UEM Sunrise plans low-density condominium project in Mont’Kiara

This article first appeared in City & Country, The Edge Malaysia Weekly, on October 15, 2018 - October 21, 2018.

An artist’s impression of Residensi Astrea. Pictures by UEM Sunrise

The project will feature a 45m starlit salt chlorinator pool. Pictures by UEM Sunrise

The entrance of Residensi Astrea. Pictures by UEM Sunrise

The units measure 1,364 to 1,859 sq ft. Pictures by UEM Sunrise

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The affluent neighbourhood of Mont’Kiara in Kuala Lumpur will soon see another residential launch by its master developer UEM Sunrise Bhd. Residensi Astrea will come up on a 2.4-acre freehold parcel in Jalan Kiara 5 and offer a total of 240 units, measuring 1,364 to 1,859 sq ft, in a 37-storey block. It will include three dual-key units.

The units will feature a segregated kitchen and pantry, with a door, hood and hob as well as fitted cabinets. More than half the units, or 132, will have a pool view and all will come with a private balcony with glass railings.

Residensi Astrea
UEM Sunrise managing director and CEO Anwar Syahrin Abdul Ajib tells City & Country that the average gross price will be RM870 psf, for a total gross development value (GDV) of RM330 million to RM350 million.

“Residensi Astrea is one of the last few residential plots in Mont’Kiara. At 240 units over three acres, it is considered a low-density project for the area. We are very excited about it because we saw the demand for low-density projects from buyers’ feedback, so we are offering such a project this time. It complements our other projects [of higher density] in the township,” he says.

The developer seems to have got its strategy right as it has received more than 2,000 registrants — a mix of repeat and new buyers — for Residensi Astrea. Anwar Syahrin expects a good take-up rate upon its official launch this weekend.

Astrea means star, star maiden or starry night in Greek, and relecting the name, facilities in the project are inspired by the stars. The facilities include a 45m starlit salt chlorinator pool, splash playground, Jacuzzi, reflective pool and barbecue area on the Stella Deck (8th floor). There is also a sky lounge, sky gym and yoga deck at the Astral Deck on the 36th floor.

The maintenance fee is expected to be 35 sen psf. Upon completion, the condominium will be managed by SCM Property Services Sdn Bhd, UEM Sunrise’s facility management subsidiary.

Anwar Syahrin says the project is targeted at young professionals in their mid-30s with families who are looking for a decent-sized home in a prime location. He reckons the buyers will mostly be owner-occupiers.

“We are also partnering InneoNusa Sdn Bhd (a joint-venture between Telekom Malaysia Bhd, UEM Sunrise and Iskandar Investment Bhd) to make it a smart home with various smart features that can be controlled via a mobile application and voice command. It is an optional feature and if buyers opt to take it up, the units will be fitted with the smart features before they are handed over,” he explains.

According to its website, InneoNusa addresses smart city-related development needs, involving enablers and sustainable managed services. Its involvement covers the planning, construction and vacant possession stages as well as after the defects and liability period.

Anwar Syahrin believes one attraction for potential buyers will be the Mont’Kiara neighbourhood. A self-contained neighbourhood with amenities such as restaurants, banks, clinics, international schools and offices, it is linked to the Sprint

Expressway, Penchala Link and North Klang Valley Elevated Highway.

Many developers have launched projects in the area and Anwar Syahrin views the competition positively.

“We have been around for 50 years and we started developing Mont’Kiara 40 years ago. Certainly, we can’t do it alone and we are glad other developers are coming in because it means they believe in this place as well. Competition is good for consumers because they have more choices. It also keeps us on our toes and we have to be always on top of our game,” he says.

After Residensi Astrea, UEM Sunrise has another 33 acres in Mont’Kiara with a total GDV of about RM6 billion. In total, it has more than 12,000 acres of land bank in the country and abroad.

In Mont’Kiara, Anwar Syahrin says the developer is working on the remaining phases of the

RM3 billion Solaris Parq, which occupies an 18.76-acre freehold tract near its flagship retail mall, Publika Shopping Gallery, and the MATRADE Exhibition and Convention Centre.

“We already have a design, but I feel we need to be more cautious because Solaris Parq is located on very prime land in Mont’Kiara. We are revisiting the DNA of the whole development and hopefully, we can launch something within the next two years when the market is more receptive towards premium properties in a prime location. We are also working on a residential project called MK31, but that project will take another two years to launch,” he says.

Apart from Residensi Astrea, UEM Sunrise has lined up a few more launches for the rest of the year, with a total GDV of more than RM300 million. They include two phases of two-storey terraced homes (Phases 1D1 and 1B2) in Serena Heights, Bangi, as well as two-storey terraced homes (Iris Residences) and a commercial phase in Iskandar Puteri, Johor.

Next year, UEM Sunrise is planning to unveil a new township — similar to Mont’Kiara — in Kepong. Spanning 72.7 acres, the first phase is scheduled to be launched in the third quarter.

The leasehold township is just next to Kepong Metropolitan Lake, and will have a gross floor area of about 20 million sq ft and a total GDV of RM15 billion, says Anwar Syahrin. “We are now working on the master plan of the township and I would call it the next Mont’Kiara — a mixed-use development with various components such as residential, commercial and office. We are working with the population there to fin out what they want and like,” he says.