“Are KL Branded Residences Worth 5x KLCC Luxury Condo Prices?”
In a previous post to 360 KLCC I noted a spacious freehold 3800+ SF unit at Kirana Residence was up for auction for RM779 PSF. Yesterday my cheerful auction agent ‘J ‘ notified me via Whatsapp nobody turned up at the auction for the 4 bedroom apartment. So the price for the 9th floor freehold four bedroom Kirana unit has been cut to RM709 PSF for the next auction. See below for J’s information sheet on the auction property for the date, price and other details.
PropertyGuru, the leading property portal in Malaysia, describes Kirana Residence as a “precise definition of a luxury condominium. Everything you need for a modern lifestyle is a hop, skip and a jump from your doorstep”. In my blog 360 KLCC I have compared several newer 5* luxury condominiums and a Branded Residence to Kirana Residence, the benchmark I use for a quintessential KLCC Luxury Condo.
The comparisons include a discussion of their respective USPs, X factors, amenities, WalkScore, and historical transaction prices PSF.
See my previous posts :
Kirana v The Binjai On The Park, the only KLCC condominium actually in the Kuala Lumpur City Centre.
Kirana v Nobleton Crest, a Luxury Residence near a golf course
Kirana v Oxley Towers, a Branded Residence at KLCC
According to PropertyGuru's Pricing Insights (a 10 year price transactions in PSF chart for Kirana Residence) the recent low was RM737. See the line chart below.
Unusually for KLCC condominiums, Kirana Residence has a virtually unmatched list of amenities, including not one pool but two (Kirana residents enjoy complimentary access to Ascott KL's rooftop pool on the 22F with unblocked Twin Tower views). See PropertyGuru list below. You might also want to compare the list of amenities in 360KiranaResidence.com
In a recent 360 KLCC post, “Are Branded Residences worth paying a premium?” I compared the prices of the 4 bedroom units at the Ritz Carlton Residences, a Berjaya Corp project, ( PropertyGuru's Pricing Insights chart shows a PSF of about RM3,400 ) with 4 bedroom units at Kirana Residence.
Taking the new auction price of RM709 PSF, I want to ask : ‘Are 4 bedroom units at Ritz-Carlton Residences (about RM3400 psf) worth buying at nearly 5x the 4 bedroom auction unit at Kirana Residence - a KLCC luxury condo -based on the reduced price of RM709 psf ?”
Answers on a post card, please, from any KLCC/Branded Serviced Residences specialists out there 🤠
Post Scrip & Disclaimer
n 2000, I paid about RM500 PSF for a 3000+sf unit at Kirana Residence after negotiating a 10% “discount off the list price” from the developer, Amanah Capital Partners, a subsidiary of MIDF. I was a committee member of the Kirana Management Corporation, circa 2010-2012.
I am not a registered real estate agent. If you are thinking of buying an auction property, consult a BOVEA registered valuer or real estate agent.
Kirana Residence is just 100 metres away from KLCC Park, across a hotel car park. In the picture above, the corn cob shadows of the Petronas Twin Towers loom nearby.
