One KL

August 1, 2013 — 49 Comments

94 apartments, 95 pools. This is the intriguing tagline which sells OneKL almost by itself. Developed by ONE KLCC Sdn Bhd – don’t be fooled by its generic name; it’s in fact owned by Chua Ma Yu – which is also the developer behind St Regis Residences. There a back story about the developer of OneKL which can be found in this news article here.

Click here
(and scroll down if needed) if you are looking for property listings for One KL (for sale and for rent).

OneKL-condoThere only one configuration available – 3,300 square feet units complete with private swimming pool, duplex with 4+1 bedrooms, built-in wardrobes, touch screen home automation system – the full works. OneKL also boasts of being the closest one can ever find to the Petronas Twin Towers. No mean feat indeed…

One KL also bears a rather distinctive, trendy facade which sets it apart from other condos in the KLCC area. If you’re wondering why the design seems to share some traits with the older Dua Residency condominium on Jalan Tun Razak then, well, they share the same designer. 🙂

The developer also reasoned that if you could afford a unit here then you’ll probably drive a Lambo or a Ferrari – and so the development is designed to be sports car friendly. So no problem parking your brand-spankingly new Aventador then… 😉

So who typically lives here in OneKL?

Someone in the upper social strata, always on the go, enjoying the bachelor life or even has a small family, and prefers to live in a busy, action-packed city instead of the quieter suburban area (like Petaling Jaya) or the countryside. There is also a sizable expatriate population here in One KL KLCC who are typically on shorter (1-2 year) leases on international assignments.

OneKL Prices Information

The chart below shows the trended asking prices for One KL for the past couple of months:

Use the chart above for trending purposes. If you’d like a ballpark figure on OneKL’s fair market value then use our simple pricing framework – download here.

KLCC condominiums are somewhat (in)famous for being unabashedly luxurious, and One KL is on the very top of the range even by KLCC standards. Back in 2009 there were units were sold at a record high of about RM2,000 per sq ft. Currently (at the time of writing this blog post) the sub-sale price is about RM1,600 per sq ft with rental fetching as much as RM22,000 per month (yes, even more expensive than the exquisite Binjai On The Park). Not for peasants…

Facade of OneKL condominium, KLCC

Entrenched firmly in the upper echelons of KLCC condominiums, OneKL is as exquisite as it gets

As observed by KLCCcondominiums.my reader EC (read his blog comments below – he bought a unit here), price tends to fluctuate a bit, and he managed to secure a unit at half the peak price end of 2012. Prices are indeed creeping up back again, and this perhaps is the mark of another bull run in the KLCC property market, reminiscent of the heydays of 2006-2007.

The fact that the pricing of these luxury condominiums are rather inelastic could be due to the fact that the buyers of these units are possibly passive investors who are parking their monies here in Malaysia with no urgency for liquidity. That being said, there’s bargains to be had; it’s just that the market is rather more ‘opaque‘ than usual.

OneKL’s Location: Right Smack In The Middle Of The Action

One KL, KLCC

One KL – right beside Marc Service Residences

If there’s one “bad” thing about the KLCC enclave is it’s central location in the middle of the capital city of Kuala Lumpur – which means that it is practically engulfed in massive traffic during peak hours. If you want to live here, then it makes lots of sense to work here (or somewhere in the Central Business District) as well.

Being inside the KLCC area means that private transportation could be a major concern for some. If you work elsewhere, then batten down your hatches and brace yourself to face the traffic every weekday…

Now if you don’t mind dealing with public transportation then you will be pleased to find that the area is well connected to the rest of Kuala Lumpur with its frequent buses and train lines (Monorail and Light Rapid Transit or LRT). Also, its proximity to the main shopping area (Jalan Bukit Bintang, or known more by its fancy moniker “Bintang Walk”) is a major selling point amongst prospective buyers and renters who are interested in KLCC condos and apartments.

OneKL is as central as it gets in the KLCC enclave – the Petronas Twin Towers are completely in-your-face and you can walk up to the KLCC park in 5 minutes (200m away). Marc Service Residence is on the opposite side of the road. Further down Jalan Pinang is The Ascott and the Impiana Hotel.

Walkability Score

The following map shows the location of One KL and the nearby amenities (use the icons on the right) –
[poiautomap address=”One Kl Jalan Pinang Kuala Lumpur Federal Territory of Kuala Lumpur” zoom=”15″]One KL[/poiautomap]

GoodPlace.my has devised a methodology on measuring a property’s walkability (more information here); One KL’s “GoodPlace Walkability Score” is a high 96 (out of a possible 100). This should not come as a surprise to anyone who is familiar with the property; the fact is that it’s only 300m from Suria KLCC means that almost every important amenity is accessible by foot.

To download a free high resolution KLCC Walkability Map, click here.

For benchmarking purposes: the GWS scores for comparative properties are as follows:-

  1. Pavilion Residences – 99 (situated right on top of the Pavilion Mall)
  2. The Mews – 77 (on Jalan Yap Kwan Seng; there are limited amenities which are reachable by foot)
  3. Troika – 81 (in the Binjai area; it’s possible to have a stroll to Suria KLCC at 1km away)
  4. Setia Sky Residences – 72 (off Jalan Tun Razak which is nearer to Kampung Baru than to KLCC)
  5. Marc Residence – 96 (opposite One KL)

What We Think

Thinking back, OneKL’s launch in the KLCC enclave in 2009 immediately stood it on its head – the pricing firmly places it on the top tier of KLCC condominiums. There were reports that units changed hands at RM2,000 PSF even as far back in 2009 – although we have not verified this ourselves. The current asking prices at the local property portals seem to range from a “lowly” RM1,200 PSF to as high as RM1,600 PSF.

[dc]9[/dc]4 apartments, 95 pools. This is the intriguing tagline which sells OneKL almost by itself. Developed by ONE KLCC Sdn Bhd - don't be fooled by its generic name; it's in fact owned by Chua Ma Yu - which is also the developer behind St Regis Residences. There a back story about the developer of OneKL which can be found in this news article here. [spotlight role="switch"]Click here[/spotlight] (and scroll down if needed) if you are looking for property listings for One KL (for sale and for rent). [spotlight role="target"][feature_box title="Listings For One KL" title_color="fff" header_color="F5BA47"][listing][/listing][/feature_box][/spotlight] There only one configuration available - 3,300 square feet units complete with private swimming pool, duplex with 4+1 bedrooms, built-in wardrobes, touch screen home automation system - the full works. OneKL also boasts of being the closest one can ever find to the Petronas Twin Towers. No mean feat indeed... One KL also bears a rather distinctive, trendy facade which sets it apart from other condos in the KLCC area. If you're wondering why the design seems to share some traits with the older Dua Residency condominium on Jalan Tun Razak then, well, they share the same designer. 🙂 The developer also reasoned that if you could afford a unit here then you'll probably drive a Lambo or a Ferrari - and so the development is designed to be sports car friendly. So no problem parking your brand-spankingly new Aventador then... 😉 So who typically lives here in OneKL? Someone in the upper social strata, always on the go, enjoying the bachelor life or even has a small family, and prefers to live in a busy, action-packed city instead of the quieter suburban area (like Petaling Jaya) or the countryside. There is also a sizable expatriate population here in One KL KLCC who are typically on shorter (1-2 year) leases on international assignments. OneKL Prices Information The chart below shows the trended asking prices for One KL for the past couple of months: [chart csv='http://klcccondominiums.com.my/data/onekl.csv' type='bar' category='Month' value='PSF' format='string, float' color='orange' title='One KL Asking Prices (PSF in MYR) - mouseover for details'][/chart] Use the chart above for trending purposes. If you'd like a ballpark figure on OneKL's fair market value then use our simple pricing framework - download here. KLCC condominiums are somewhat (in)famous for being unabashedly luxurious, and One KL is on the very top of the range even by KLCC standards. Back in 2009 there were units were sold at a record high of about RM2,000 per sq ft. Currently (at the time of writing this blog post) the sub-sale price is about RM1,600 per sq ft with rental fetching as much as RM22,000 per month (yes, even more expensive than the exquisite Binjai On The Park). Not for peasants... [caption id="attachment_238" align="aligncenter" width="450"] Entrenched firmly in the upper echelons of KLCC condominiums, OneKL is as exquisite as it gets[/caption] As observed by KLCCcondominiums.my reader EC (read his blog comments below - he bought a unit here), price tends to fluctuate a…

SherpaScore: One KL

Location
Design
Amenities
Yield
Developer Reputation
Value for Money

Very Good

Exquisitely charming and a formidable high rise in the heart of KLCC. This is one development that's hard to miss - one of its kind as each apartment is equipped with its own private pool. It couldn't get better than that.

User Rating: 2.94 ( 10 votes)
83

Agree or disagree with the ratings above? Tell us in the blog comments section below. 🙂

We have seen a “proliferation” of listings for One KL in the last couple of months in the property portals – and while many of these seem legitimate, there could be some which are part of bait and switch schemes. If you’d like us to vet through the listings and narrow down the legitimate ones, contact us using this form. The service is free, and you don’t need to buy anything from anyone.

There is probably limited upside to the asking price for now, but as with any property investment the prices tend to “self-correct” to its true market value in the long run. To find out what’s the “fair” price to pay for a unit here at One KL, use this valuation guide courtesy of GoodPlace.my –

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Khai Yin

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Apart from looking at and writing about nice apartments, I enjoy eating out (enchiladas!), working out (#beastmode!) and rocking out (Trivium rules!). My daughters Daphne Wenyi and Chloe Qinyi keep me sane. Visit my other blog at GoodPlace.my :)

49 responses to One KL

  1. Hi, I am from Singapore. Just bought a unit at ONE KL last month facing the Mandarin Oriental for RM3.6m (RM1090psf).

    Did some research and like what you mentioned, I find that the price is a good bargain almost 50% down from the peak.

    ONE KL shared alot of similarities with a Singapore project called The Marq. Same size, private pool, freehold, prime location and same architect.

    But the price is hell lot of a difference. The Marq is transacted at S$6600 (RM16,500psf) as compared to ONE KL (RM1090psf) is 16 times more.

    I know KL cannot be compared to Singapore but 16 times is simply too big a gap.

    • Hi EC – that’s simply awesome. Sounds like you’ve got yourself a bargain!

      Prices for KLCC condos this year is expected to be more or less flat. Singapore properties are still on the uptick, me hears.

      • Just an update from an agent close to me, she is looking actively for a unit at ONE KL on behalf of a client.

        But seems that all those low price postings on iproperty and propertyguru are of non-existent. The most recent done deal is on the lowest level facing Marc Residence and Jalan Pinang traffic @ RM1150psf.

        The next affordable one woukd be a unit at 5th level same facing asking RM1350psf.

        Seems like asking prices are slowly creeping up.

        According to a conveyancing lawyer I know, there is also a sudden rise in activity in both the new launch amd resale market. Comprised of both local and foreign buyers. I trust her info as she is handling the paperwork.

        Just an update to you.

        • EC – I know. Those fake, “bait and switch” ads are rampant in this industry. The property portals could do a better screening the ads, and perhaps have some feedback loop in the system which could help them filter out iffy ads (and correspondingly, agents). Very bad user experience as it is.

          I’ve heard that prices are going up also. That the expats are coming back could be one driver.

      • Guess it is a wise decision to avoid the Singapore market at our time of discussion, which is the peak.

        The Singapore market is already off 25-30% at this current monent.

        Am glad to park my investments in Malaysia instead. Malaysia Boleh!

  2. Hi EC, congrats. Pardon me, but is there any issue with the pool at One KL?

  3. Also would it be right for me to say that most of the units at One KL is owner occupied rather than tenanted out?

    • Well, I still have yet to move in to figure out if they are tenants or owners. Most likely the next AGM I will be able to figure out more though.

  4. I really need to apologise for the late reply. So far no issue with the pool, cos its built with an advanced technology. Some leaks that occured comes from the pump room instead which is solved instantly though.

    The management is very strict with what u do with the pool, so as not to affect the water proofing. And everyone use the same maintenance people whom comes in twice a week so as to maintain the wareanty

  5. Thanks for the update, EC. Wow, didn’t know pool maintenance is done so frequently! Must be expensive ….

    But how is management strict with the use of the pool? Other than swim in it, what else is there?!

    • It’s about RM400 per month for the pool maintenance.

      They do not allow any works to the pool, such as drilling n hacking to add some massage jets, etc.

  6. Thanks.

    Was looking at the website of One KL. Really classy project. Good buy!

  7. Thanks Harry. infact I had a good view of the fireworks on Friday nite, spectacular 8 min display.

    Jus a further note to potential buyers whom are skeptical of the pool when they come across this project. First thing on their minds are “what if it leaks”. I don’t blame them, cos me too. I am jus lucky enough to have access to the comprehensive owners manual of the project, which covers all areas from electrical, airconditioning system, cabinetry, mansory… etc etc till the pool. You won’t believe it, the manual is abt shoe box thickness and they even have a coffee table book for each owner named “making of ONE KL”. inside u k see pics of japanese tradesmen executing some part of the projects such as timber flooring, even my renovation contractor mentioned that it is impossible for local tradesmen to execute the timber strips in such meticulous accuracy.

    Coming to the pool…. which I think many r interested to know since that is the trademark of the project. i discovered this in the beginning part of the manual so will jus share…

    “The swimming pools are designed with a unique “double protection” water proofing system, whereby a double layer of asphalt membrane is applied twice as the primary layer and protected with a layer of concrete. The cementitious polymer waterproof is then placed above the topping concrete and serves as the second layer. Asphalt waterproofing layers are also applied to areas 300mm above the water level to prevent water seepage.

    The waterproofing system is valid with a 10 year warranty. Please note that the warranty is void if any renovations/works are carried out to the pool area. The warranty certification is held with the management.

    The privte swimming pool glass has 2 layers – one on the external and one on the internal face. The glass is sealed with a laminated layer, which will hold the glass in place in the event of a breakage. The sealant of the glass is checked regularly by the maintenance people.

    Hope the info is useful and provided some important insights. The 24hr management conceirge team, as what I have experienced is very speedy in responding to our needs, be it major or trivial stuff like changing a bulb.

  8. Thanks for sharing, EC. So was it the pool that attracted you to select One KL, instead of the other properties in the area, such as K Residence, Marc Residence, St. Mary, etc.?

  9. Pool is part of the reason. Location is most important. I like to use the walk scorer system. Now very popular in Australia and other developed countries. They measure the walkability of your place to amenities.

    Cos I prefer a place that is jus a few steps away from Suria KLCC instead of 5min from Suria KLCC. Especially during night time, you can even ask yr security guard to walk your wife & children over the road.

    It would cost much more to buy a similar place at a new launch today. Replacement cost is very high now to build a similar low density (94 units over 1 acre) project with such high specs in today’s land cost ( kenaga building deal could hit RM4kpsf).

    • EC- the “walk scorer system” sounds pretty awesome. I’m thinking of building that feature into this site; just wondering how complex it could be. Could you show me some examples where this have been done?

  10. Hi EC, if accessibility to KLCC Suria was a prime consideration, then how about K Residence? It’s about the same distance and there the passage is underground, sheltered from the elements at all time.

  11. i did view one unit abt 2000+ sqf, in fact it is selling at that time abt RM8xxpsf.

    but I dun like the layout cos the narrow balcony that wraps up the unit basically takes away 25% of the space n the balcony not very usable cos I cant put a table or chair. only for accessible for the cleaner to clean the sliding doors N windows I guess, so that management k save on cleaning facade ;p jus kidding… my guess.

    But with the evolvement of the shopping ctr in Oct, hope it will be a game changer.

    If only the entrance is not that discrete, and more grand will be good.

    • K Residence has a very boring entrance and concierge. Yes, you are right, the wrap-style balcony is a real waste of space. The good thing is that the annex AK mall is now livelier than several years ago as it is now fully tenanted.

  12. Hmm, you do raise a very valid point about the balcony. I am normally not a big fan of balcony either. But in this case, I did make an exception. I am in the process of acquiring a unit there and am damned excited by the development going on in the mall down below! It’s positively orgasmic!

  13. Yes, in fact. When I first step in the lobby, I noticed the minotti furniture and also the “Technogym” brand in all its Gym equipment. High end..

    For me, I am more of a seldom use facilities guy in most of the condominium projects I have stayed, so it still comes down to personal preference. Thats why I bough one at ONE KL instead, and making sure everything is self contained.

  14. And congratulations on your purchase!! I believe with the upcoming launch of next door project like Wing Tai’s Le Nouvel, it will be definitely be a big boost to the values.

    I also forgot to mention that K residence is one of the few projects that I have seen that installed airconditioning in its common areas like every floor’s lift foyer. It certainly makes coming home a pleasant experience

  15. Thank you, EC!

  16. I think it will be nice to line the balcony with a lot of plants and flowers. My own little sky garden!

  17. Hi there,

    I have units in ONE KL For Sale and Rental at the moment. Please call me if interested to view.

  18. EC, what are your thoughts on the new RPGT regime for foreigners? From 6th year onwards, 5% applies.

    • Sorry for the late reply.

      Well, who would like to pay tax right?

      But the rich that I know of or the older generation, seldom have the thought of selling off investment properties they have bought.

      They make sure they choose the right quality properties in good locations and really keep it for long term.. The rental collected will jus continue to buy new additional properties. Jus like a mother hen laying eggs n hatching chicks n so on..

      If u are of the same mindset like me that Malaysia is already one of the cheapest places in the world (KLCC prices even lower than Myammar or Cambodia), and land cost form a very small part of the equation, construction costs a much bigger portion (which is increasing by the day .. inflation), then it does not really make sense to sell.

      Ultimately, we will only buy back higher when we sell unless downgrade to smaller or further out of KLCC. so jus get it right from the start, and keep building the portfolio. When we passed on to our children when we r dead, no RPGT is involved.

      • EC: not many would share your long mindset unfortunately, although the removal of DIBS would probably filter out many wannabe flippers at least in the short term.

  19. EC, way to go! My thoughts exactly!

    Looking at the way governments around the world are cheapening their currencies, our wealth starts to decline almost immediately after we sign a SPA to sell the property.

    Rather than looking at our wealth from the perspective of dollars and cents, I think it is better to look at it in terms of hard assets: ounces of precious metal, or square feet of real estate.

    • Yes, I always feel that investments are very personal and subjective. Just find the class that matches our own personality, scale & interests. For me, I know myself as being less disciplined in savings, so property is a good class for me, unknowingly, huge amounts of money are being saved up as we pay off the principal portion in our instalments.

  20. Jus to share some insight abt ONE KL, after moving in for a few months.

    1) LAN ready within unit & building is Fiber ready – I realized this when I subscribed for Fiber from Maxis. At first am still anxious as to whether the fiber installation will spoil my interior design. Am glad to know that the unit is LAN ready, with LAN ports from bedrooms to study to living to kitchen. There is actually a separate switchboard in the storeroom managing these telecommunication ports. And it is linked to the riser room located at the common area. And maxis fiber is being laid till the riser room. So all the installer needs to do is to plug a modem in the riser room with the fiber n inputing the signal into the reapective unit’s LAN port. This signal will feed into our unit automatically. And we jus have to decide which port within the house to locate the router. So not a single bit of wiring works at all. jus plug n play. maxis has beforehand provided a lockup glass cabinet for housing the modems in the riser room. I really appreciate the fact the developer has pre laid these LAN ports within the unit.

    2) for added protection, there is also another central filtration system at the incoming main water supply so that residents k have an extra piece of mind.

  21. Did you buy the apartment subsale or from the developer? Seems like you got a lot of stuff to do to get the apartment ready for moving in.

  22. Subsale. But the unit is bare from day one, I only took over from the owners after 4 yrs

  23. Oh, really surprised to hear that the previous owner did not even bother to rent it out!

    By the way, have you ever considered acquiring a landed property in KL? Compared to Singapore, this is much more realizable. But the biggest concern for me is security issue.

    • Haha Harry, more of a personal preference issue really.

      2 class of assets I wont stay in.

      Landed – security issue, unless I am rich enuf to have a 5ft way double electric fence with 10 guards & guarddogs patrolling 24 hrs. haha kidding. am paranoid abt creepy crawlies such as rodents, big lizards, etc that occasssionally will be visitors.

      Super High Rise Residential – such as those which r 60 storeys & above. Cos U have watched the Korean Movie “The Tower”, u will know what I fear abt.. :p

  24. Does anybody know what is OneKL’s reinstatement valuation for fire insurance, ie the construction costs and M&E costs and the CFA (construction floor area)?

    I’m doing a tracking report of KLCC condominium building costs over the past 5 years.

    • Hi, from my current fire insurance policy.. total sum insured of ONE KL is RM173mil. So a very rough figure would be RM173mil/94 units,
      about RM1.8mil per unit.

      For land costs, if we use safely about RM3.5k psf, it would be RM152mil or about RM1.6mil per unit for land value.

      Total replacement cost will be RM3.4mil. Sometimes a replacement cost figure is a good gauge to judge if a resale unit is a good buy, compared to new launch.

  25. EC, you moved into One KL yet? How’s it living there?

  26. EC definitely got a very good deal. Currently on hand i have 3 units for sale, minimum asking is RM1500psf for KLCC park view and KLCC view will have to be RM1700psf. And this condo used to be very empty and hard to rent out, now, this condo very high demand and the rental starting from 14k-16k partially. Yet, i couldnt find any units for my client. :'(

  27. From the latest newsletter, ONE KL Team has informed us that the new occupancy rate for ONE KL has reached 78%, which is quite a feat for such big duplex high end units.

    Probably, credit should go to Khai Yin’s website.

    And another another good point I would like to name for staying in KLCC, that is the easy availability of “Uber Black Cars”. The other day tried one in the early hours of the morning to KL Sentral, cost me only MYR15 (compared to blue cab MYR22 & normal taxi MYR10). Its a black vellfire which picked me up.

    Anyone whom moves in k consider signing up the Elite Club of Mandarin Oriental at MYR799 per year, which gives u a whole host of benefits.

    Cheers!!

  28. Uber Black Cars? Available only for residents of One KL?

    How about the Elite Club? Also available only to One KL residents/owners?

    • Hi Harry, the elite club is open to anyone. Just that if u stay nearby MO, it makes better sense. And for Uber, its actually an app. You can download it n grab a car n driver when available. Just that from my experience, they r more stationed in KLCC 😉

      K see that Avenue K is full of excitement now! It will be better when Four Seasons is up. And I heard news that Adorf Astoria might be coming to KLCC, just next to Wisma Central.

  29. Thanks, EC, for the tips and info 🙂

    Next to Wisma Central? That would be the Oxley plot, if I am not mistaken. You mean Waldorf Astoria? That’s gonna be really high end!

    By the way, it’s a bit out of the scope of this website, but do you dabble a bit in office space, EC? What are your thoughts on KLCC’s office market?

  30. Mohd noor Rashid January 9, 2015 at 2:26 pm

    I like the facade,even someone said it follows design of condo at Jln Tun Razak(next to Spore embassy).the location much better which only separated by road to Suria KLCC.

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