Good package for Arcoris Mont Kiara

I always want to own a piece of property in Kuala Lumpur especially the premier address like Mont Kiara, KLCC, Bukit Bintang etc. In July 2013, I booked a SOHO unit at Mont Kiara called Arcoris through Penang Property Show at Gurney Plaza.

After I booked the SoHo unit (booking fees is $20 000), I proceed with the loan procedures. At that time, still have the DIBS.

I had worked about 2 months for the loan applications. I did not very familiar with the KL agents or bankers procedures.

After several roadblocks, finally we cancel the deal. Below is the details of the Package Deal.

Mont Kiara Arcoris Package Deal

UEM developers are offering quite a few promotions at that time. For investors, they are offering a 5% rebate, plus guaranteed rental return of 6% for two years, or a RM12,000 renovation rebate.

For home owners, they are offering 7% rebate, plus a loan subsidy of RM4,000 per month for two years.

I do opt for the home owners packages. That means I only pay for the 3% of down payment.

For the Residences, the sale and purchase and loan agreements are prepared by the developer’s lawyers. For the SoHos, only the sale and purchase agreement is prepared by the developer’s lawyer. Buyers have to pay for the legal fees for preparing the loan agreement themselves.

Maintenance charges, meanwhile, will be offered at RM0.35 per sq ft, plus RM0.03 for sinking fund.

Arcoris was designed by celebrated UK architecture firm Foster+Partners and local firm GDP. It comprises five components, with a hotel and retail plaza on top of the apartments, SoHos and offices.

The entire development is estimated to be completed by the first quarter of 2016. The project was initially established by Sunrise Bhd, before it was bought out by government-linked UEM Land Bhd, so now, the project is being developed by the new merged entity, UEM Sunrise Bhd. Below are the financial calculations on the 2 units I am interested.