Someone bought a penthouse for RM38mil in KL!
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Binjai is the only condominium located on the 50-acre KLCC Park.
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KUALA LUMPUR: The Binjai On The Park development in Kuala Lumpur City Centre (KLCC) caused a stir in the property market when one of its two super penthouses was sold last month for RM38mil, making it among the most expensive homes to have been sold in Malaysia in recent years.
Some property consultants, such as Zerin Properties chief executive officer Previndran Singhe, believe that this is the country’s largest condominium transaction, although it has yet to be verified.
The buyer is a corporate figure who has been on Forbes magazine’s list of wealthiest people. On June 22, he bought the triplex penthouse, measuring 14,300 sq ft, on the 42nd floor of Binjai’s Tower B. The price tag of RM38mil meant the penthouse was sold for almost RM2,660 per sq ft (psf).
“The buyer bought the penthouse to stay. He fell in love with the 360-degree unobstructed view of the KLCC skyline right at his doorstep, similar to views offered by the likes of London’s One Hyde Park. He said Binjai On The Park was just like one of his other homes around the globe,” said Terri Har, marketing and sales manager of Layar Intan Sdn Bhd, the developer.
Layar Intan is 100% owned by KLCC (Holdings) Sdn Bhd, which in turn is a wholly-owned subsidiary of Petronas.
Binjai’s two 45-storey towers have a total of 171 units. To date, the project has recorded sales of more than RM600mil at an average price of RM2,600 psf.
Over the last six months, three other penthouses have been sold for approximately RM18mil. On a psf basis, the most expensive unit so far was a standard unit on the 38th floor, which was sold for RM2,900 psf or RM10.6mil.
With Tower B now sold out, what is left are mainly Tower A’s standard units, which offer 3,700 sq ft each. Binjai is the only condominium located on the 50-acre KLCC Park and is part of the KLCC development master plan.
“Binjai’s key selling point is the fact that every unit has an unobstructed view of the park, along with a spacious balcony,” said HwangDBS Vickers Research analyst Yee Mee Hui.
Said Har of Layar Intan: “Some 30% of our buyers are from Japan, Hong Kong, Britain and other parts of Europe. Most of our buyers are businessmen and corporate people who already have homes around the world. They appreciate Binjai as the only development in the vicinity with an unblocked view of the KLCC skyline.”
She added that most of the local purchasers bought Binjai units to live there or as homes for their children, while the foreign buyers treated the units as holiday homes or transit points.
My view…
Condominium prices continue to climb around KLCC area. Above news reveal that the lastest prices transacted is at RM2600 psf which cost total of RM38M for a 14000sf triplex condominium. Latest news I know about condominium in KK, both 2 units of Puteri Damai Condominium Penthouse also sold last month for about RM300psf to West Malaysian. Both unit size is about 14ooo sf als, which cost the buyer about RM5M or 85% cheaper than KLCC area. Will KK’s condomium going to be as hot as KLCC area pricing. Its unknown in the near future but I believe and know that some developer are designing a very very innovative building with world class standard which might shaken our property industry. Lets us wait and see…I strongly believe KK going to have fantastic landmark in the near future beside 1Borneo & SuriaSabah or even The Peak Condominium. Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
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Hi CK
I am living in Hong Kong and enjoy reading the articles posted on your website.
In 2008, I purchased a duplex (off-plan) in Prince Tower next to 1Borneo. What do you think of the capital growth potential in the coming years?
I appreciate your insight in the KK property market and look forward to your reply.
Best regards,
Patrick
P.S. When do you think Prince Tower will be completed?
HI,
The developer has make 80%-90% of the Princess Tower loan. The handover should be end of this year but looking at the current construction, I dont think they can make it. I might took them another 9-15month to complete and to obtain OC. Just like Tower A & Tower B, after developer claim 90% of the loan, they need another 1 year plus to obtain OC & extend another 6 month for defect warranty. Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
KK is overly bullish about their their high end condos with so many in the planning.
KK do not match KL in many aspects as its situated in a far corner off Malaysia. Neither is it a meeting point like singapore/ KL/ bangkok. It does not draw the crowd like in KL/ singapore.
Demand is still very much local and the purchasing power is low. Perhaps it will mature in the next 10 years, who knows? But for high ends condos, perhaps it can draw in foreign buyers.
HI,
The law of properties never change “buy & wait” rather than “wait to buy”. I agreed with you that our Market is mostly dominated by local investor. Don’t you think its a good time to pick up good properties now? Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
Dear All
Has anyone heard about the Improbuilt Project at kg kibabaig? anyone can comment on it?
Hi,
They just complete the purchase of the land..if I’m not wrong about 30 acres..its a landed properties expect to be launch soon. They hold back their condo project in Likas due to “unforseeanble” pricing of condo. Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
Hi CK
SO, i saw from their website, the price of d/s terrace starting from RM350k. I’m thinking to purchase it for own-occupation.
Can you pls let me know your comment on it?
Property developers may be affected adversely with the possibility of another hike in the real property
gains tax (RPGT) to curb increasing speculative buying. Although speculative buying
here is not as rife as in Singapore or Hong Kong, there are elements of it happening.
There is speculation that the government may impose an additional 5% for RPGT, thus
decreasing the returns on property sales within the five-year period as it will be subjected
to the higher exit gain tax. (Malaysian Reserve)
Property sales in Malaysia have been very strong over the past six months and record
prices and sales have been achieved for some projects. Both SP Setia and Mah Sing
have reaped record sales this year, far exceeding their own bullish expectations. Hence,
it would not be a surprise should the government actually consider raising RPGT.
Although it would nonetheless be a negative surprise as last year’s 5% RPGT came as a
rude shock, it could help cool down the property market, particularly for landed properties
in prime locations in the Klang Valley.
Hi there CK
I am looking at investing in a property in the Manikar at Signal Hill. The price of the link villa is RM595k (intermediate) and RM803k (corner). How soon will these properties increase in value and what do you think rental will be like?
Appreciate your thoughts and I enjoy reading your articles.
Hi,
I have no idea how far it will go..but looking at it the rental yield is expected to be less than 5% depending on the furniture and quality of reno..Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
HI CK,
Wht do you think of Adamas 118 along Bundusan. I see a lot of advert on this in the newspaper recently.
How about Ceriamas 118 at Putatan?
Which would you prefer?
Appreciate your comments.
HI,
It will take abit of time for the population to built up. Property normally appreciated faster if there is more non-bumi population…So better watch out. Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
HI CK,
Which are you referring to?
Adamas 118 in Bundusan or Ceriamas 118
HI,
Ceriamas 118..Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
Huh? You wanna buy a 600k condo and rent it out for 2k /mth ( that is if u can get 2k/mth) . Lets get serious., you can put yr 600k elsewhere to get better returns.
Joe
Any suggestions where else the 600k can be invested in, KK area in particular.
hi..
600k is available long term or short term?
double the value in 5yrs avearage..
how about bonds, mutual funds, foreign FD, dual currency deposits? At this rate of rental yield less than 5%, life is gonna be tough… the returns are not really worth it.
i also hear that the real estate tax will be raised again soon, thus to discourage further buy n selling properties the first 5 years. Sigh!
Sorry to paint such a grim picture.
5% annual return is good if we can expect good capital appreciation in the future, say in 5-10 years. But, what if the selling price has been highly overvalued, inflated? that’s why we have to be selective in choosing the right property for investment, unless it is for our own use.
In general, property price in KK is overvalued, over inflated.
HI,
That why we need careful studies and research before committing. Furthermore this round of price rising is due to “cost push up inflation”. We have no choices…Happy Investing.
You cannot Grow Land..CK Wong & MY DAD
Thanks everyone for the valuable feedback. Yes, the price of property in KK is high. Does anyone know of any new commercial/residential developments around KK?
Keep posting stuff like this i really like it
Genial post and this enter helped me alot in my college assignement. Thank you seeking your information.
am living in Hong Kong and enjoy reading the articles posted on your website.
In 2008, I purchased a duplex (off-plan) in Prince Tower next to 1Borneo. What do you think of the capital growth potential in the coming years?
I appreciate your insight in the KK property market and look forward to your reply.
HI,
The costing rise last 2 years has push up the value of the tower. Luckily the developer delay in handing over the property. At least I think the market is not ready for super condo. But due to the cost rising, most of the new launching would be expected to sell between 450-600 psf depending on location. The potential to grow further very likely to mirror the growth of 1Borneo as a whole. Happy Investing.
You cannot Grow Land..CK Wong & MY RiCH DAD
CK, will Wah Mie’s Element a good investment to consider when a lot of ppl telling me is expensive, of course the fact is it has a good location at likes area.
does the Wah Mie’s Element at likas has the attractive concept for foreigners?
is it worth to invest and what is the rental yield?
Thank You.
Hi,
The rental yield in growing economy will continue to drop. The Elements is still under conceptual plan and not completed. I cannot tell you how good its is..its all depend on the market when its completed. Happy Investing.
You cannot Grow Land..CK Wong & MY RiCH DAD
Hi CK,
I am prefer to buy a semi-d where can you recommend
Adamas 118 at Bundusan (bumi lot) hows the market value.
what price do you think is reasonable
Is that kimanis land and sipitang land can invest?
Thank you
Hi,
My friend just sold his semi-d at Ceriamas for less than RM800K and he bought it for RM720K..so including interest and legal fees cost..he would make RM30K!! High risk low return. Kimanis is going to be hub for SOGT, but its only the “terminal”. Upon completion of the project, I dont foresee any major commercial activity there. Happy Investing.
You cannot Grow Land..CK Wong & MY RiCH DAD
The new owners of new houses are trying to make fast money but the potential buyer will not be able to get a loan for it. You are right to say Kimanis is only a terminal. The owner of the land around there think they can shoot the rockets there. My nephew is trying to sell one Borneo condo under bumi lot. Agents are not interested as it is almost impossible to sell. What I can not stand is all the housing development, even after 20 years still do not have land titles. What can the owners do especially the one under Sabah housing Authority. Anybody who can help?.
Hi,
They thought property can help them make money within months!!! About the titles, it’s has been practice for so long…our land office a too busy and not so effective people!!, Happy Investing
CKWong
Hi CK,
How to think The Peak SOHO, is that good for investment.
I’m thinking to invest in 463sqft (cost RM 618sqft) and 639sqft(cost RM 595sqft, bumi lot) with fully renovation & furnish.
I appreciate your insight in the KK property market and look forward to your reply.
Thank you.
HI,
Personally I dont think its a super deal. If I got RM280K, I prefer to buy Indah Court or even some landed at matured area like Telipok area. 463 is too small my dear friend, appreciation is doubtful and furthermore its bumilot!! No comment on it. Happy Investing.
You cannot Grow Land..CK Wong & MY RiCH DAD