For those who have yet to visit the stunning Troika showroom, this weekend is your last chance! The showroom will be open this weekend and will be closed soon as the construction of the iconic tower moves to its next phase. Very unfortunate that I am not in the country, hence haven’t got chance to view the actual showroom. There are some photos after the jump taken off another blog.
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Troika, KLCC Progress Photos
By Tim Leonard
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The weak US economy and a slowdown in mature markets should not cloud a potential investor’s decision on the real estate sector in Malaysia.
According to Zerin Properties CEO Previndran Singhe, Malaysia is a “decoupled economy” and is not very much linked to the US economy. “It is nothing more than market sentiment and this too shall soon pass.”
“People are talking about a global slowdown but there has been continuous purchase of KLCC properties by foreigners over the past two to three weeks,” says Previndran. On April 8, The Edge Financial Daily reported that YTL group set a new record for land transaction in the city centre following its RM85 million purchase of a less than an acre tract along Jalan Stonor. The price works out to about RM2,000 psf. He disclosed that the sales volume was still going strong for properties priced between RM1 million and RM1.5 million.
“I have personally seen foreigners and locals snapping up properties here, so what ‘slowdown’ are we talking here?”
Previndran feels that generally, people are cautious but he strongly believes that they will know local market conditions better by the end of the second quarter. “It is just based on ‘perception’ now but once potential investors realise that we in Malaysia are not affected, they will certainly continue snapping up properties here.”
However, he says products that do not match expectations will see slower sales this year. “There are some units built very low in quality and do not match the developer’s promises. These properties will be shunned as buyers are becoming more demanding and selective.”
Nonetheless, properties that match buyers’ expectations will continue being sold, he adds.
Previndran says the price per square foot for KLCC-based properties will have no problems breaching the RM2,500 mark this year. “A lot of positive developments are taking place on the national front following the general election and these only strengthen the country’s fundamentals. So I don’t believe in doomsayers. Things are going to be okay and business will be as usual.”
Previndran, who also runs the property portal www.klcc-living.com, says rents for prime properties in the KLCC area will hold at an average of RM6 to RM8 psf.
He will be presenting an in-depth view of the outlook for the Malaysian property market at the coming The Edge Investment Forum on Real Estate 2008 and whether it is time to make an exit.
By S.C. CHEAH
PROPERTY prices in the Kuala Lumpur City Centre (KLCC) area will continue to rise, as more and more foreign investors snap up the country’s comparatively cheaper high-end condominiums, said veteran international property consultant Datuk Abdul Rahim Rahman.
Abdul Rahim, who is chairman of Savills Rahim & Co, is confident that KLCC prices would increase further as land and building material prices continue to soar, mainly due to the hike in crude oil prices.
He said property prices were rising not only in Malaysia but also elsewhere.
Finally a new launch to perk up the quiet property market a bit! If you have driven along Jalan Ampang before, you will probably see this rather small billboard previewing a new development around that area. I recall the façade was rather sleek, with a very contemporary and modern building with full glass façade… and now it’s finally being launched. Called Panorama, the smallest 1 bedroom unit will start at above RM 1 million!
Panorama is just about 5 minutes away from KLCC, and located right behind Hotel Corus. I have yet to visit the site but I have always liked the Hampshire area as it looks rather secluded but in actual fact it’s just a few minutes away from KLCC. More photos and layout plans after the jump.
| Development name | Panorama |
| Developer | Promatik Emas Sdn Bhd (Joint venture between UOL Group Limited & General Corporation Berhad) |
| Tenure of Land | Freehold |
| Expected Completion | March 2011 |
| Total of Units | 223 |
| Prices | RM1,016,700 – RM2,977,800 |
| Units | 1-bedroom apartment (592sf, 603sf) 2-bedroom apartment (1152sf, 1249sf) 3-bedroom apartment (1798sf, 1819sf) |
| Other features | - 5 minutes stroll to KLCC, next to KLCC LRT station - Breathtaking view of the city skyline - Luxury finishes with marble and timber flooring - Fully fitted kitchen equipped with appliances, built-in wardrobes and fully air-conditioned. - Recreational facilities include 37m lap pool; play pool, rainforest shower, gym, BBQ terrace, and environmental deck at Level 7. |
News broke that YTL has paid a record price of about RM2,000psf for a land located along Jalan Stonor with land size less than an acre. This would be interesting to see what YTL will do with this land, probably a really high-end residential development is in the pipes. But with cost of acquisition that high, would there be room for appreciation? Let’s wait and see.
08-04-2008: YTL pays record price for KL land
by Joyce Goh (The Edge)
KUALA LUMPUR: The YTL group is believed to have set a new record for land transactions in the city centre with an acquisition of a piece of land of slightly less than an acre (0.4 hectare) for RM85 million. Sources said the land is located along Jalan Stonor and the transaction price works out to about RM2,000 per sq ft. The vendor in the transaction is the Eng Lian group, better known as the owners of Bangsar Village.
“They recently signed the agreement and the land size is slightly less than an acre. The deal is done at a new record price of RM2,000 per sq ft (psf),” said the source. It is not known which company from the YTL group bought the land, and what the group has in store for the land, but analysts reckoned the price paid was on the high side.
“Given the current situation, it is surprising. If the land will be used for residential then the price is a bit on the high side, but if it’s for commercial use, then it’s a different story… it might actually be quite fair pricing,” said a property analyst with a local research house. The status of the land is not known but that area was mainly for residential properties although some owners have converted the status to commercial.
The property analyst said that among the transactions that were made public in recent times, the highest was RM1,732 psf paid by GuocoLand (Malaysia) Bhd in January for a piece of land along Changkat Kia Peng. According to a company’s announcement, there were two residential buildings on the land. “There is also another piece of land transacted on Jalan Kia Peng itself, which was said to be at a higher price, but it was done between privately owned companies. So the price has not been disclosed,” said the property analyst.
Industry observers said that there was room for property prices to rise further given the uncertainty in the equity markets. “The potential for property prices is there. Although some believe that the rising property market may take a possible breather spooked by uncertainties, land in the area is scarce, hence the high price,” said the industry observer.
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YTL deal proves market still vibrant
