The public outcry for the government to step in to reduce the property prices, especially in urban areas, such as Klang Valley has led to the hike in real property gains tax (RPGT) and the removal of the developer interest bearing scheme (DIBS) recently.
However, will these measures sufficiently discourage the affluent from continuing their real estate buying spree? This phenomenon driven by affluent investors is not just unique to Malaysia but also has caused massive sales in other cities, such as London, Singapore and Hong Kong, garnering worldwide attention.
According to the annual World Cities Review report by Savills, a global real estate firm, major cities’ super luxury housing markets, referred to as ‘billionaire markets’, have grown at a much faster clip than mainstream markets of the same cities.
The largest value increases have been clocked in China and Asia, thanks to the emergence of new wealthy classes and rising commodity prices.
Kuala Lumpur, the capital city of Malaysia, is not left behind from this upward spiral in ‘billionaire markets’.
While many of us live our lives in a small hovel we call home, there are plenty of others at the opposite end of the spectrum, living in some of the world’s most fantastically expensive condos. Or at the very least own a few of these, so others can pay them a huge sum of rent to stay in these condos.
Here are some of the new developments available in Kuala Lumpur that might just scare you off your chair.
5. The Mews, KLCC, Kuala Lumpur – From RM1,600,000
Image: iProperty
The Mews is an exclusive condominium located along Jalan Yap Kwan Seng in Kuala Lumpur. It offers an abode amidst the city centre but with a nature-inspired design and a sustainable environment.
Tenure: Freehold
Listing price: From RM1,600,000 – RM4,700,000
Expected completion date: 2H 2017
Developers: Eastern & Oriental Berhad (E&O) and Mitsui Fudosan Residential Co. Ltd
4. Sunway Vivaldi, Mont Kiara, Kuala Lumpur – From RM2,300,000
Image: Sunway Vivaldi Mont Kiara
Further away from the city centre, Sunway Vivaldi offers a lavish and low-density living in Mont Kiara. This avant-garde development presents a breath taking design with an impressive entrance and lush landscapes. Every unit enjoys a view of the multi-tiered central eco-park, while selected blocks also feature individual grand porte-cocheres to receive visitors in style and comfort.
Tenure: Freehold
Built up: 2,573 – 3,983 sq. ft.
Listing price: From RM2,300,000
Status: Completed
Developer: Sunway D’Mont Kiara Sdn Bhd
3. Arata, Kenny Hills, Kuala Lumpur – From RM2,387,000
Image: iProperty
Located at the luxurious Kenny Hills in Kuala Lumpur, Arata is quietly tucked between lush greenery and natural settings. In an area known to be home to the affluent community, Arata is an exclusive development that promises privacy, attractive facilities and a deluxe lifestyle.
Tenure: Freehold
Built up: 1,894 sf – 2,400 sq. ft.
Listing price: From RM2,387,000 – RM2,848,000
Expected completion date: Dec 2013
Developer: Tijani (Bukit Tunku) Sdn Bhd
2. 9 Madge, Ampang, Kuala Lumpur – From RM2,497,800
Image: iProperty
Another exclusive development in Ampang, Kuala Lumpur is 9 Madge. Located at Taman U-Thant, 9 Madge offers a sanctuary to those who like privacy and greenery, and yet still want to be close to the city.
Tenure: Freehold
Built up: 1,836 – 8,149 sq.ft.
Listing price: From RM2,497,800
Expected completion date: 1st quarter of 2014
Developer: Rodem Sdn. Bhd
1. Rimbun, Ampang Hilir, Kuala Lumpur – From RM3,900,000
Image: Amphill.com.my
To recreate a haven amidst lush greenery in a concrete jungle, known as Kuala Lumpur, will not come cheap. The luxury condominium development, Rimbun @ Embassy Row, has made it possible to enjoy spacious living space with excellent facilities and great accessibility. At the selling price, Rimbun highlights the exclusivity by only having 56 units across 17 floors.
Tenure: Freehold
Built up: 3,500 – 18,000 sq. ft.
Listing price: From RM3,900,000 – RM22,000,000
Expected completion date: End of 2014
Developer: Amphil Corporation Sdn Bhd
With the upward trend in the ‘billionaire market’, investment motivations are changing as well. Before, speculators used to buy and sell real estate in an enviable locale as a long-term investment. However, more and more investors are looking to rent out these luxurious properties as income-producing assets.
Will this trend be affected with the various changes in the rules and regulations related to real estate?
Learn more about the recent removal of DIBS here.
Interested in any of the above properties? Find out about the financing using our home loan calculator here.
