Malaysia’s capital city Kuala Lumpur is also the country’s cultural, financial, and economic centre. As with many developing countries, the priority is to introduce physical and technical improvements that will bring Kuala Lumpur up to par with other advanced cities. Above all, Kuala Lumpur is a modern city that retains a relaxed lifestyle and has plenty of future potential.
Kuala Lumpur has a good transport infrastructure that includes the world class Kuala Lumpur International Airport (KLIA) at Sepang, good road connectivity, and numerous rail network systems. The cost of living, along with prices of hotel accommodation, vacations and fine dining are among the lowest in the world but the cost of cars is now among the highest.
Speculative investment in the residential market has driven prices up in recent years. This has led to a mismatch between product and affordability, with most of the local population rarely able to afford properties in new and prime housing developments.
This imbalance has prompted local authorities to introduce a number of cooling measures over the past few years including the Real Property Gains Tax, foreign ownership restrictions and tighter lending policies. These cooling measures are seen as pre-emptive in nature rather than prohibitive and properties in Kuala Lumpur are still relatively affordable compared with those in other Asian cities.
The luxury high-rise segment is largely a foreign investors’ market and the majority of such properties are developed in the heart of Kuala Lumpur. High levels of existing supply in this market may moderate launch activity in the in the near future, as the current inventory is being absorbed. These dynamics also mean that prospective buyers of luxury property are currently at an advantage, with many investment opportunities available.
Housing demand in Malaysia will persist, driven by rapid urbanisation, improving infrastructure and constant population growth.
What you can buy in Kuala Lumpur: The Face - The Platinum Suites
Located within the Kuala Lumpur Central Business District, The Platinum Suites is the first phase of this mixed-use development, comprising a 51-storey tower of 733 luxury condominiums.
|Address: 1020 Jalan Sultan Ismail|
|Status: Complete, 2016|
|Number of units: 733|
|Average price: $310psf|
|Developer: Platinum Victory Property Sdn Bhd|
|Architect: GDP Architects|
The next phase, comprises an additional block of fully furnished apartments, as well as a hotel and office suites.
The residents have access to five star hotel amenities including an outdoor infinity swimming pool, sky lounge and gym. Other services include a café, 24-hour concierge, valet parking and visitors parking.