Property in KLCC Area

Golden opportunities
Kuala Lumpur’s Golden Triangle is irrefutably the prime property hotspot of the nation. And if the premium pricing of property there is not enough to convince you, then consider the quality of the developments that have materialised in the vicinity of the KL City Centre (KLCC) project.By 2008, the area surrounding KLCC Park, the site of one of modern Malaysia’s most prominent symbols, the Petronas Twin Towers, will be home to the urban elite of KL society, with a host of super condominiums and luxurious residencies occupying its perimeter.With prices already breaking the RM1,000psf mark and fresh frontiers in luxurious living being opened with each new project launch, there is a growing belief that residences in the Golden Triangle will someday be on par with world renowned residential enclaves such as Hyde Park in London and Central Park in New York.Here, PropertyTimes overviews the prime properties that have, or will, become part of this exclusive hotspot, in a few years:

1) The Binjai
Set to be an icon for exclusive KL living - and an address that will be “internationally recognised” when completed towards the close of next year, The Binjai offers 171 units housed in two towers of 44 and 45 storeys.Developed by Layar Intan Sdn Bhd, a subsidiary of KLCC (Holdings) Bhd, Tower A will have two units per floor, with a standard built-up area of 3,700sq ft, while Tower B will have three units per floor, each of 2,300sq ft. Even the typical units will have private lobbies, leading to three bedrooms, a study, maid’s room, separate living and dining areas and three balconies.The Binjai will also boast 14 penthouses that come in various sizes. The four-plus-one Sky Apartments will average 5,000sq ft while the double-level Sky Penthouses will range from 17,000sq ft (Tower B) to 19,000sq ft (Tower A). The three Sky Penthouses will come with the added feature of private swimming pools.Located at the intersection of Persiaran KLCC and Jalan Binjai, sprawling over 1.8 acres, The Binjai’s units are priced from RM2.3 million or RM1,000psf, making it the first project in Malaysia to hit the four-figure mark for a square foot of space. Its common facilities will include swimming and spa pools, tennis and squash courts as well as a gym and sauna, besides 24-hour security and broadband Internet access.Based on a 60 per cent margin of financing and a 6.15 per cent interest repaid over 15 years, buyers are looking at a minimum monthly loan repayment of about RM12,000.The Binjai, with a gross development value of RM500 million, is expected to be completed in the fourth quarter of 2006.

2) Stonor Park
This baby of Beneton Properties Sdn Bhd offers 71 condominiums housed in a pair of 20-storey blocks on a one-acre plot along Jalan Stonor.Touted as the first in the country to be launched with a floor layout of two units per level, served by a pair of lifts, the development will feature standard units with built-up areas ranging from 2,200sq ft to 4,000sq ft, while the penthouse sizes will be between 6,000sq ft and 8,000sq ft.Pegged from RM500psf to RM750psf, a buyer is looking at paying anything from RM1.1 million to RM5.6 million to live in Stonor Park, where the design features will include 10ft-high ceilings, 8ft-high doors and glass balconies.Recreational facilities will include a swimming pool, gym and meeting and function rooms. Owners will be charged 35 sen per square foot for the first two years for maintenance.Launched in April 2003, Stonor Park is among the pioneer luxury residential projects within the KLCC area. It has hit off well with buyers, with all its units sold.Based on a 60 per cent margin of financing and a 6.15 per cent interest rate repaid over 15 years, buyers are looking at a minimum monthly loan repayment of under RM6,000.

3) 2Hampshire
Located on a 0.91-acre plot, the RM139 million gross development value 2Hampshire will feature a 25-storey tower accommodating 93 condominiums, indicatively priced from RM500psf or RM698,000. The units will have built-up areas ranging from 1,396sq ft to 6,229sq ft.At the entrance lobby, there will be two private lobbies, each with a pair of lifts providing access to designated units. A separate external service lift and loading bay will allow access for the maintenance crew, maids and also, for moving furniture.Facilities will include a swimming pool, gym, function room, reading-cum-meeting room, children’s play area and a room for drivers.Also developed by Beneton Properties, 2Hampshire is expected to be completed in February 2007.Based on a 70 per cent margin and a 6.15 per cent interest repaid over 20 years, buyers are looking at a minimum monthly loan repayment of under RM4,000.

4) Berjaya Central Park
Located next to Concorde Hotel along KL’s Jalan Sultan Ismail, the RM700 million Berjaya Central Park is based on the design concept of the completed Berjaya Times Square in Jalan Imbi.It is being developed on a three-acre plot by Wangsa Tegap Sdn Bhd, a wholly-owned subsidiary of Berjaya Group Bhd, at the junction of Jalan Ampang and Jalan Sultan Ismail, directly opposite the Renaissance Hotel.Berjaya Central Park will feature a twin block of 50 storeys situated atop a podium block. Both blocks will have 814 units, with the first block serving as a hotel and the second, for serviced suites.With built-up sizes starting from 400sq ft, the serviced suites, with 23 units per floor, will be priced on par with The Binjai at RM1,000psf - or RM400,000 for the smallest unit.Three levels of basement car-parking and the elevated car-park from levels two to eight will provide ample parking space for the residents. According to the developer, the buyers are guaranteed a six per cent nett rental return for the first two years. The project will be completed in three years’ time.Based on a 70 per cent margin and a 6.15 per cent interest repaid over 20 years, buyers are looking at a minimum monthly loan repayment of just over RM2,000.

5) The Binjai Residency
Although it has a name similar to KLCC Holdings’ The Binjai, The Binjai Residency is priced only about half as much, with units ranging from RM520psf to RM680psf.Located on a 0.8-acre freehold plot, The Binjai Residency will feature 100 condos housed in a 32-storey block. The project will offer built-up sizes starting from 2,096sq ft, which translates into RM1,193,450 for the smallest unit. Gauging from the sales performance, buyers must believe that the offer is too good to resist. More than 60 per cent of the units have been snapped up since its launch last November.All the three penthouses have also been sold. Each of these units will come with a built-up size of 6,000sq ft and will include a 42-ft long swimming pool.The Binjai Residency is developed by Amity Binjai Sdn Bhd, a wholly-owned subsidiary of the Amity Property Group.Based on a 60 per cent margin and a 6.15 per cent interest repaid over 15 years, buyers are looking at a minimum monthly loan repayment of just over RM6,000.

6) Park Seven
Located on a 1.58-acre plot in Persiaran KLCC, Park Seven will be developed by SDB Properties Sdn Bhd, a wholly-owned subsidiary of Selangor Dredging Bhd.It will feature a total of 105 units comprising single-floor units, duplexes and penthouses, with the indicative pricing starting from RM640psf or RM1,458,560.This 20-storey project will offer condos with built-up sizes ranging from 2,279sq ft to 3,622sq ft for single-floor units, from 4,500sq ft to 5,800sq ft for duplexes and from 4,200sq ft for the penthouses.Catering mainly to families, its facilities will include swimming and wading pools, a gym, multi-function rooms, toddlers’ room and a yoga room, all located on an elevated pool deck floor.All units will have their own private lift lobby, broadband Internet access and Astro points.In addition, they will feature a 270-degree view, through floor to ceiling laminated glass frontage, built-in wardrobes, kitchen cabinets and appliances.Based on a 60 per cent margin and a 6.15 per cent interest repaid over 15 years, buyers are looking at a minimum monthly loan repayment of around RM7,500.

7) Suria Stonor
This new flagship project of Glomac Bhd, spread over a 2.06-acre freehold plot in Persiaran Stonor, will offer 138 condos with a “garden-in-the-sky” concept.Offered in five designs, the units will be housed in two blocks of 25 and 26 storeys, with the prices pegged from RM1.8 million to RM8 million or between RM450psf and RM941psf.Catering to occupation by families, Suria Stonor will offer sizes of between 4,000sq ft and 8,500sq ft for its single-floor units, duplexes and penthouses. Spacious landscaped balconies and gardens in open areas will lend credence to its “garden-in-the-sky” concept.Glomac plans for the units to come with built-ins, but no decision has been made on whether kitchen appliances will be provided to complement the cabinets.The facilities will include swimming and wading pools, a gym, café, sauna room and multi-purpose hall.Slated for official launch in the first quarter of this year, Suria Stonor, with a gross development value of RM300 million, is expected to be completed in 2007.Based on a 60 per cent margin and a 6.15 per cent interest repaid over 15 years, buyers are looking at a minimum monthly loan repayment of a little more than RM9,000.

8) Marc Service Residence
Launched in late 2003, Marc Service Residence, developed by Beverly Tower Development Sdn Bhd, offers 607 condos in a pair of 35-storey towers on a two-acre plot.Priced from RM700psf, all 278 units of one- to four-bedroom units in the first tower were sold out soon after its launch.Buoyed by this success, project manager CapitaLand Commercial Sdn Bhd launched 230 units out of the 329 units in the second tower late last year.The developer priced units in this phase from RM310,000 to RM447,000 for the one-bedroom condos, RM520,000 to RM760,000 for the two-bedroom units and RM810,000 to RM1.2 million for the three-bedroom units.The four-bedroom units, with a built-up area of 3,300sq ft, are between RM2.5 million and RM3 million.The built-up sizes for the one-bedroom units will be in range of 409sq ft to 590sq ft. The two bedroom units will range from 686sq ft to 1,002sq ft, while the three-bedroom units will be from 1,068sq ft to 1,584sq ft.According to the developer, the rest of the units will be either sold off individually or as one block to a single party to manage as serviced apartments.The developer is currently looking at lease-management companies to manage the property, one of them being Ascott, CapitaLand’s serviced apartment arm that currently operates The Ascott Serviced Residence, which is located opposite Marc Service Residence.Though the first block was offered as condos, a tie-up with a lease-management company for the second block will allow CapitaLand to offer buyers an option to lease back their units as serviced apartments once they are renovated and furnished.Based on an 80 per cent margin and a 6.15 per cent interest repaid over 25 years, buyers are looking at a minimum monthly loan repayment of around RM1,600.

9) Dua Residency
Dua Residency, the flagship high-end stratified residential project of E & O Property Development Bhd, features 288 condos housed in a pair of 20-storey tower blocks.Developed on five acres of freehold land along Jalan Tun Razak, the development will have another access through Lorong Stonor.Launched during the first quarter of last year, the project offers units with built-up sizes ranging from 2,098sq ft for a three-bedroom unit to 6,033sq ft for the triplex, with prices starting from RM1.2 million or RM572psf.With 13 floor plans available, Dua Residency, with gross development value of RM360 million, offers various unique features such as a den, an “exhibition” kitchen and individual balconies.The standard specifications will include an integrated hot water system, built-in kitchen cabinets and appliances, broadband Internet access and separate living and dining areas.Facilities will include swimming and lounge pools, a sauna, gym, multi-purpose hall, reading room, a commercial centre called The Annexe and a two-tier security system.Dua Residency is expected to be completed next year.Based on a 60 per cent margin and a 6.15 per cent interest repaid over 15 years, buyers are looking at a minimum monthly loan repayment of about RM6,000.

10) Bandar Raya Development Bhd’s project TROIKA
Another high-end project located in Jalan Binjai, the still unnamed project by Bandar Raya Development Bhd (BRDB) has already received wide attention because it is designed by world-renowned architect Lord Norman Foster.The yet to be launched project is planned to comprise 237 condos housed in three towers of 51 storeys on a 2.07-acre plot.The towers will be linked by skybridges at the 26th to 28th floors, where the facilities such as gyms and restaurants will be located.The units, with built-up areas ranging from 1,000sq ft to 3,000sq ft, will have an indicative pricing of RM700,000 or RM700psf.As with other Norman Foster designs, this project will emphasise the best views for residents to enjoy.Based on a 70 per cent margin and a 6.15 per cent interest repaid over 20 years, buyers are looking at a minimum monthly loan repayment of about RM3,500.

11) Bolton’s project
Little is known about this project as it is still in the planning stage. According to a source, it will be a high-end condo, to be launched sometime this year.The yet-to-be-named project will be developed on a one-acre freehold portion of the 4.3-acre site Bolton acquired in Jalan Mayang, off Jalan Yap Kwan Seng, in 1991. The nett book value of this land is estimated at RM41.5 million, or almost RM1,000psf.The project could be similar to Bolton’s luxurious D’Mayang Condominium in the vicinity. D’Mayang comprises 17 condos on a 24,480sq ft plot.The new project is expected to offer units at an indicative pricing of between RM500psf and RM600psf.

12) TA2 and TA3
Still in the planning stage, TA Enterprise Bhd’s developments TA2 and TA3 are expected to be a 43-storey condo and a 32-storey serviced apartment.These will be developed on two plots of land, one being 1.25 acres in size and the other 1.5 acres, located adjacent to Menara TA One and Petronas Twin Towers.The estimated total gross development value of the two projects is in the region of RM500 million.- Property Times 15 January 2004 issue.