Verve Suites launch Vibe Tower

Verve Suites launch Vibe Tower
By Pete Wong

Bukit Kiara Properties (BKP) recently soft launched the second block of its Verve Suites project in Mont’Kiara. Named Vibe Tower, the block was almost 70% sold on day one of its soft launch, despite the asking price of between RM597-760psf. Prices in the surrounding area average between RM500-600psf, while the nearby Casa Kiara II project starts from RM426psf.

BKP is counting on its solid reputation as a niche developer and the fact that all units are fully furnished with designer fittings, enabling buyers to literally move in after collecting the key. The downside is that each unit will look exactly the same as the other few hundred units on the block.

BKP is a maestro of sorts when it comes to marketing and brand building. By staggering the launch of the four towers within its Verve Suites project, investor interest is sustained over a longer period and the developer is able to adjust its pricing accordingly based on demand and prevailing market sentiments. The first block, Viva Tower, was launched in early 2006 and is almost sold out.

In terms of ideas, Vibe Tower seems to have outdone Viva. The entire rooftop, called Hypercubes Lounge (pictured), has been turned into an entertainment and relaxation area. While a rooftop lounge area with glass-edged swimming pool is nothing new, BKP tops it up with smaller plunge pools, private jacuzzis and glass-enclosed dining room cum kitchen with retractable roof, among other attractions.

Investors who missed out on choice units in the first and second blocks need not worry. Word has it that the third block will be released soon, although it’s expected that the asking price will inch up for each new release. The developer is expected to save the best for last, as the fourth and final block is located furthest away from the high-tension cables that encircle the condominiums around the area.

Potential investors should note that while every block will have their own unique features, residents are free to utilise the facilities on every block, which means, when fully completed, there could be 1,500 residents queueing up to use the two tennis courts, gym, pools and other facilities. One potential concern is that there’s just one access road to the Verve Suites, and traffic can get quite hectic, especially in the nearby international school vicinity during school hours.

Verve Suites sits on commercial land, which means there will be no handing over of title deeds to unit owners and no chance of a resident committee with mandate being set up in future. BKP will manage the property and decide on the maintenance fees in perpetuity.

However, BKP has a good track record established by the founding Group Chairman, Dato’ Alan Tong Kok Mau, dubbed the ’condo king’ and attributed with putting Mont’Kiara on the property map. BKP’s careful management of its branding and reputation has been outstanding, and to increase the capital values of Verve Suites, BKP will build a Performing Arts Centre on the retail front of the project.

Even though apartments are small, ranging from 633-890sqft for standard units, and the price per square foot relatively high, the entry price of around RM400,000 is still within the budget of many young professionals and working couples. There’s also the attraction of an expected high annual rental yield, with current estimates around 12%.

Gauging from the popularity of Verve Suites, investors are prepared for the slight inconveniences and more than willing to pay a premium to have a Mont’Kiara address and the perceived notion of a quality lifestyle within the popular expatriate enclave.

Elsewhere in Mont’Kiara …

One of the more interesting pieces of news of late is Mycom’s announcement to develop a huge 10-acre tract in the Mont’Kiara vicinity in a joint-venture deal with London-based Westcity Plc, part of an upcoming supply of new residential and retail units that should put a check on the soaring prices of properties in the area.

Ireka Group has recently unveiled Seni Mont’Kiara, its third project in the area. Sitting on about nine acres of elevated freehold land, probably the highest in the vicinity, the development will feature 605 large units in two 40-storey towers and two 12-storey blocks, and is set to be distinguished by a permanent art gallery. Grand views of the city skyline are promised for most units, which start from 2,400sqft.

Meanwhile, BTC Development is planning to launch landed homes on a three-acre freehold plot in Mont’Kiara in the second half of 2008. BTC’s Development Manager Hii Ik Tiing said the company will offer over 30 units of two and three-storey townhouses, semi-detached homes and bungalows at prices starting from RM500psf.