The hot topic in today’s news (12 April 2013) is that a new record for property prices in Kuala Lumpur is close to being set (sales representative are in the process of securing the booking and down payments of the units). This came about when two penthouses of the soon-to-be-built Four Seasons Place, were reserved at RM37 million each! The two penthouses are situated side-by-side on the 63rd and 64th floors of the building.

That works out to about RM3,026 per sq. ft. based on the size of each penthouse (11,900 per sq. ft.). The soon-to-be previous record was held by The Binjai on the Park, which had RM2,900 per sq. ft. for a 4,000 sq. ft. space in Tower A of Binjai’s development.

According to the Star newspaper, the Binjai will still hold the record for the highest ever price transacted for a residential property at RM38 million for one of its triplex penthouses which was sold in 2010. The size of the above mentioned penthouse was 14,300 sq. ft., which works out to RM2,660 per sq. ft.

StarBiz says the buyers of the two penthouses for the Four Seasons had reserved the units a few years ago when the project was still in the planning process.

The developer for the Four Seasons Place is Venus Assets Sdn Bhd. The developers bought the site for the project in 2003 from the late Khoo Teck Puat, who was a former major shareholder of Standard Chartered. The developers, Venus Assets, bought the 1.05ha site for RM90 million. The Four Seasons project is now being developed with a value of some RM2.8 billion. The project is a joint venture between tycoon Datuk Ong Beng Seng, the Sultan of Selangor, Tan Sri Syed Yusof Syed Nasir and Venus Assets Director, Datuk David Ban.

Sources for the Star newspaper said that one out of the eight duplexes in the Four Seasons Place is already sold at RM20.3 million. That’s about RM2,750 per sq. ft. The remaining seven are reserved.

According to the Star, there are 65 storeys in the Four Seasons Place with a height premium of RM25,000 to RM30,000 for every floor going up. About half of the 242 residential units of the Four Seasons are already booked with payments coming in. So far, about 20% of down payments have been collected.

Apparently, the majority of the buyers are Malaysians, with a hand full of foreign buyers.

The Four Seasons Place is expected to open to the public for sale from the third week of April.

The Four Seasons Place Kuala Lumpur is the first one in South-East Asia. It consists of 11 storeys of hotel space, five floors of retail outlets, three floors of serviced apartments, three floors of private car park and four storeys of basement car park. A 65 storey luxury hotel, residential and retail project in the vicinity of the Petronas Twin Towers, it will house the 231 room Four Seasons Hotel, 242 units of private residences and 300,000 sq ft of upscale retail space.

Read More: Prime Minister Launches First Four Seasons in South East Asia
 

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