One of the priorities set out in the 10th Malaysia Plan (10MP) is to turn Kuala Lumpur (or KL, as it’s known) and the Greater Kuala Lumpur (Greater KL) conurbation into a world-class city with a vibrant environment for people to live, work and play. Liveability and quality of life will be important factors in attracting high-skilled talent on the global stage to the nation’s capital city, as people today not only look at places for their employment opportunities, but they also gravitate to locations for their vibrancy and lifestyle.
“What the Prime Minister and the people of Kuala Lumpur want is quality of life, meaning the value of safety and security,” says Hashim Wahir, CEO of KLCC Property Holdings Berhad (KLCCP). “If you look at the properties in Kuala Lumpur that are of value, we are talking about the more ‘complete living’ communities – apartments where you are in a secure location with good security and facilities. The infrastructure and facilities are what drive the developments.”
Malaysia-based KLCCP’s niche position in property investment and facility management services is backed by a diverse property portfolio, largely within the KLCC (KL City Centre) Development, comprising office buildings, a leading retail mall and a luxury hotel. Its prestigious portfolio includes the Petronas Twin Towers – two 88-storey office skyscrapers that have become an iconic image of the city.
It also features the six-storey Suria KLCC shopping centre and the premier Mandarin Oriental Kuala Lumpur Hotel, among others.
“In terms of KLCC as a global landmark for Kuala Lumpur and Malaysia, the Twin Towers have certainly established that to an extent,” says Mr Hashim. “We’ve ensured that they are of a world-class standard. We’ve been here for 12 years and you can still see that the buildings are maintained in pristine condition. But more importantly we have to realise the full development of the masterplan of Kuala Lumpur, which will ensure that it remains as the landmark for the city. In this respect there is the remaining development of KL as a destination. Today, from the airport [KLIA] to KLCC, we have direct transport from the Express Rail Link and the fast train connected to LRT [light rail transit], straight to the doorstep of KLCC.
We always say that we are one traffic light away from KLIA. There are also several highways connecting it.”
However the company’s first residential development –
Binjai On The Park – is also making its mark. Last year it made Malaysian real-estate history with the £7.88 million sale of the first of the two triplex penthouses in the building.
“It is comparable to Lon-don’s One Hyde Park. You are talking about a trophy asset that directly faces the Twin Towers,” Mr Hashim says about the park’s only residential development. “You can be assured that KLCC Park will remain a park because it is so important to us. The 50-acre green space is basically our jewel. We need to continue to preserve that and we are currently spending a lot of money on doing so.”
The 10MP report states that Kuala Lumpur is Asia’s 11th most liveable city and has the potential to enter the top five.
To attract skilled resources from overseas, Kuala Lumpur is to be promoted as a city for those seeking rich culture and a modern metropolis with sophisticated infrastructure. As such, it also needs contemporary suburban developments offering elegant lifestyles to complement its city centre options.
Perdana
ParkCity is a Malaysian developer blazing a trail with one of the fastest growing and best-selling master planned communities in the country. Just eight miles from the city centre in the affluent northwestern area of the city,
Desa ParkCity has become a 473-acre premium community of highly desirable real estate. It is the single biggest development project in Kuala Lumpur and the first of its kind in Malaysia.
The company’s vision has always been for a markedly better place for people of all ages, backgrounds and ethnicities to reside, work, shop, play and entertain. Upon full completion, Desa ParkCity will have some 7,500 homes. “We have currently completed some 2,500 homes, the central park, the community clubhouse, the neighbourhood mall and the public primary school,” says Lee Liam Chye, group CEO of Perdana ParkCity.
A secondary care private hospital is under construction and is scheduled to open mid-2013. The community’s international school is slated to open this September.
The company is targeting the growing middle-class housing market. “It is sizeable, predictable and lucrative,” says Mr Lee. “Middle-class groups all over the world generally subscribe to the same values, beliefs, aspirations and world views. Therefore, I believe that with insights of who they are, what they want and how they want it, it is possible to venture into the housing business to serve this group in many Asian cities with manageable risks. Besides, many Asian cities are experiencing rapid immigration and urbanisation. Surely, this gives rise to attractive business opportunities.”
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