Monday, April 30, 2007

With sizeable gardens, outdoor dining areas and even swimming pools, condominium living in Kuala Lumpur is no longer about shoeboxes in the sky.

With sizeable gardens, outdoor dining areas and even swimming pools, condominium living in Kuala Lumpur is no longer about shoeboxes in the sky.

Supersize condos are the hot new trend for the affluent, who want units as big as bungalows, or even two or three of these put together.

Compared to the size of an average condo unit at 1,500 sq ft, these super condos range from 4,000 sq ft to 11,000 sq ft. An average bungalow in Kuala Lumpur would sit on about 7,000 sq ft to 8,000 sq ft of land.

Each of these mega-condos would be about nine times the size of an average five-room HDB flat.

Mr K.K. Yap, manager of the prestige homes division of property firm Rahim & Co, said there is a trend towards building big because rich Malaysians are used to spacious homes.

‘I would say that more than three-quarters of the developers are building bigger units because KL is a place where people are used to space. In most developments, you will see many units of 3,000 to 5,000 sq ft,’ he said.

Some developers are so gung-ho about this trend that they are building only big units.

The recently launched Matahari condo in the upscale Desa Seri Hartamas only has units 4,000 sq ft and above. Some 20 units will be a massive 8,000 sq ft to 10,800 sq ft each.

‘We are catering to a segment of the market that wants the best of bungalow living and a condominium lifestyle,’ said Mr Gerard Pereira, director of the developer, Maymont Development.

The same trend is seen in the nearby upscale neighbourhoods of Mont Kiara and Bangsar, as well as the even more expensive Kuala Lumpur City Centre (KLCC), all areas favoured by expatriates and the well-heeled.

Developers said demand for these mega-condos have been quite good, with some saying that up to 80 per cent were sold within the first month of their launch.

Prices range from RM500 (S$227) to RM2,000 per sq ft. Taking the lower figure of RM500 per sq ft, an 8,000 sq ft apartment will cost at least RM4 million.

Service charges range from 23 sen to 42 sen per sq ft, making it over RM3,000 a month for an 8,000 sq ft apartment.

The main attraction of these units is the meshing of condo and bungalow living. Buyers get the space and convenience of a maintained residence with security.

There are no hassles of upkeeping a garden, swimming pool or security, and the price is affordable for a large living space in the desirable neighbourhoods.

An investment banker who only wanted to be known as Mrs Maria said she loved the idea of just being able to lock up and go off on a holiday.

She recently bought an 8,000 sq ft unit as a retirement home. Her husband is retired, and she is planning to do so in two years. Their two children are working and may soon decide to live on their own.

‘We do not want hassles, but we want space because we are used to living in a bungalow,’ she said.

According to the industry, most of the buyers tend to be above 40 or retired. They are from the upper-middle class to the affluent segment.

Expatriates also favour condos because they want security and facilities.

What do supersize condos contain? The usual, plus a lot more, such as private lift lobbies, gardens, swimming pools, guest quarters, maid areas, walk-in wardrobes and cloakrooms.

Mrs Maria’s unit has seven rooms over two floors, with the master bedroom taking up half the upper floor. The living and dining rooms sprawl over more than 2,000 sq ft, larger than an average apartment.

There are two gardens, the larger one at 400 sq ft, which is big enough for outdoor dining. The other garden is off the master bedroom.

There is also a separate guest area with a pantry, and also independent access, making it ideal for aged parents or adult children who want some privacy. The lift stops on both floors of the unit.

According Mr Pereira, lap pools are also being built in certain units at the buyer’s request.

In the KLCC neighbourhood, the iconic One KL development boasts a swimming pool in every apartment, many of which overlook the Petronas Twin Towers.

Such bungalows in the sky have definitely caught on in Kuala Lumpur.

‘It is ideal for retired people like us,’ said Mrs Maria.

Source: The Straits Times, 30 April 2007

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