Property Report - Malaysia invites foreigners to make themselves at home

The following report is found in Asia Property Report. The content is similar to that of Offshore World posted earlier. All foreigners are welcome to invest or stay in Malaysia!

Malaysia invites foreigners to make themselves at home

by Thailand Construction News

But unlike some of its neighbors, Malaysia makes it fairly easy to buy property. Thailand, the Philippines, Indonesia and even Singapore all prevent foreigners from owning land, restricting them to buying apartments or to using leasehold arrangements.

"In Malaysia, you´ve got a government that is really trying to improve the environment for people looking to invest in the country," said Darien Bradshaw, regional director of business development for Colliers International real estate brokerage.

That was not always the case. In the 1990s, the country feared that foreign buyers were driving prices beyond the reach of locals and, in reaction, it set up a Foreign Investment Committee and enacted restrictions. Now, however, the country even has a program aimed at overseas buyers, "Malaysia: My Second Home."

Malaysia´s real estate market is considered transparent in comparison with other Southeast Asian countries. And owners can avoid a 30 percent capital gains tax by holding their property for at least five years, after which they pay 5 percent on any gains.

Brokers and buyers alike say Malaysian banks are eager to issue mortgages to overseas citizens. Mortgages are generally issued up front. "In terms of financing ability, compared to other countries, the banks are very liberal," Bradshaw noted. "People can secure up to 90 percent finance."

Although recent increases have pushed interest rates to 6.75 percent from about 6 percent at the start of the year, Kuala Lumpur has seen a boom in the kind of high-end condominium development that expatriate buyers and renters demand. Construction standards have improved, as have living conditions in the city. A light rail system opened in 1998, and a thriving business hub is developing around Kuala Lumpur´s city center and the KLCC Park at the foot of the Petronas Twin Towers.

The buzzing local economy, fueled by the global boom in oil and commodities, has drawn an increasingly discriminating breed of renter who works for one of the multinational natural resources companies.

According to a recent study from ING Real Estate, Malaysia will be the Asian country with the biggest increase in its work force from 2003 through 2013, with the number of workers expected to rise to 13 million, a 27.9 percent increase in the 10-year period.

With strong demand for apartments at the market´s top end, developers are in various stages of construction on a series of projects around KLCC Park. The catalyst was The Binjai, a condominium development by KLCC Holdings, the property development arm of the oil company Petronas and the developer of the Twin Towers.

The Binjai, which was started in 2003 and is expected to be ready by the end of the year, will have 171 apartments divided between two towers. They are expected to set records. The company has not issued a final price list, but it says apartments will sell for more than 1,000 ringgit, or almost US$260, per square foot. The smallest units, starting at 2,300 square feet, or 214 square meters, are likely to sell for more than 2.5 million ringgit. There also are 14 penthouses of as much as 10,000 square feet.

"The Binjai has created a new market essentially, with the view of the park and the view of the towers," said Rohan Padmanathan, who works in the investment department of Jones Lang Wootton brokerage house.

Upscale condos in the city´s central area had been selling at 450 to 500 ringgit per square foot, but the developer expects the average sale price of The Binjai to be double. "One thousand ringgit per square foot started at Binjai," Padmanathan said. "At the time, that was unheard of. Now it´s becoming quite common."

The Troika, a three-tower project designed by the company of the British architect Norman Foster and developed by Bandar Raya Developments, has similar pricing, with apartments also topping the 1,000 ringgit per square foot mark. Its sales have been split roughly evenly between people who intend to live there and those buying apartments as investments.

Nearby, and also with views of the Twin Towers, KL Landmark is developing K Residence, a 50-floor luxury residential complex. The two- and three-bedroom apartments, most of them around 2,500 square feet, are due for completion in the first quarter of 2008. The asking prices are 816 to 942 ringgit per square foot. The developers tout touches like a contemporary design partly by Christian Liaigre, who created the interiors for Valentino Couture in Paris and private residences for Calvin Klein, Karl Lagerfeld and Kenzo, among other projects.

Some of the new construction is not so costly. The 100 serviced apartments being built at the 32-floor Binjai Residency are selling for just half what those at The Binjai are expected to fetch. (The projects have similar names but are not associated.)

David Neubronner, residential department director for Savills real estate in Singapore, said his office sees 50 to 100 buyers a year in Malaysia, most from Singaporebut also from Hong Kong, Europe and Australia. Only the Singaporeans have been interested in Malaysian property in places like Penang or Johor Bahru, he said. "Generally, Malaysian resort properties have not been very well received," he said.

That may be changing, however, as resort construction standards are improving and new projects are springing up along the coast.

Over all, Malaysia is still an emerging market, so despite all the positives, buying property is not without risk. For example, brokers warn of annoyances like developers´ trying to avoid receiving the final payment on properties so they can hold on to the titles. ING rates the Malaysian property market as a medium risk, the only developing nation in Asia not rated a high risk.

Property Insight - Property in Kuala Lumpur Attracting Foreign Ownership

I found an interesting article at Water Gifts where a website selling gifts talked about the property in Malaysia. Let's have a look at what is in this article:

Foreigners Buying Homes in Kuala Lumpur

Originally established as a small tin mining town, Kuala Lumpur today has grown by leaps and bounds into a global cosmopolitan city. The capital of Malaysia, Kuala Lumpur is located on the west side of West Malaysia. The country of Malaysia spans across two landmasses, separated by the South China Sea. The Malay Peninsula, or West Malaysia, is situated below Thailand and above the island nation of Singapore, while East Malaysia takes up the northern part of the island of Borneo. As the largest city in Malaysia, Kuala Lumpur is approaching two million inhabitants and is the commercial and financial capital of the country. The best part about calling Kuala Lumpur home is its cost of living. According to a recent report compiled by Swiss bank UBS, Kuala Lumpur is the number one city in the world to reside in when it comes to the lowest cost of living.

Just like anywhere else in the world, the closer the property is to urban centers the higher the prices are likely to be. Downtown Kuala Lumpur is no exception. Kuala Lumpur real estate investors will make good returns on their investments over time as the city's large expatriate population push up demand leading to rental rates in Kuala Lumpur to be on par with most major cities worldwide. And for Kuala Lumpur residential property, prices have generally risen between 15% and 30% in total over the last five years.

While there is a wide range of property available for both rental and for purchase in Malaysia, as of March 2007, any foreigner who wants to buy property worth more than RM250,000 no longer requires the FIC approval! Luckily, since Malaysia was once a British colony, their courts are based on English common law and the English language is widely spoken. Furthermore, ING Real Estate recently rated the Malaysia property market as Medium risk and is the only developing country in Southeast Asia not rated High risk.

Whether you are a local Malaysian looking for a new apartment or an international investor seeking new real estate opportunities abroad, Kuala Lumpur is not a city to disappoint. With its fusion of Malay, Chinese, Indian, and European cultures, gleaming skyscrapers standing side-by-side to old-world edifices, fine restaurants as well as open-air food stalls, start your search for Kuala Lumpur property now.

Property News - Malaysia invites foreigners to make themselves at home

Since the waive of property gain tax, there are more and more foreigners investing in Malaysia. That promotes the growth in real-estate industry in Malaysia and hence the building quality of all the developments. Below is an article extracted from Offshore world:

Malaysia invites foreigners to make themselves at home

By Alex Frew McMillan International Herald Tribune

Like many Southeast Asian nations, Malaysia has two primary property markets that are attractive to overseas buyers: the area around the capital's central business district and the resort properties on the coast. But unlike some of its neighbors, Malaysia makes it fairly easy to buy property. Thailand, the Philippines, Indonesia and even Singapore all prevent foreigners from owning land, restricting them to buying apartments or to using leasehold arrangements. "In Malaysia, you've got a government that is really trying to improve the environment for people looking to invest in the country," said Darien Bradshaw, regional director of business development for Colliers International real estate brokerage. That was not always the case. In the 1990s, the country feared that foreign buyers were driving prices beyond the reach of locals and, in reaction, it set up a Foreign Investment Committee and enacted restrictions. Now, however, the country even has a program aimed at overseas buyers, "Malaysia: My Second Home."
Malaysia's real estate market is considered transparent in comparison with other Southeast Asian countries. And owners can avoid a 30 percent capital gains tax by holding their property for at least five years, after which they pay 5 percent on any gains. Brokers and buyers alike say Malaysian banks are eager to issue mortgages to overseas citizens. Mortgages are generally issued up front. "In terms of financing ability, compared to other countries, the banks are very liberal," Bradshaw noted. "People can secure up to 90 percent finance." Although recent increases have pushed interest rates to 6.75 percent from about 6 percent at the start of the year, Kuala Lumpur has seen a boom in the kind of high-end condominium development that expatriate buyers and renters demand. Construction standards have improved, as have living conditions in the city. A light rail system opened in 1998, and a thriving business hub is developing around Kuala Lumpur's city center and the KLCC Park at the foot of the Petronas Twin Towers. The buzzing local economy, fueled by the global boom in oil and commodities, has drawn an increasingly discriminating breed of renter who works for one of the multinational natural resources companies. According to a recent study from ING Real Estate, Malaysia will be the Asian country with the biggest increase in its work force from 2003 through 2013, with the number of workers expected to rise to 13 million, a 27.9 percent increase in the 10-year period. With strong demand for apartments at the market's top end, developers are in various stages of construction on a series of projects around KLCC Park. The catalyst was The Binjai, a condominium development by KLCC Holdings, the property development arm of the oil company Petronas and the developer of the Twin Towers. The Binjai, which was started in 2003 and is expected to be ready by the end of the year, will have 171 apartments divided between two towers. They are expected to set records. The company has not issued a final price list, but it says apartments will sell for more than 1,000 ringgit, or almost $260, per square foot. The smallest units, starting at 2,300 square feet, or 214 square meters, are likely to sell for more than 2.5 million ringgit. There also are 14 penthouses of as much as 10,000 square feet. "The Binjai has created a new market essentially, with the view of the park and the view of the towers," said Rohan Padmanathan, who works in the investment department of Jones Lang Wootton brokerage house. Upscale condos in the city's central area had been selling at 450 to 500 ringgit per square foot, but the developer expects the average sale price of The Binjai to be double. "One thousand ringgit per square foot started at Binjai," Padmanathan said. "At the time, that was unheard of. Now it's becoming quite common." The Troika, a three-tower project designed by the company of the British architect Norman Foster and developed by Bandar Raya Developments, has similar pricing, with apartments also topping the 1,000 ringgit per square foot mark. Its sales have been split roughly evenly between people who intend to live there and those buying apartments as investments. Nearby, and also with views of the Twin Towers, KL Landmark is developing K Residence, a 50-floor luxury residential complex. The two- and three-bedroom apartments, most of them around 2,500 square feet, are due for completion in the first quarter of 2008. The asking prices are 816 to 942 ringgit per square foot. The developers tout touches like a contemporary design partly by Christian Liaigre, who created the interiors for Valentino Couture in Paris and private residences for Calvin Klein, Karl Lagerfeld and Kenzo, among other projects. Some of the new construction is not so costly. The 100 serviced apartments being built at the 32-floor Binjai Residency are selling for just half what those at The Binjai are expected to fetch. (The projects have similar names but are not associated.) David Neubronner, residential department director for Savills real estate in Singapore, said his office sees 50 to 100 buyers a year in Malaysia, most from Singapore but also from Hong Kong, Europe and Australia. Only the Singaporeans have been interested in Malaysian property in places like Penang or Johor Bahru, he said. "Generally, Malaysian resort properties have not been very well received," he said. That may be changing, however, as resort construction standards are improving and new projects are springing up along the coast. Over all, Malaysia is still an emerging market, so despite all the positives, buying property is not without risk. For example, brokers warn of annoyances like developers' trying to avoid receiving the final payment on properties so they can hold on to the titles. ING rates the Malaysian property market as a medium risk, the only developing nation in Asia not rated a high risk. Like many Southeast Asian nations, Malaysia has two primary property markets that are attractive to overseas buyers: the area around the capital's central business district and the resort properties on the coast. But unlike some of its neighbors, Malaysia makes it fairly easy to buy property. Thailand, the Philippines, Indonesia and even Singapore all prevent foreigners from owning land, restricting them to buying apartments or to using leasehold arrangements.
"In Malaysia, you've got a government that is really trying to improve the environment for people looking to invest in the country," said Darien Bradshaw, regional director of business development for Colliers International real estate brokerage. That was not always the case. In the 1990s, the country feared that foreign buyers were driving prices beyond the reach of locals and, in reaction, it set up a Foreign Investment Committee and enacted restrictions. Now, however, the country even has a program aimed at overseas buyers, "Malaysia: My Second Home."
Malaysia's real estate market is considered transparent in comparison with other Southeast Asian countries. And owners can avoid a 30 percent capital gains tax by holding their property for at least five years, after which they pay 5 percent on any gains. Brokers and buyers alike say Malaysian banks are eager to issue mortgages to overseas citizens. Mortgages are generally issued up front. "In terms of financing ability, compared to other countries, the banks are very liberal," Bradshaw noted. "People can secure up to 90 percent finance." Although recent increases have pushed interest rates to 6.75 percent from about 6 percent at the start of the year, Kuala Lumpur has seen a boom in the kind of high-end condominium development that expatriate buyers and renters demand. Construction standards have improved, as have living conditions in the city. A light rail system opened in 1998, and a thriving business hub is developing around Kuala Lumpur's city center and the KLCC Park at the foot of the Petronas Twin Towers. The buzzing local economy, fueled by the global boom in oil and commodities, has drawn an increasingly discriminating breed of renter who works for one of the multinational natural resources companies. According to a recent study from ING Real Estate, Malaysia will be the Asian country with the biggest increase in its work force from 2003 through 2013, with the number of workers expected to rise to 13 million, a 27.9 percent increase in the 10-year period. With strong demand for apartments at the market's top end, developers are in various stages of construction on a series of projects around KLCC Park. The catalyst was The Binjai, a condominium development by KLCC Holdings, the property development arm of the oil company Petronas and the developer of the Twin Towers. The Binjai, which was started in 2003 and is expected to be ready by the end of the year, will have 171 apartments divided between two towers. They are expected to set records. The company has not issued a final price list, but it says apartments will sell for more than 1,000 ringgit, or almost $260, per square foot. The smallest units, starting at 2,300 square feet, or 214 square meters, are likely to sell for more than 2.5 million ringgit. There also are 14 penthouses of as much as 10,000 square feet. "The Binjai has created a new market essentially, with the view of the park and the view of the towers," said Rohan Padmanathan, who works in the investment department of Jones Lang Wootton brokerage house. Upscale condos in the city's central area had been selling at 450 to 500 ringgit per square foot, but the developer expects the average sale price of The Binjai to be double. "One thousand ringgit per square foot started at Binjai," Padmanathan said. "At the time, that was unheard of. Now it's becoming quite common." The Troika, a three-tower project designed by the company of the British architect Norman Foster and developed by Bandar Raya Developments, has similar pricing, with apartments also topping the 1,000 ringgit per square foot mark. Its sales have been split roughly evenly between people who intend to live there and those buying apartments as investments. Nearby, and also with views of the Twin Towers, KL Landmark is developing K Residence, a 50-floor luxury residential complex. The two- and three-bedroom apartments, most of them around 2,500 square feet, are due for completion in the first quarter of 2008. The asking prices are 816 to 942 ringgit per square foot. The developers tout touches like a contemporary design partly by Christian Liaigre, who created the interiors for Valentino Couture in Paris and private residences for Calvin Klein, Karl Lagerfeld and Kenzo, among other projects. Some of the new construction is not so costly. The 100 serviced apartments being built at the 32-floor Binjai Residency are selling for just half what those at The Binjai are expected to fetch. (The projects have similar names but are not associated.) David Neubronner, residential department director for Savills real estate in Singapore, said his office sees 50 to 100 buyers a year in Malaysia, most from Singapore but also from Hong Kong, Europe and Australia. Only the Singaporeans have been interested in Malaysian property in places like Penang or Johor Bahru, he said. "Generally, Malaysian resort properties have not been very well received," he said. That may be changing, however, as resort construction standards are improving and new projects are springing up along the coast. Over all, Malaysia is still an emerging market, so despite all the positives, buying property is not without risk. For example, brokers warn of annoyances like developers' trying to avoid receiving the final payment on properties so they can hold on to the titles. ING rates the Malaysian property market as a medium risk, the only developing nation in Asia not rated a high risk.

Property News - Golden opportunities

The article below is a Property Times News in 2004:

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

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 -

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