By Farah Wahida:
A good number of planned branded residences are targeting to sell for RM2,000 psf and above, trailing behind The St Regis Kuala Lumpur in KL Sentral and Banyan Tree Signatures Pavilion Kuala Lumpur, reported The Star.
Among these projects are Le Nouvel KLCC, the serviced apartments on top of the W Hotel, RuMA serviced apartments, 8 Conlay, Ritz-Carlton Residences Kuala Lumpur and The Four Seasons Place.
Carmen Chua, Executive Director at CMY Capital, the developer of St Regis, noted, “When we first started working on the St Regis Hotel and Residences, it was about bringing a new concept to Malaysia and setting new benchmarks in pricing and quality.”
Chua added that the project does not only understand the needs of “the top 5 percent of the market” — both the Malaysian and international market.
Meanwhile, Banyan Tree Signatures KL has all its units sold out at an average price of RM2,000 psf, noted developer Lumayan Indah Sdn Bhd.
Tracey Lai, Director of Sales and Marketing for 1 Pavilion Property Consultancy, said, “Even though many people are now talking about landed properties, you can see that when you have a good location and strong branding, there are still good opportunities.”
According to Eddy Wong, Managing Director at the DTZ Nawawi Tie Leung Sdn Bhd, this trend will help boost the high-end KLCC market.
“Yes, most of the new developments being planned are looking at RM2,000 psf and higher,” said Wong.
“These projects offer a different value proposition; some are branded (Four Seasons Residences) while some are designed by reputable international architects (Ole Scheeren, Skidmore Owings & Merrill, Jean Nouvel).”
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
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