built to be comfortable for walking. At Desa Sri Hartamas, the abundance of local food courts and Asian eateries should be able to vet your appetites. Talk about figuring what to eat during lunchtime. This is certainly a great working location.

However, to get to the other side of Mont’ Kiara, and Dutamas area to go to the Matrade centres and other government offices to fulfil your obligations as a responsible and tax-paying citizen, a car is needed.

Parking fees around Mont’ Kiara are calculated by the hour. Maximum could even reach almost RM20 for the random car user, unless you work here and are eligible for the season parking.

Schools

There are three international schools that cater to the community of Mont’ Kiara namely the Garden International School, Mont Kiara International School and French International School.

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The fact that these quality schools are available so close to one another provides the working adults with an open option over the education of their children.These distinguished institutions also have local students and teaching workforce.

Public schools nearby are SK Seri Hartamas and SMK Seri Hartamas.

The international medical specialist centre, the Global Doctors Specialist Hospital catering world-class medical attention to the folks here and KL area, is situated at Jalan Kiara 3.

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Global Doctors Specialist Hospital at Jalan Kiara 3, behind The OOAK

The address

It piqued my curiosity to know that this developer with a humble reputation was able to secure this piece of 6-acre land from the main owner of MK, being UEM Sunrise Bhd.

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The banner bearing the project name. The groundwork has begun. The building next to it is Arcoris Mont’ KIara which will be The OOAK’s neighbour

Asked how it got here in the first place and the salesman advised that, they had actually bought the land for some time and are only now undertaking its development.

Asked on the market sentiment towards Mont’ Kiara, he said that the location alone is already sufficient as The OOAK’s unique selling point. Generally, the mention of Mont’ Kiara alone evokes the perception of an affluent neighbourhood with a concentration of high-income society.

He added, “Even if you own a small house at Mont’ Kiara which bears the Mont’ Kiara address, it is already very impressive for any financial evaluator. That alone is a win for buyers,” with a smile.

Perhaps, if there was a word to describe about being part of this community, it would be ‘satisfactory’.

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Analysis

Mont’ Kiara’s properties have appreciated a lot thanks to the reputation it has built over the years. However, one cannot help but wonder who are buying these properties with all the supply that they are churning out these days! Just one look at the exorbitant rates, and you will know that the average middle income earner may never get a taste of living in MK’s upper-class atmosphere.

The increasing prices are overrated and we certainly don’t see the need to add on to all that flutter.

Project title Tenure/Land Title Built-up size Number of units Price range
The OOAK Freehold/ Commercial From 620 sf – 1,236 sf Hotel Suites
Block A :
202 unitsBlock B: 382 units
SOVO –Number of units: 308
Starting from RM550,000 – RM1.63milAverage psf :> RM 1,000
Arcoris Mont’ Kiara (UEM Sunrise) Freehold/ Commercial From 450sf – 2000 sf Business suites (262 units)SoHo (366 units)Hotel (275 rooms)Serviced residence (331 units)Plaza retail outlets RM493,800 – RM 989,500
1Mont’ Kiara Freehold 1776 – 1776 sq.ft for sale1600 – 1973 sq.ft for rent Call Property Guru to find out if there are units available for subsales Starting priceRM 1,062,000 for saleRM 5,200 for rent
         

All of the properties in Mont’ Kiara come with good amenities and are mostly maintained at tip-top condition. Even the oldest of residences here are being well-taken care of. It is possible to get the second-hand units with 3 bedrooms that are going for sale now at cheaper prices compared to the new projects, especially if the location is what you are after.

According to the sales person, most of The OOAK’s cheaper units have been taken up, leaving the ones in middle range and the higher range for later buyers.

Based on the table above, in comparison to its neigbour, the Arcoris Mont’ Kiara, UEM Sunrise’s 1.5 million square foot freehold development, The OOAK offers a more reasonable bargain with lower prices beginning with its smallest units.

Arcoris integrates 5 communities of business suites, SOHO, serviced residence, retail and hotel.
Kiara 163 integrates the mix of a shopping centre downstairs, the hotel suites and a string of SOVOs.

As YNH has been recognised as the top 200 best developer for market below RM1billion project, they ought to live it up to the award and help ensure competition in the market.

For now, even with the overall market slowdown, this location is still able to maintain its sales records because people who buy Mont’ Kiara normally come from the more able target market.

Undoubtedly, with the ushering in of the plausible KL Metropolis which is poised to be one of the nation’s most important cities, property appreciation in MK can be expected with such progressive agenda.

In addition to that, with the commencement of ASEAN Economic Cooperation (AEC) and the imminent establishment of the Trans-Pacific Partnership Agreement(TPPA), an FTA initiative involving twelve (12) countries, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, Viet Nam and Japan, Malaysia is well on its way towards becoming a global destination for the international community.

And Mont’ Kiara is perfectly cut out to accommodate the rising demand.

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Summary

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YNH Property Berhad, with its good track record is an assured developer. It is now venturing into hotel development for the retail market via its Hotel Suite for Kiara 163. A good sign of growth for the company.

Although there has yet to be a showroom for viewing, the management has assured that The OOAK is built of high and reliable quality materials befitting of the taste of their target audience. Ultimately, Mont’ Kiara has always had that distinctive glossy appeal that keeps its community self-sufficient, in it that going to Kuala Lumpur seems like a complementary affair for them.

Yet, in these economic downtimes, it is a wonder that with the overwhelming supply of property developments in Mont’ Kiara, one wonders at all whether the occupancy rate is even a hundred percent, especially these days.

Plus, with the hefty price they carry, Mont’ Kiara has positioned itself to be the township which is exclusive to only a certain market level. It certainly does not look like it will bring down its price to cater to the average market at all.

Although the sentiment among all the property developers had been the same, who had all concurred on the market slowdown, yet for a highly-coveted location like Mont’ Kiara, anytime is a good time for project developments.

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Eric Wong

Anjali Kassim Chan

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