Projects meet world standards
With ample inventory, some of the luxury residences worth looking at are St Mary Residences in Kuala Lumpur, the Quayside resort condominium at the Seri Tanjung Pinang development in Penang and The Haven in Ipoh.
They all meet world standards for excellence and are less pricey than comparable Hong Kong properties, says CB Richard Ellis Malaysia's executive chairman Christopher Boyd, a 36-year Malaysia resident.
St Mary Residences are smack in the heart of the 'Golden Triangle' of upmarket suburbs Damansara Heights, Bangsar, Mont Kiara and Seputeh, and close to the Shangri-La Hotel. Sizes of serviced apartments range from 1,135 sqft for 1.6 million ringgit (HK$3.82 million). They are developed by E&O Berhad and completion is expected in 2012.
Brian Koh, DTZ's executive director, expects more exciting projects in central Kuala Lumpur, citing British architect Sir Norman Foster's involvement in designing several projects in the capital.
Amous Lee, Knight Frank's director for international investment, is especially keen on The Binjai On The Park, the only property in Kuala Lumpur which has a direct view of KLCC Park and the Petronas Twin Towers. Most notable about The Binjai is its prime location and price tag, with units going for 2,600 ringgit per square foot.
He says similar properties, such as One Hyde Park in London, cost GBP5,000 (HK$58,700) per square foot.
Other Kuala Lumpur luxury residences, due to launch this year, are Millennium Residences, Four Seasons Place, The Ritz-Carlton Residences and Icon Residence.
CB Richard Ellis data suggests that the city centre and the Mont Kiara area will see more supply come online. 'We may even see a shortage in other areas such as Bukit Bintang city centre and suburbs such as Bangsar and Damansara Heights,' Boyd says.
Further afield, in Penang, Light Collection I and II and the Quayside resort condominium contain seafront apartments and a private water theme park for residents. Prices range from under 1 million ringgit for a one-bedroom flat of 1,137 sqft. Those seeking something different should check out The Haven in Ipoh. This high-rise is planted among a 280-million-year-old limestone rock formation. Apartments have their own four-acre natural spring-fed lake. Prices start at just under 300,000 ringgit for a 950 sqft flat.