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Monday,
February 4th, 2008 |
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THE
growing attractiveness of Kuala Lumpur City
Centre (KLCC) continues to lure developers
to the city to introduce their brand of
tastefully designed projects. |
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From
less than 1,000 residential units in the
KLCC enclave in the late 1990s, there are
now more than 2,000. |
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By
2010, there will be more than 7,000 residences
completed. |
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Teh Boon Ghee |
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. |
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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.
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“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. |
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He
said these iconic buildings would place
the KLCC on the map as an internationally
acclaimed address. |
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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. |
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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.
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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. |
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“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. |
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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. |
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“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 |
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