A New luxury development in Malaysia's densely populated capital, Kuala Lumpur has been priced at a new record of €7,950/m2 and is already selling like hot cakes.
The Pavilion Suites is the latest development on offer from The Pavilion Group and is priced so high because of the hugely expensive land it has been built on. In 2010 the developers, controlled by property magnate Tan Sri Desmond Lim bought around 4,000m2 of land at a record price of €19,000/m2 because of its strategic location in front of his landmark Pavilion shopping mall and residential complex.
The Pavilion Suites is a 51-storey project comprising 383 one and two-bedroom serviced apartments also offering 22,500m2 of retail space. Located in Kuala Lumpur's golden triangle in Bukit Bintang, the apartments are finished to a very high standard with a wide-range of amenities available on-site. A Fitness centre, kids' swimming pool and playground, WiFi in communal areas and laundry facilities are among the many luxurious features of the new development.
Tourism is crucial to Malaysia and being the sixth most visited city in the world, development opportunities in Kuala Lumpur are scarce. With leading international hotel brands dominating the market, price increases for Malaysian land and real estate result from demand outstripping supply.
According to real estate agents in Kuala Lumpur, details of the number of units at Pavilion Suites already sold have not been disclosed as buyers have been by invitation only. "The cheapest units are going for more than MYR3m (€735,000) and there are takers for them", commented one agent.
The previous record holders for the highest priced residential units in Kuala Lumpur were international hoteliers Ritz Carlton and The Four Season, both selling their serviced apartments from €6,350/m2 to €7,350/m2 within the last two years.
Pavilion Suites is a trophy asset along similar lines to other branded offerings in the city and is set to have a gross development value of €300m.