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).
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:
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…
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
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.
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:-
- Pavilion Residences – 99 (situated right on top of the Pavilion Mall)
- The Mews – 77 (on Jalan Yap Kwan Seng; there are limited amenities which are reachable by foot)
- Troika – 81 (in the Binjai area; it’s possible to have a stroll to Suria KLCC at 1km away)
- Setia Sky Residences – 72 (off Jalan Tun Razak which is nearer to Kampung Baru than to KLCC)
- 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.
Agree or disagree with the ratings above? Tell us in the blog comments section below. 🙂
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 –