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Monday, February 4, 2008

More than 6,000 new apartments in the next three years

The growing attractiveness of Kuala Lumpur City Centre (KLCC) continues to lure developers to the city to introduce their brand of tastefully designed projects.

From less than 1,000 residential units in the KLCC enclave in the late 1990s, there are now more than 2,000.

By 2010, there will be more than 7,000 residences completed.

The total approved projects (including those under construction and completed) as of end of last year will see more than 6,000 new apartments added in the area in the next three years.

KLCC is certainly in the spotlight these days with more than 30 property projects either completed or at various stages of construction.

Several niche players continue to purchase land in the vicinity despite the current high land price of RM1,500 to RM2,000 per sq ft (psf). In 2000, land in the area was only going for RM200 to RM300 psf but by 2003, the price has doubled to between RM500 and RM600 psf.

Among the projects to be rolled out this year are Four Seasons Residence by Venus Assets Sdn Bhd, Panaroma by UOL Group, The Binjai by KLCC Property Holdings Bhd, Platinum Park by TTDI Development Sdn Bhd and K-Residence phase 2 by Olympia Industries Bhd. The Binjai, which offers unobstructed views of the KLCC Park and Petronas Twin Towers, is expected to have price tags from RM2,500 psf.

Given their proximity to the twin towers and going by the new prices fetched by recent project launches in the area, real estate consultants concurred that the upcoming projects should also be priced RM2,000 psf onwards.

Teh Boon Ghee

DTZ Nawawi Tie Leung executive director Brian Koh said iconic buildings such as Park Seven, Stonor Park, Troika, Four Seasons Residence and The Avare, with their own unique features, would further raise the bar of design excellence for high-rise apartments in the KLCC enclave.

“These buildings adopt the latest building and design technology resulting in eye-catching architecture designs, layout and optimum space usage. The use of a lot of glass also offers good unobstructed views of the surrounding KLCC neighbourhood,” Koh said.

He said these iconic buildings would place the KLCC on the map as an internationally acclaimed address.

Meanwhile, the presence of world-class players like Singaporean tycoon Datuk Ong Beng Seng of Hotel Properties Ltd, Quek Leng Chan of Hong Leong Group, Tan Sri David Chu of Mayland Group and Singapore's CapitaLand will add more value and depth to the KLCC enclave as a well-sought after address.

Ong, the name behind luxury residential developments such as Nassim Jade and Cuscaden Residences as well as the Four Seasons, Hilton and Hard Rock Café hotel properties, will be undertaking the Four Seasons development on 2.6 acres next to the Petronas Twin Towers.

According to Tan & Tan Developments Bhd executive director Teh Boon Ghee, the KLCC enclave, where the rate of appreciation in capital values had been much faster than most other areas in the country, will remain the focal point of real estate development for many years to come.

“In the long term, only projects with good location, quality construction and finishes, facilities and property management, would stand the onslaught of the growing competition,” Teh said.

Abbey Woods Sdn Bhd chairman and managing director Datuk Wong Choon Kee said: “The KLCC Twin Towers, which had proven to be Kuala Lumpur's most memorable buildings that matched other world's best, would continue to attract developers and investors.

“The stainless steel-clad twin towers stand out as one of the more unique structures in the world and remain one of the largest real estate developments in the world today.

By The Star

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