Located right opposite beside the venerable Kuala Lumpur landmark Istana Hotel in Jalan Nagasari on Ceylon Hill is One Residency, a serviced apartment developed by a subsidiary of the Lion group (a diversified conglomerate listed on the Bursa Malaysia). This low-density property is made up of three blocks standing on more than two acres of freehold land. These two blocks are made up of 16 storeys and 30 storeys, respectively. The third tower would be made up of office spaces.
The One Residency has slowly but steadily increased its average sales prices for the past couple of months. Asking prices in the middle of the year were at an estimated RM970 to RM1,000 square feet – which is fast moving towards the median of upmarket condominiums in the KLCC area. Our local property portals have already featured listings at RM1,100-1,200 PSF, and it only remains to be seen if the prices are going up.
Serviced residences in the Bukit Ceylon area have been springing up (notably Lanson Place) and this has contributed to the hike in the asking prices in the adjacent areas as well. Newer developments such as Verticas Residensi are now commanding as much as RM1,300 PSF in the subsale market, and it is not unreasonable to expect One Residency to come up to similar levels (despite being an older development). For a guide on how to analyze a property’s “fair market price”, click here for a free, downloadable guide.
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Location, Location, Location!
One Residency is conveniently located in Jalan Nagasari, which is just a stone’s throw away from Kuala Lumpur’s Golden Triangle. The serviced apartment is nearby the KLCC enclave, as well as the busy Bukit Bintang. The property’s close proximity to these location increase its market value, as facilities and amenities are easy to come by within minutes of walking or short driving.
Hotels, shopping malls, pubs, and clubs are all within reach from the One Residency. It’s easy to find something to do, as one would only need to walk for a couple of minutes to dine in one of KL’s hippest restaurants, or shop in its world-famous shopping malls. Public transportation can be accessed via the Raja Chulan monorail station. Bus stops and taxi stands frequent the area.
What to Expect
The One Residency offers a lot of facilities and amenities for its residents. There is a sauna, a swimming pool, and a wading pool. A business centre is conveniently located within the serviced apartment, as well as a clubhouse perfect for events or gatherings within the community. A gymnasium, a salon, and a mini-market are also made available for its residents. To ensure privacy, each floor would only have nine units.
The serviced apartment would be comprised of 305 condominium units and 116 SoHo units. Units with a one-bedroom layout are measured at 745 square feet. A two-bedroom unit has a built-up area of 1,116 square feet, while three-bedroom units are sized at 1,893 square feet. Penthouse units are also available, and these units have built-up areas of 3,884 square feet. Larger units come with a great view of KLCC’s Twin Towers and the KL Tower, while smaller units would have a view of the serviced apartment’s South Tower, Istana Hotel, and the Menara Boustead.
The entire serviced apartment would allow natural lighting through its laminated window panels. Units are furnished with kitchen cabinets and an air conditioning unit. Bathrooms are equipped with designer tiles and flooring, as well as marble vanity tops, a long bath, basins, and closets. In addition, the master’s bedroom will be lined with timber flooring, while the living room, dining room, and the study room will have porcelain flooring.
The official brochure on One Residency can be downloaded here.
As any seasoned property investor in Kuala Lumpur would tell you, developer reputation remains one of the strongest driver of sales both in the primary and the secondary market. One Residency is a property developed by Visionwell, a member of the Lion Group (which is a public company listed in Malaysia). Lion Group is responsible for prestigious projects around Kuala Lumpur, including communities and townships in Damansara Heights. The company is also expanding their investments and property development projects in Singapore, as well as China. And as a PropertyReviews.my editor remarked, “Listed companies keep an eye for negative buzz which affects their share prices; you won’t therefore see them screwing up on their projects!” True, true.
One Residency’s climb to success may be slow, but it shows promise. The serviced residences’ excellent location is most likely to attract a lot of investors and potential residents. Plus, having good exteriors and furnishings for its units definitely does not hurt and will only continue to appeal residents and create a demand, which will eventually lead to capital appreciation for investors in the future, especially now that Malaysia’s economy is thriving.
The condominium might be entering its “mid life crisis” now (being launched in 2005) and might be overshadowed by newer, flashier developments in the city (branded residences such as RuMa and Harrods as well as upper middle developments like the Regalia) but there could be some opportunities for investment if you can find a unit at a good price. To help you determine what’s the fair price of a unit at One Residency, use this rather nifty little guide on “How Much Is A Property Worth” which we will email you (it’s a PDF file) once you entered your email address below –