Ultra-luxury condominiums and penthouses in Kuala Lumpur are clocking groundbreaking prices year on year. Here are the top 5 most expensive condominiums and penthouses transacted in the city between 2021 to 2022
Ultra-luxury condominiums and penthouses in the Klang Valley continue to be sought after among the ultra-high net worth (UHNW) individuals and investors, whether by the local elite or international citizens.
Amy Wong, Knight Frank Malaysia's executive director of research & consultancy, explains: "Malaysia's ultra-luxury residential market is competitively priced in the Asia Pacific region and retains exclusivity in its luxurious and modern designs and offerings."
These ultra-luxury properties in the sky are located in affluent neighbourhoods like Bangsar, Mont Kiara and KLCC and appeal to a specific demographic. "The target market for these spacious and ultra-luxury properties comprises mainly couples and empty nesters downsizing from large landed bungalows (typically 8,000 sq ft or larger in built-up) to exclusive and spacious condominium units (typically about 3,000 sq ft or so in floor area)," states Wong. "Or young couples, typically high-income professionals who are well-to-do and in some instances are returning from an overseas stint, and are used to living in high-rise apartments overseas."
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Wong continues that factors that further drive demand in this niche market include security, where this group of buyers usually seek a high-end lifestyle amid a secured environment. She also opines that there is a lack of new landed properties available in the market and for those buyers who typically prefer more recent properties vs the older bungalows that require quite a bit of renovation work.
Convenience is another determining factor. "They may travel a lot, whether for business or leisure, and a luxury condominium unit is easier to maintain – without needing to worry about retaining a gardener, driver, or security guard when they are away from home. These condominium units, which mostly have private lift lobbies, are literally just a locked door away from your next flight," explains Wong. Not to mention, high-rise condominiums provide security, a host of facilities, and spectacular skyline views.
Due to all the reasons above, the prices of these ultra-luxury properties are on an uptrend as there is a limited supply. To illustrate this, Wong highlights the most expensive condominium and penthouse transacted in Klang Valley between 2021 and early 2022.
1. One Menerung, Bangsar
Sold for: RM8.685 million
One Menerung is developed by BRDB Developments Sdn Bhd. Situated on an 8-acre piece of freehold land along Jalan Menerung, it was completed in 2009. This high-end project comprises a mix of condominium units, townhouses and a limited number of landed residential properties.
One Menerung has landscaped greenery and trees lining up along the way towards the entrance and well-crafted gardens surrounding the condominium. Facilities provided in the condominium include a sun deck, dance studio, tennis courts, squash courts, and drivers’ room.
Three blocks of condominiums in One Menerung offer 229 units with built up from 3,013 sq ft to 10,291 sq ft.
In October 2021, a condominium transaction between individuals was captured at RM8.685 million for a unit sized 5,113 sq ft, averaging at RM1,699 per sq ft.
2. Serai Bukit Bandaraya, Bangsar
Sold for: RM12.625 million, RM10.3 million, RM7.9 million, RM7.8 million & RM7.7 million
Completed in 2016, Serai Bukit Bandaraya is made up of two towers flanking a glass podium that offers only 121 homes. Situated along Jalan Medang Serai, this BRDB Developments Sdn Bhd condominium stands at 21-storey high for each block and sits on a 6-acre piece of freehold land.
There are 119 typical condominium units with built-up areas ranging from 4,025 sq ft to 6,913 sq ft. The remaining two are penthouse units with a sizable built-up area of 12,000 sq ft. Serai residents enjoy many high-end facilities and amenities such as a heated and salted 50m pool, gym, private/formal dining area, recreational podium, overhanging pavilion, water cascades, and drivers’ room.
Between February 2021 and February 2022, five units in Serai sold for a range of prices between RM7.7 million to RM12.625 million.
3. Seni Mont Kiara, Mont Kiara
Sold for: RM10 million
Seni Mont Kiara was developed in 2010 under the joint venture between Ireka Group, via Aseana Properties Limited’s unit Amatir Resources Sdn Bhd, and CapitaLand Financial Group. It sits on 8.83-acres of freehold land in Mont Kiara.
This project boasts a lush 5-acre garden by designer Karl Princic and features five jacuzzi pools, two children’s pools, function rooms, and a sculpture garden. Exclusivity, privacy and security are vital in Seni, with each unit having its private lift lobby.
Each typical unit has three parking bays (four to five parking bays per penthouse). The standard units come with built-up areas from 2,411 sq ft to 3,714 sq ft, while penthouse units are sized from 4,219 sq ft to 8,869 sq ft.
This specific penthouse unit is 8,869 sq ft within the 40-storey tower block and was transacted at a high price of RM10 million to a corporate purchaser. With its large size, however, the price per sq ft is slightly lower at RM1,127 per sq ft.
4. The Binjai On The Park, KLCC
Sold for: RM8.25 million
Soaring high at 44-storey and 45-storey, The Binjai On The Park comprises two blocks of condominium units. The freehold project is developed by Layar Intan Sdn Bhd, a subsidiary of KLCC (Holdings) Sdn Bhd, along with Jalan Binjai within the KLCC development.
The Binjai on the Park offers an unblocked view of Petronas Twin Towers and the verdantly green KLCC park.
Offering only 171 condominium units within the two towers, the units are very spacious as it has a low number of units per floor. This luxury condominium, completed in 2008, provides a private lift lobby entrance for each unit. It also offers its occupants standard high-grade recreational facilities such as a wading pool, swimming pool, lap pool, and spa; physical fitness facilities - tennis court, gymnasium, and squash court; and a function room, lounge, and sauna.
With a built-up area of 3,627 sq ft, the developer transacted one of the condominium units at RM8.25 million in September 2021, translating into a record high price per sq ft basis at RM2,274 per sq ft for the year.
5. 11 Mont Kiara, Mont Kiara
Sold for: RM5.5 million
UEM Sunrise Bhd developed 11 Mont Kiara in 2011 within Mont Kiara.
The development offers luxurious facilities and features, including a lounge facility, sauna, reflexology path, basketball court, swimming pool, barbecue area, playground, and games room.
11 Mont Kiara houses 339 units within five blocks of 43 floors each. The freehold condominium units have built-up areas ranging from 2,707 sq ft to 6,725 sq ft.
In May 2021, a 5,931-sq ft unit situated on level 40 was transacted at RM5.5 million, the highest price transacted within the scheme during the year.