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.