The Kuala Lumpur City Centre (KLCC) enclave is emerging as an international real estate destination with growing local and foreign interest to develop and invest in residential and commercial properties. The Petronas Twin Towers and the surrounding 50-acre central park have been “magnets” in attracting real estate investors and developers. Interest in the KLCC area started in early 2000 after the Kuala Lumpur City Hall (DBKL) set out to make Kuala Lumpur a world-class city and to promote inner city living in line with the KL Structure Plan 2020. Medium-density high quality residential developments were designated in areas around the KLCC, Jalan Yap Kwan Seng, Bukit Ceylon, Jalan Inai/Imbi and Jalan Stonor/Conlay. The early launches in the KLCC area included the Stonor Park, Marc Service Residence, Dua Residency and Binjai Residency. In the last few years, these apartments, which were sold for between RM500 and RM700 per sq ft (psf), have recorded price appreciation of between 70% and 120%. The interest in high-end luxury residences within the KLCC enclave is driven by the changing lifestyle and the strong appeal of inner city living.
(4-2-2008 The Star)
