The largest luxury development in Kuala Lumpur is set to see its first residential tower in 2011. This is after the property development arm of the Naza Group recently announced that it is launching three luxury residential towers worth more than RM1 billion (ã207 million).
The projects will increase the luxury property for sale in the Malaysian capital and demand from both locals and overseas investors has been high.
Luxury overseas property at three Kuala Lumpur locations
The Naza Groupââ¬â¢s managing director SM Faliq SM Nasimuddin told the Business Times that it is set to launch one block with more than 50 floors at the companyââ¬â¢s RM4 billion PlatinumPark development in Kuala Lumpur. PlatinumPark already has three buildings under construction including two 50 storey office towers and the 28 storey Tabung Haji tower.
The companyââ¬â¢s second development of luxury homes will be sited near the Singapore High Commission on Jalan Tun Razak and will also feature retail and food outlets.
Based on the current market prices, Faliq said that the selling price for each luxury property at the two developments would be over RM1,600 (ã330) per sq ft.
The companyââ¬â¢s third residential project comprising 30 floors will be developed on a 0.4 hectare site in Taman Tun Dr Ismail. These units are likely to be available for around RM750 (ã155) per square foot.
High demand for luxury overseas property from foreign investors
Faliq reports that there has been strong interest from overseas property investors to buy the luxury homes in Kuala Lumpur. Investors from Hong Kong, neighbouring Singapore, the Middle East and Europe have already expressed an interest in buying one or more units.
Indeed, the developments are designed with foreign property investors in mind as the company is planning to build its brand overseas.
