Located in downtown Kuala Lumpur, KLCC is a highly-sought after area for work and stay – especially among professionals and expats. This comes as no surprise as the area is densely surrounded by commercial buildings, which are home to MNCs like Citibank and GUESS. While for leisure, there is the sprawling 20 hectares KLCC public park, the up-scale Suria KLCC shopping mall. The Petronas Twin Towers, once the tallest building in the world, is also located in the vicinity. There are also a number of international schools in the area and a hospital, Prince Court Medical Centre, which comes complete with a helipad. All these speak volumes of the profile of the people living in the area.
The KLCC area is also well-connected by major highways like AKLEH, which takes you to Ampang, and SMART highway, which takes you to Sungai Besi, etc. One can even opt for public transport via the KLCC LRT station located in the mall. However, traffic is relatively bad during peaks-hours, especially along Jalan Tun Razak.
KLCC Property Overview
Properties in the KLCC area, whether commercial or residential, is relatively expensive to the rest of Kuala Lumpur and even Malaysia. Commercial buildings in this area are Grade A and rental rates are from RM6.50 per sq ft.
(Binjai On The Park apartment at KLCC)
The same goes for residential properties in KLCC, which are mostly apartments. The average going rate for rental is RM2.60 per sq ft, while condominiums are being sold at an average price of RM1,100 per sq ft. Infact, the most expensive property price ever transacted was the two penthouses at Four Seasons Place at a whopping RM3,096 per sq ft, smashing the previous record of RM2,900 per sq ft for Binjai On The Park. The latter still holds the record for the most expensive property though, at a whopping RM38 million for the 14,300 sq ft triplex that was sold in 2010. Even the old Desa Kudalari condominiums, build by Tan & Tan Development in 1985, currently have an asking price above RM900 per sq ft (Source: KLCC Condo).
[Credit: i-property.com.my] Still have questions? Read these in-depth how to buy property in Malaysia...read more
Kuala Lumpur represents an attractive option for both expatriates and foreign citizens who are looking to buy real estate. From a legal perspective, it’s a similar location to both Hong Kong or Singapore, but it is considerably more affordable than either. Malaysia is home to a diverse cultural base that will entice and lure anyone who has even a passing interest in Asian culture or Islamic history. This guide assumes that the reader already understands the process of purchasing real estate, and that they have the resources to operate in Malaysia. It will focus in particular on what separates Kuala Lumpur from other foreign real estate markets. The following is what you need to know as a foreigner looking to buy property in Kuala Lumpur. Be Aware of Restrictions Real estate restrictions are the first thing you’ll need to be aware of. The Malaysian government, seeking to “cool” the real estate market for foreigners, has instituted a number of different measures that are intended to discourage real estate speculation that might harm the welfare of their citizens. Consequently, it is impossible to purchase any real estate holding worth less than one million ringgits, or about $310,000. This means no small-scale speculation is possible. However, that price range will give an individual access to a well-located two-bedroom condo, if they are willing to walk or take a monorail into a metropolitan area. Other restrictions may apply to the way in which property may be bought. Malaysia has taken and is continuing to take more extreme cooling measures than most nations in Asia, so this is something that is subject to rapid change. New developments may be locked out of foreign involvement, or “historic” neighborhoods may be sectioned off that prevent foreign intrusion. You may need to make some compromises to find property that suits your needs if you are not a Malaysian citizen. Look for Freeholds It’s very important to look for property on a freehold basis, rather than a leasehold basis. In the West, it is assumed that any property you purchase will be held for life. This is not the case in Asia. Many properties are offered on a leasehold basis, in which you simply pay for a very long-term lease. You’ll want to look for freehold properties for investment purposes. It can be harder to offload leasehold properties later on. In some cases, it is possible to negotiate for a property offered on a leasehold basis to be available on a freehold basis, instead. However, you should never assume that the freehold title you would expect in the West will be the default you will encounter in Kuala Lumpur. Have a Business Partner If at all possible, have a business partner to purchase property through. Unless you are married to a Malaysian native, you will find that you face much higher taxes on all your various earnings and business maneuvers. Capital gains taxes on improved properties, for instance, are as much as 30%. Deductions are allowed, but it can make any sort of development of your property in Malaysia prohibitively expensive. Attaching your property to a business interest with a native partner will give you a lot more breathing room on your Malaysian taxes, allowing you to expand your holdings. Most of the challenges associated with buying...read more
If you want to invest your money and enjoy solid returns, you need to consider real estate in Kuala Lumpur. While it’s easy to buy a new place in your own country, you can find better deals when searching the globe. While true, it’s still not enough to convince some buyers. With this in mind, here are five reasons why you need to consider investing in Kuala Lumpur properties. Price: As mentioned, when you want to invest in real estate, you will want to see your money go further. It’s not easy if you live in the United States or another expensive country where a small house can cost close to half a million dollars in major cities like San Diego, New York or Miami. Instead, if you want to buy a home and not send in massive mortgage payments, you can buy a place in Kuala Lumpur. When doing so, you aren’t relegated to buying tiny condos or houses in need of major repairs. No, with a small investment, you can purchase an excellent house in a safe area. Friendly government: It’s annoying when you buy a house and are stuck dealing with an overzealous local government. All too often, a buyer will end up in a seemingly great house only to discover that the local zoning regulations are draconian. Other times, when buying a house in a major city, an owner can’t raise rents or kick out unruly tenants. For this reason, if you want to earn an income as a landlord, consider Kuala Lumpur properties. Otherwise, if you stick with properties in the United States, Canada or the UK, you will deal with a mountain of local and national regulations. Economy is booming: When buying a house, people often look for low prices and head to areas where the economy is not performing well. While you can find an excellent price on a home with this method, you won’t experience the benefits of investing in real estate. No, you need to buy property in areas where people work and enjoy decent incomes. If not, you will watch as you can’t fill your house with tenants. Other times, if you want to hold for the long haul, you won’t receive a decent offer on your place if you buy in an area where the economy is performing poorly. Exciting place to visit: Often, when looking to buy an investment property, a buyer will want to find a place he or she could settle down and retire in. Other times, a young family will buy a place to use as a vacation home. Fortunately, in Kuala Lumpur, you can enjoy an excellent investment opportunity and a fun place to live. Think about it, when coming to Kuala Lumpur, you can head to the beach and enjoy amazing year-round weather. So, if you want to enjoy solid returns and a fun place to live, check out Kuala Lumpur. Infrastructure: Finally, when you want to invest money and enjoy long-term gains, you will want to look at places with surrounding infrastructure. Sadly, buyers will find low prices but end up with a house in the middle of nowhere. Fortunately, an investor of Kuala Lumpur real estate can find a place with adequate surrounding infrastructure. With all the services included, you...read more
With a modern exterior, the Idaman Residence contains 250 apartment units. The development company that created this apartment complex is Orchard Park, which is a subsidiary of TA Global Berhard. Construction of the building finished in 2008. The high-rise building contains units that are affordable in price compared with other exclusive high-rises in the area. Each apartment unit also features a roomy balcony that provides a stunning view of Kuala Lumpur Community Center (KLCC). A benefit of living in this gorgeous building is access to the plentiful amenities within and surrounding it. These amenities include an in-house gym, two swimming pools, gorgeous garden and lobby. Some of the amenities are accessible by foot, but the GoodPlace Walkability Score (GWS) has ranked the Idaman Residence with a 93 out of 100 for the walkability of its amenities. The lobby is a great place to hang out, read a book or sip one’s coffee in the morning. It has an impressive look, and numerous modern sculptures and art pieces can be found in the area. The current asking prices for Idaman Residence units is an average of 1 million RM. The condo building is nestled in one of the hottest nightlife areas of KLCC. In just minutes, residents can walk to their favorite restaurants and bars. Upscale boutiques and shopping centers also surround the condo building. Residents live in an urban setting with a dense population. However, the plentiful space in the Idaman can give residents the refuge that they need to get away from the city. The units in the Idaman may be a great investment for real estate investors. These apartment units are poised to grow in value in the upcoming years. As international clients continue to flock to Malaysia for a getaway, they are increasingly seeking chic living arrangements like those offered by the Idaman. The Idaman is also a great place for families to consider. The complex contains a swimming pool designed for children. Children can also enjoy playing in the outdoor park maintained by the Idaman. The condo building also maintains 24-hour security, so families can feel safe residing in a unit within the building. The building is conveniently located near public transportation options. Those who work in the city will find it easy to get to work for their daily commute. Overall, the modern and sophisticated appearance of the Idaman makes it a great place to live. Residents also love the numerous amenities available in the building. Whether residents want to hang out in the rooftop garden or enjoy the view of KLCC from their private balconies, the Idaman offers it all. This luxury high-rise is located across from Menara TA and also directly faces...read more
One KL is one of the most intriguing condo developments in Kuala Lumpur City Centre (KLCC). With its tagline, “94 apartments, 95 pools,” one instantly becomes aware of the incredible amenities included in the apartment units. Each unit provides access to its own pool overlooking KLCC. The high-rise building also features a communal pool that provides stunning views of the Petronas Twin Towers. Residents also have the option of scheduling their own private pool parties in the high-rise. Each apartment unit features 3,300 square feet and has its own private swimming pool. Each unit also has four bedrooms and built-in wardrobe. For the person who wants to live in true luxury, the complex offers the most luxurious lifestyle of any high-rise in KLCC. Even though numerous high-rise complexes abound in the KLCC area, there is a distinctive quality that makes One KL stand out from amongst the others. The building is located in one of the hottest nightlife spots of KLCC. Those who choose to live in the unit are frequently successful bachelors or those with small families. Heiresses, socialites and successful entrepreneurs abound in the high-rise. Some individuals also prefer to lease units in the complex for business purposes. They may only plan on staying in KLCC for a year and want to live in a trendy and stylish place for this time. There are numerous facilities and amenities to enjoy in this high-rise. The outdoor bar is a great space to decompress and enjoy a few cocktails. Residents can also host their own cocktail parties at the outdoor bar. The function room is also available for business professionals who may need to find a meeting space. The function room can hold up to 20 people. The fully-equipped gym can also help residents to maintain a healthy lifestyle in the midst of their busy city lives. The high-rise also has an elegant multi-purpose room that can also be utilized for social gatherings, charity events or business meetings. The room can hold up to 100 people. The developers of this building has also figured that many of the residents have sports cars. The sports-car friendly car park is designed to meet the needs of those who own expensive cars. The structures allow for smooth transition of gradients to accommodate the needs of sports cars. One KL also has extremely tight security. Individuals can only enter the building with a smart card. There are two levels of built-in security that individuals must go through in order to enter the building. Ultimately, the building offers an amazing living space for anyone who wants to live it up in KLCC. This high-rise offers the most high-end amenities and living arrangements for individuals in the...read more