By Rosalynn Poh
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There was a sense of exclusivity and tranquility in the neighbourhood when City & Country took a drive along Jalan Madge and Persiaran Madge recently, despite the numerous ongoing developments in the area.

One encounters relatively wide roads and big, shady trees. Perhaps it has all the signs of a “winning formula” — a combination of international and private schools nearby such as Sayfol International School, amenities within walking distance and numerous embassies in and around the area, including those of North Korea, Iraq, Libya, Switzerland (currently under renovation) and China. The area has turned into an international residential enclave of sorts over the years.

The Madge area is located less than a 15-minute drive to Kuala Lumpur city centre, closer towards Ampang and opposite Sucasa Apartments. City & Country explored Jalan Madge and Persiaran Madge recently and noticed a mix of completed and ongoing developments of low-rise boutique condominiums as well as several mansions along the two roads. Niche developments such as U-Thant Residence by Tan & Tan Developments Bhd, 9 Madge by Rodem Sdn Bhd (a joint-venture company between Landlovers (M) Sdn Bhd and Hanil Engineering) and Gallery @ U-Thant by Nam Fatt Corp Bhd are currently being constructed while some sites show signs of upcoming developments.

9 Madge consists of 23 condominiums within two five-storey buildings, with sizes from 1,888 sq ft to over 8,000 sq ft. The average selling price is RM1,100 psf. Since its soft launch in April this year, more than 40% have been sold and reserved.

Gallery @ U-Thant was launched in the middle of last year for about RM800 psf. Comprising 50 units sized between 4,042 sq ft and over 6,000 sq ft, the limited units left are currently being offered for an average of RM1,200 psf.

U-Thant Residence, with a gross development value (GDV) of RM175 million, was launched in August 2006 and is fully sold. With a total of 77 units, standard units range from 2,476 sq ft to 5,651 sq ft while duplexes have built-ups of 6,803 sq ft. Prices are from RM1.92 million onwards and the expected completion will be in April 2009.

Meanwhile, facing Jalan U-Thant are developments by Jutawarna Development Sdn Bhd and upcoming developments by Brunsfield Group and Wing Tai Asia. According to the notice on the site of Jutawarna Development’s ongoing project, it consists of 40 units and five swimming pools. City & Country was unable to reach the developer for further information.

According to Metro Homes Sdn Bhd director See Kok Loong, the Jalan Madge and Persiaran Madge residential enclave is very unique due to the concentration of embassies in the surrounding areas.

As one speaks of the Madge area, it is natural to mention Jalan U-Thant as well as it is just a street away. Some would even describe the area as part of the Embassy Row. Among some of the existing boutique developments within the area are Katana Residences, Madge Residences and The Madge.

VPC Alliance (M) Sdn Bhd managing director James Wong says the prices for condominiums in the area have increased significantly in the past few years. Katana Residences, he says, was launched in 2005 and priced from RM700 psf. “The last few units were sold at about RM900 psf and subsales are now being transacted at around RM1,500 psf — an appreciation of 100% over a period of almost four years,” he says.

Katana Residences consists of 30 units sized from 3,800 sq ft by Katana Development Sdn Bhd. Metro Homes’ See says a client bought a unit there last year for RM1,200 psf and the unit is now on the market for no less than RM1,600 psf.

As another example, Madge Residences was launched in 2004, with 21 units sized from 2,865 sq ft. Developed by Rainforest Heights Sdn Bhd, its launch price was around RM650 psf. The current asking price is around RM1,100 psf. Meanwhile, The Madge, launched in 2005 for around RM600 psf, comprises a cluster of 14 villas, the smallest of which is 6,550 sq ft.

The Madge factor
Tan & Tan Development Bhd executive director Teh Boon Ghee says the location is one of the country’s most prestigious locales considering its close proximity to (some even consider it part of) the Embassy Row, and also close to leading international 5-star hotels and the KLCC area with the iconic Petronas Twin Towers providing a picturesque backdrop. “Even closer are the Royal Selangor Golf Club and Gleneagles Intan Medical Centre. What better place than here to create an elegant luxury boutique condominium within such an exclusive and convenient neighbourhood?,” says Teh.

According to the developer, target buyers for its project are “affluent individuals and corporate leaders with impeccable taste who prefer low-density condominium living characterised by understated elegance and uncompromising luxury in the heart of Kuala Lumpur”.

“The majority of U-Thant Residence owners are locals with about 20% foreign ownership,” adds Teh.

The niche developer of Hijauan Kiara and Verve Suites in Mont’Kiara, Bukit Kiara Properties Sdn Bhd, hopes to launch its project in the Madge area next year. Its group managing director N K Tong describes the Madge as “a very nice address in the very much sought-after Ampang area”. The developer acquired a tract of less than an acre tract in Jalan Madge early last year

This entry was posted on Tuesday, September 30th, 2008 at 5:59 pm and is filed under Newsclipping. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.