Tiffani Kiara by i-Zen

This development was launched sometime in mid-2007 by Ireka Corporation Berhad (Ireka). It was a pretty high profile launch as far as I can remember given it was Bernard Chandran, Fann Wong and Jimmy Choo’s choice. Frankly, I have never heard of Fann Wong before the launch of Tiffani!

Fann Wong

Fact Sheet

Freehold
Completed September 2009
399 units in total
Built up: 815sf, 1,641sf, 1,756sf, 2,159sf, 2,257sf (excludes penthouse units)
There was the 20:80 developer interest bearing scheme during the initial launch
Land size 3.6 acres (that’s 111 units per acre, that’s dense!)
Maintenance fee RM0.30psf
Launch price: circa RM440psf
Sub-sale price: circa RM600 - RM700psf

Credit has to be given to the developer for completing the development on time. However, completing the project on time does not always equate to quality. Period.

My Dislikes

There were chipped and unpolished tiles in my unit
Stinky toilets due to poor plumbing
From the outside, Tiffani looks like an old HDB flat (see http://en.wikipedia.org/wiki/Housing_and_Development_Board)
Distasteful choice of colour at the facilities block. I didn’t think purple was the colour of zen
Small pool, small sauna, and small gym. Small small small.
Limited visitor car parks.

My Likes

Location: Easy access to KL and within walking distance to Solaris
A clear advantage of Tiffani is that it is surrounded by bungalows and semi-detached houses. Hence, there is no real risk of another high rise building being built right next to it.
I bought my 815sf (1r+1b) high floor unit (30ish floor) for RM420k. Had an offer for RM580k towards the end of 2009 but decided against selling as I wanted to keep it for a little longer. It is my belief that property prices will rise further between 2010 and 2011.
Developer has been very good and professional at rectifying defects. I have only had to deal with a single person so far and the guy, Mr Lee has been very attentive and quick to respond to all defects.
It is currently rented out for RM3k. This translates to returns of 8.6% p.a. and 6.2% p.a. based on RM420k and RM580k respectively. Not too bad given the current economic climate. Also, my furnishings were not exactly of top notch quality!

If you are looking to invest in Mont Kiara, my advise would be to be very aware of the competition you face in the rental market for this area. Firstly, there are so many (vacant) units for them to choose from and secondly, most of them are furnished to a high standard i.e. some interior design works have been performed.

I should know given it has taken me about four months before I found my tenant!