by Tim Leonard (The Edge)

KUALA LUMPUR: Financial jitters stemming from the subprime loan crisis may be reverberating across the globe but for the Malaysian property market, it’s business as usual.

Yet another benchmarking transaction has taken place and the address is none other than Jalan Stonor in the super prime KLCC in the heart of the city. The YTL group has just acquired a parcel, about one acre (0.4 hectare) on Jalan Stonor for RM85 million which, according to sources, works out to about RM2,000 psf.

(more…)

Here are some photos of one of the most high end developments in KL All units come with a pool (dip pool). More after the jump

(more…)

In a few years time, the skyline of KLCC would be redefined with the completion of many new and upcoming high rise developments, and one that would make it truly iconic would be the completion of the Troika. The glass-and-steel high rise residential structure by Bandar Raya Developments Berhad (One Menerung, Cap Square) is notably designed by world renowned Foster + Partners from the UK together with GDP Architects.

The end result is a truly spectacular piece of architecture. In my opinion, no one single development within the KLCC vicinity (upcoming or otherwise) could be on par with this truly iconic design. Not even OneKL which is currently the most expensive condo in KL with prices reportedly to have breached the RM2000psf mark could match the mighty Troika. The Troika was launched with the price tag of about RM920psf, and it is now reported to be averaging RM1800psf. Imagine the capital gains for early buyers! About 70% is sold now for the Troika and The Star reported last year that 4 of the 8 penthouses have been sold to foreigners with one of them is four-level, 21,000sqft “luxurious penthouse” whose current price is RM57mil (that’s about RM2,800psf!!)

Will cover more on The Troika on a separate post once I compile most of the information, but here is the latest progress photos of the development (as of 15th Feb) after the jump. The Troika is scheduled to complete in 2009 and I can’t wait to see it in all its full glory!

(more…)

By Tim Leonard (The Edge)More forward purchases and higher benchmark prices are expected in the sale, purchase and rental of office space in Klang Valley this year. Knight Frank Malaysia’s executive director Sarkunan Subramaniam, presenting The Edge/Knight Frank Klang Valley Office Monitor for 4Q2007, says the lack of premium office space in the Klang Valley will also be a contributing factor towards the downward movement of yield compression.

(more…)

City & Country: Your view of the property market and going forward, are you excited?
Datuk K Salman Younis: We are definitely excited. There is a lot happening in Malaysia and we see a lot of opportunities with the Ninth Malaysia Plan (9MP). We are involved in a number of projects under the 9MP and hope to be involved in more. We are currently selling projects in all of the initiatives announced… the Iskandar Development Region (IDR) and the Sabah and Sarawak initiatives. A lot of the economies are being affected by the slowdown in the US due to the subprime crisis. Most markets are soft and the general feeling is that if the banks declare the full extent of losses by mid-year, the situation should start improving from September.Malaysia, by and large, has not been affected badly and there are many reasons for this – the 9MP, various government initiatives and strong prices for its commodities on the market, among others. The sectors facing a slowdown are the high-tech ones, which are not a major component of the Malaysian economy.Malaysia should continue to do okay. The country has not been affected by the US crisis also because the prices of real estate here are still low compared to the region, making it an attractive buy. We see more and more foreigners coming to buy real estate.

(more…)