By NST Property - June 30, 2022
The sole penthouse at 8 Conlay, which is located on the 65th level of Kempinski hotel tower and listed for RM30 million, has been sold.
KSK Land Sdn Bhd claimed that the 8,742 square foot residence's outstanding 360-degree view of the city and Kempinski's hotel services were the reasons the buyer chose to purchase it.
At 8 Conlay's twin-tower branded condominium, YOO8 served by Kempinski (YOO8), it has achieved a gross development value of over RM1.56 billion.
YOO8 serviced by Kempinski is a branded residence property associated with YOO, the world's largest non-hotel residential brand with a demonstrable track record for setting the bar for design, marketing, and service quality.
According to the developer, YOO8's Tower A has achieved an 80 per cent take-up rate while Tower B is still at 40 per cent.
KSK Group chief executive officer and KSK Land managing director Joanne Kua said that both domestic and foreign purchasers are becoming more interested in purchasing ultra-luxury Malaysian properties like YOO8.
According to her, the demand for branded residences in Asia remained resilient despite events in recent years.
She expects this to continue to gain traction as the world reopens its doors to international travel.
Kua said that the disruption in global markets was what led high-net-worth individuals to view Malaysia's real estate market as a haven.
"Locally, we've recorded a 10 per cent growth in local buyers, shifting the ratio from 30 per cent to 40 per cent in the past few years," she said.
Kua said that YOO8 continues to appeal to investors who are keen to diversify their investment portfolio with branded residences, for the project's high-built quality, integrated luxury lifestyle services, amenities, and premium property management by Kempinski, which will ensure the development's steady capital appreciation.
Meanwhile, Kua said that YOO8 Tower B's structural construction has been completed.
She said the company is thrilled that 8 Conlay has topped out and completed the YOO8 Tower B construction after the structural completion of YOO8 Tower A late last year.
"We wanted to celebrate the structural completion differently by stirring the imagination and to present a glimpse of Kuala Lumpur as you have not seen it, from over 800 feet above the ground," she said after the topping-out ceremony of YOO8 Tower B today.
The completion of YOO8 Tower A is expected by early 2023 and YOO8 Tower B by the end of 2023.
The retail podium is expected to be completed within the first half of 2023, and the 8 Conlay Kempinski Hotel within the first half of 2024.
The 8 Conlay project has a gross development value of RM5.4 billion.
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