In the final part of our focus on KLCC, we look at new price benchmarks and growing interest from real estate investors in the property hotspot
THERE is no imminent worry of a price bubble in the residential and commercial property markets around the Kuala Lumpur City Centre (KLCC) enclave given the existing strong demand, especially for quality developments, according to developers and property consultants. They concurred that the market was still able to absorb the incoming supply although in the short term, there might be an oversupply in the residential sector. In the next one to two years, 3,000 more residences will come on stream in addition to the existing 6,000 units. In the commercial market, a lack of Grade A office space has resulted in high occupancy and rental rates for offices. Zerin Properties Sdn Bhd chief executive officer Previndran Singhe said the price level of RM2,000 per sq ft for upmarket apartments now was reflective of the pent-up demand for such units in the KLCC area.(The Star 18-2-2008)
