BY CAITLYN NG LI YUIN
liyuin@ocision.com
All at once an entertainment, commercial and business focal point, the Kuala Lumpur city centre has earned its stripes as the most sought-after address.
THERE is only one way to describe the Kuala Lumpur city centre: the very heartbeat of West Malaysia. It has long been a major economic hub containing some of the most popular landmarks in Malaysia, in addition to a myriad of lifestyle options to choose from. From dining, arts, culture, and recreation, to sightseeing, shopping, nightlife and entertainment, there is never a dull moment in this vibrant cityscape. It is also the nucleus for the homes of some of society's most elite.
In with the new
The name Kuala Lumpur means 'muddy confluence' and it derives its name from the intersection of the two main rivers: Gombak and Klang. It gained city status in 1972, becoming the first settlement to be awarded such after Malaysia's independence. From there onwards, it flourished quickly, attracting people from all walks of life and the city soon became a melting pot of both modern and traditional aspects.
Kuala Lumpur was once the capital of Selangor, but that title was transferred to Shah Alam in 1978. The administrative and judicial functions of the government were also shifted to Putrajaya from Kuala Lumpur, after Putrajaya was declared a Federal Territory in 2001.
Here we take a closer look at the most prosperous part, the Kuala Lumpur city centre that is designed to be a city within a city, and is a multipurpose development that is sited on a 100-acre piece of prime land. It is one of the largest integrated real estate developments in the world, and with its status as the most industrialised and fastest growing areas in the country, prices of property can hit staggering highs.
Property developments
KLCC Property Holdings Berhad (KLCCP) is one of the reputable names within the area, with a diverse portfolio that comprises Suria KLCC (a premier shopping mall that remains as the main international retail hub in the area), a sumptuous five-star hotel (Mandarin Oriental), as well as a 33% interest in Menara Maxis (the headquarters of one of Malaysia's largest telecommunications companies).
Apart from that, there is the iconic structure of the Petronas Twin Towers, built in 1998 and are made up of 88-storeys each. They remain one of the world's tallest buildings and no visit to Kuala Lumpur is complete without a visit to these giants dominating the skyline. Stretching out in front of the towers is a beautifully verdant 50-acre park which features separate areas for active and passive landscaping features.
KLCC is also home to the Kuala Lumpur Convention Centre, a huge complex that has a total function space of approximately 244,000 sq ft. Spanning five levels, the centre is the city's most technologically-advanced, purpose-built facility for a multitude of events. Another five-star hotel, Traders Hotel by Shangri-La, is connected directly to the centre. It offers the best panoramic views of the Petronas Twin Towers, and visitors will be able to pay a visit to the lavish SkyBar located at the top of the hotel.
Within the vicinity, there is one residential project to be found, and that is the luxurious Binjai on the Park. Designed by the award-winning architect Allen Jack + Cottier, this is one of the most expensive homes on the market, and also the most exclusive. It is able to boast uninterrupted views of the two towers since it is the only building allowed within the park grounds.
There are two other buildings that are also located within this prestigious address, Menara Exxon Mobil and Menara Carigali (also known as Petronas Tower 3). These are offices that house the headquarters of the Malaysian subsidiary of Exxon Mobil (a multinational oil and gas corporation) as well as the headquarters of Petronas Carigali.
Prices in the area
As an example of how steep the prices of property can be in the city centre, we take a look at the rentals of retail space in the Suria KLCC shopping complex. The data is taken from the 2014 Property Market Report provided by the Valuation and Property Services Department.
As can be seen in the table above, the rates saw an exponential increase of approximately 14.8%, starting from the concourse level all the way up to the fourth floor. It is testament to the fact that this is one parcel of land that is able to command a premium price that is continually increasing year after year. What's more, the areas surrounding the city centre is also reaping the benefits of being in close proximity, as prices there are also on the steep side.
It is no wonder that investors, both foreign and local alike, flock to the Kuala Lumpur city centre in order to get a piece of the pie.
