Luxury Knows No Limit In Malaysia As A Deluge Of New Developments Hit The Market
While the rest of the country’s housing sector suffers, luxury condos are selling fast.
The amount of newly constructed high-end real estate in Malaysia is almost as abundant as the lush vegetation which covers the tropical landscape. Despite vacant properties and a native population priced out of their own country, developers remain resolutely bullish about the future of Malaysian luxury real estate. So much so that global research firm Oxford Business Group estimates that Kuala Lumpur will have an excess of approximately 50,000 high-end condominium units by July 2017.
“There’s no lack of demand for very high-end branded properties,” Oxford Business Group Asia’s managing editor, Paulius Kuncinas told Mansion Global. “Big international brand names and serviced residences are popular because … the ringgit is quite cheap, so you’ve got that natural pull.”
Less than a year ago the general Malaysian housing market was reeling because of the amount of unsold residential and commercial property. In 2016, Real Estate and Housing Developers Association (Rehda) Institute chairman Datuk Jeffrey Ng told Malay Mail, “The market is indeed softer compared to a few years ago and this is due to macro-economic factors that are affecting the country now.” He added, “The cost of living has gone up, purchasing power is no longer strong, so whether it is to buy a property or any goods at the mall or to go for a holiday, it has become difficult because the overall velocity of Malaysians’ spending is affected,”
Indeed, according to the National Property Information Centre (Napic), 18,908 of the 81,894 units of residential and commercial properties launched in the first quarter of 2016 had yet to be sold as of the start of September 2016. But it appears are the top end of the market, luxury marches to the beat of its own drum as international brands attract global high rollers.
Among the new developments are:
YOO8 serviced by Kempinski, Kuala Lumpur
Luxury design, super high end concierge services and a design in the figure 8 encompassing two towers and 1,062 units demand that only the well heeled need show up…unless you work there.
Four Seasons Place Residences, Kuala Lumpur
The name carries a lot of weight globally and its reputation for luxury is well deserved. This development comprises 242 private residences located on the skyscraper’s mid- and upper-level floors, above a 280,000-square-foot shopping mall and Four Seasons Resort.
Pavilion Suites, Kuala Lumpur
At the astounding price of MYR 7,209 (US $1,662) per square foot there were doubters as to whether this project could fly. Apparently, the developer was on to something as 307 units out of the 383 were reportedly sold during the six-month preview stage, and only a few remain.
Tropicana The Residences KLCC, Kuala Lumpur
New York and Dubai’s finest architectural team (One World Trade Center, Burj Khalifa) are also behind this. A W Hotel will sit beneath the 353 apartments with guests and tourists able to co-mingle at the roof top pool. Less than 20 percent of the condos are still available.
Forest City Coastal Villas, Johor Bahru
If you thought man made islands were limited to Dubai and China, think again. This development is built on four of them, each roughly the size of Central Park and they collectively will house as many as 700,000 people. Don’t book your flights just yet, though, if you’re expecting to see a finished city. Construction started in 2015 and the whole thing is expected to take two decades to complete. That doesn’t mean the high rise and coastal villas — 233 units in total — which will be complete in 2017 and 2019 respectively, aren’t willing to tempt buyers. Developers are claiming that 60-70 percent of the villas have already been sold.
Amaris Terraces By-The-Sea, Penangs
A luxury five-bedroom townhouse for under around $1 million. One of the few developments that isn’t cramming residents into high rises or densely populated compounds. If more traditional living is what you want this may appeal. Close to the four-acre Straits Green public park and the Straits Quay retail marina, featuring upmarket eateries, shops, art galleries and Penang’s first dedicated performing arts center.
Agile Mont Kiara, Mont Kiara
Low density and at $254,000 to $1.5 million, fairly low prices, at least on the bottom end. Due for completion in two years, the site boasts a sprawling 10-acre garden and 813 partly furnished condos in a prestigious part of the country.
Le Nouvel KLCC, Kuala Lumpur
This high-rise development is already complete, with a slew of top notch designers and architects conspiring to create eye catching steel and glass towers juxtaposed with vertical gardens.
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AGORAFYWhile the rich park their cash in empty condos, creatives are being squeezed into different neighborhoods and cities. #Condos #Creatives https://goo.gl/mDrLU1