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KLCC condo market making a comeback

KUALA LUMPUR: The RM38 million sale of a penthouse unit in the exclusive The Binjai on The Park (pictured) development in Kuala Lumpur City Centre (KLCC) area last month reflects the buoyant sentiment towards the condo market in the area, said real estate consultants.

“There is a lot of confidence in the market again,” said Previndran Singhe, the CEO of Zerin Properties.

The penthouse is a triplex unit measuring 14,300 sq ft on the 42nd floor of Binjai’s Tower B. The transacted price works out to RM2,660 psf.

“[The Binjai] is the only one to achieve such high prices as it is the only condo project that has its own park and the only one with uninterrupted views of the Petronas Twin Towers. It has that advantage and it was designed and finished for that price,” said Previndran.

On average, KLCC condo prices hover between RM1,100 and RM1,400 psf, he said, adding that Zerin had transacted six to seven condo units in the KLCC area recently at the average selling price of between RM800,000 and RM850,000.

Although values are not as they were before the global financial slowdown, the market outlook for the sector is positive, said Eric Ooi, managing director of Knight Frank Malaysia.

“We’ve seen the worse of the market and recovery is setting in,” Ooi said. “We should see further improvements in the high-end condo market by end of the year or early next year.”

Another property agent shared similar sentiments, noting that as investor confidence returns to the KLCC condo market, developers are now releasing their “hidden units” -- units not released earlier in the year due to slowdown.

Terri Har, the marketing and sales manager of Layar Intan Sdn Bhd, which is the developer of The Binjai on The Park, disclosed that another penthouse is up for sale at a whopping price tag of RM50 million. With a built-up space of 19,200 sq ft across four levels, the price works out to about RM2,604 psf.

It comes with a 20m private pool on the top floor and 360-degree view of the KL skyline. Layar Intan is wholly owned by KLCC (Holdings) Sdn Bhd.

Har said that there were many recent enquiries about the condo, especially from foreigners.

“Singapore and Hong Kong property markets are heating up so people are looking else where for investment,” Har said. “Comparatively, our prices are cheaper; and politically and economically Malaysia is stable.”

The Binjai

The freehold Binjai on The Park comprises two towers of 44 and 45 storeys with a total of 171 units. Tower A, which has 45 levels have two units per floor with the standard unit built-up of 3,703 sq ft. Tower B offers three units per floor with standard units measuring 2,200 sq ft and 3,218 sq ft.

The condo is part of the 100-acre KLCC development and the site was selected to take advantage of the views of the Petronas Twin Towers and the KL skyline while the 50-acre KLCC park lies at its doorsteps.

The interiors are finished with Burmese teak for the bedroom floors and Gessi fittings for the bathrooms.

Additional features include centralised chilled-water air conditioning, central vacuum and automated waste disposal system.

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