KL penthouse price hits record RM38m

By Sharen Kaur
Published in NST on March 31, 2014

BENCHMARK: Other luxury projects set to follow Four Seasons Place

THE price of penthouses in Kuala Lumpur have reached record levels, with the latest unit in the market priced at RM38 million, or about RM3,200 per sq ft (psf).

This is the price of a 11,984 sq ft penthouse at Four Seasons Place Kuala Lumpur.

There are two units, and the owner is keeping one and negotiating to sell the other to an Asian investor.

Meanwhile, market observers are waiting to see if the next project in Kuala Lumpur can match or beat that price.

C.H. Williams Talhar & Wong managing director Foo Gee Jen said it could take three to five years or longer for a project to come up in Kuala Lumpur and offer penthouses at above RM38 million.

A few luxury projects have started in Kuala Lumpur, including Banyan Tree Residences, a joint development by Pavilion Kuala Lumpur and Banyan Tree Holdings; and Harrods Hotel & Residences developed by Tradewinds Corp Bhd and Qatar Holding LLC.

Foo said built-up areas of penthouses at Banyan Tree and Harrods range from 4,000 sq ft to 6,000 sq ft.

Although smaller than Four Seasons Place's, they are more expensive in terms of price psf.

"Banyan Tree and Harrods are selling their penthouses at more than RM3,300 psf. With different services and finishing, it is possible for the price to hit RM4,000 psf. We will have to wait and see if any developer can match that," Foo said.

At an average of RM3,300 psf, the penthouses at Banyan Tree and Harrods will cost between RM14 million and RM21 million each. At RM4,000 psf, they would be worth RM16 million to RM24 million.

Meanwhile, penthouses in Singapore and London are hitting record prices nearly every year.

In Singapore, a staggering 21,108 ft three-storey penthouse is set to not only be the largest-of-its-kind-development in the city state, but also the most expensive. It is priced at S$30 million (RM98.4 million) and will be built on Guocoland Ltd's Clermont Residence in Tanjong Pagar.

In London, SP Setia Bhd is also planning to price the Phase 2 penthouses at its Battersea project for up to STG30 million (RM1.62 billion) each. There are five penthouses in Phase 1 of the project, each worth more than STG15 million.