Facilities like the swimming pool can be classified as a luxury item.

Luxurious living does not need to be expensive

By Ho Jia Wen 

As we enter a post-pandemic era, home buyers are more aware of their living spaces and are seeking a better home life. Although many home buyers now have an increased taste for exquisite living, the fact that most luxury items are highly-priced, thereby increasing the price of homes once such opulence products are added.

So buying a home that is both luxurious and affordable seems like a double win. Strange as it may sound, luxury homes need not put a hole in your pocket. Luxury and affordable may look contradictory but it is a category that is becoming more prominent in the market. 

However, it is important to note that luxury living can differ for each individual as it is a matter of preference for those from different backgrounds or income groups. The perception of luxury by someone from a B40 group and another from an M40 group can be very different. 

“For example, a swimming pool may be a standard requirement for some, but for those moving from a place without pool access, it will be an upgrade or even a luxury to have a pool in their living quarters,” said Knight Frank executive director Amy Wong. 

However, there are features that most will agree to be luxurious living. A property in an accessible and premium location along with high-quality facilities would be considered luxurious. 

Moreover, beautiful architecture, large spaces, quality finishes, fittings and fixtures add to the entire luxurious ambience of the property, according to Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector president Michael Kong Kok Kee.

Yet luxurious living is not only reserved for those in higher income groups. “There are some developments that can be classified as affordable luxurious homes,” said Kong. 

“Developers will find it challenging to keep prices low while providing amenities that are luxurious,” said Kong.

Another example is micro-apartments in upscale condominiums that have high-quality finishings, an array of common amenities and good security for all within a range of RM600,000, according to Wong. At this price range, it is within reach of the upper M40 group.

For high-rise properties, luxurious living can be made possible through a wide range of well-maintained communal facilities that serve the needs of residents. Doorstep facilities such as swimming pools, children’s playground and gymnasium which are features of many high-rise properties do provide a semblance of luxury. Cost for other luxurious amenities like a spa can be kept low by outsourcing external operators for maintenance, commented Wong.

“However, to have luxury and a lower price tag simultaneously means trade-offs would be made because all things come with a cost,” said Kong. Most affordable luxurious properties would be found in high-rise units, meaning smaller places, where only couples or small families can fit. Moreover, more home buyers and investors are now seeking premium properties. Developers will find it challenging to keep prices low while providing luxurious amenities.

With a bit of imagination, even cheap furnishings can look trendy by blending them with matching wall paint and flooring.

Certain architectural designs can be implemented to allow the property’s luxurious elements to shine while keeping costs low. “Luxury is elegance and extreme comfort, and it is relative and a matter of perception,” said Veritas Design Group principal and director Alif Arif Iskandar Abd Wahab. In both interior and architecture designs, there are three considerations that Alif suggests for developers when planning an affordable yet luxurious development.

Firstly, it is to provide an enriching spatial experience. This can be achieved through quick access to units from car parks and drop-offs, and also more communal facilities. Usually, large common spaces will not cost much if it is properly planned. For individual units, higher ceilings and large private balconies can bring more space for exclusive relaxation, and enhance luxury.

Secondly, luxury is about creating an impression on people who are entering the place. Using quality brands and elegant materials are keys to making an environment luxurious. Materials that have a luxurious touch and feel, such as metal, natural stone and timber can be placed in more prominent areas, where people can look at them. These materials can be sourced from affordable sources to keep prices lower. 

Finally, additional aesthetics can make the property more luxurious through carefully designed lighting and the arrangement of loose furniture. A tastefully designed interior can really elevate the space. Brands do matter for these finishes, and most brands do have a selection within an affordable range but are still reputable. 

“Luxury is elegance and extreme comfort, and it is relative and a matter of perception,” said Alif.

“Most importantly, an affordable luxurious place should have facilities and features that are flexible and provide features that appeal to all ages,” said Alif.

For the children, the facilities should be spacious so that they can run and play. For young adults, chic, stylish and private spaces are particularly attractive and considered to be luxurious facilities. They can use the space for private parties or other activities to interact with one another. Other exciting facilities that have a luxurious touch are a roof deck with views and branded equipment. Working parents would appreciate spacious flexible rooms that can also be converted into working spaces. Luxury catered for the elderly can be more convenient from shorter distances from the units to car parks and drop-offs as well as automated doors for hassle-free access, according to Alif. 

Another luxurious feature that can be added is a good security system, as safety is an important consideration for many buyers. A minimum of a three-tiered security system would bring a sense of luxury and exclusivity. A concierge service to assist all ages to usher guests and residents to the development is also another feature of perceived luxury.

All these features will contribute to luxurious living while being realistically affordable when planned properly. As luxurious developments are sensitive to cost, an extensive plan by an experienced consultant is crucial for cost control. This is to ensure the entire project remains consistently on a budget, said Alif.

Luxury may not be confined to expensive indulgence in high-quality goods. Rather, in the case of affordable luxury, it can be a variety of thoughtful facilities and interior design that adds extra comfort and enjoyment to living. It is this category of luxury that can be made affordable for those in lower-income groups.

"However, until now, placemaking remained a vague term that encompasses anything and everything that inspires people to want to use and stay in a space, and become a community," said Wong.

Luxurious affordable housing is gaining popularity amongst property buyers. “Most property buyers are searching for a haven to come home to, a space to relax, work and spend time in,” said Wong. These would be homes that offer facilities, good security and quality finishings. However, as not many individuals can afford premium luxury, there is a gap in the market for a property that is both affordable and luxurious. 

Kong agreed that the demand for luxurious housing is there. However, it is the cost for such luxury that is concerning. With better and more strategic planning, hopefully developers can develop more properties that are both luxurious and affordable. 

Stay ahead of the crowd and enjoy fresh insights on real estate, property development, and lifestyle trends when you subscribe to our newsletter and follow us on social media.