The Binjai On The Park – Live Among The Elites
The Binjai (not to be confused with Binjai Residency and Binjai 8 is developed by a subsidiary of KLCC Holdings known as Layar Intan. Famous for being the most expensive piece of real estate in Malaysia (in terms of price per square foot) a couple of years ago, The Binjai On The Park remains one of the prime pieces of upmarket real estate in Klang Valley, nay Malaysia. The condominium was designed by Allen Jack + Cottier (known famously as AJ+C), the Australian based architect with regional presence in Malaysia, Vietnam and China.
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Completed near the end of 2008, the Binjai On The Park is located on Jalan Binjai (named after the Binjai trees found in the area before the KLCC project commenced), at only a stone’s throw away from the iconic Petronas Twin Towers. While the condominium is accessible easily via major roads such as Jalan Tun Razak and Jalan Ampang, heavy traffic is a given for tenants in the KLCC area. The Binjai is under the “Zone C: Binjai” classification together with its neighbours, Park Seven and Stonor Park (as well as the upcoming Platinum Park).
Location & Walkability Information
KLCC condominiums appeal to many because of their strategic locations where many amenities are accessible by foot. The GoodPlace Walkability Score (GWS) measures how “walkable” a property is (more details about this methodology here). The Binjai’s GWS is 87, which is above average even by KLCC standards. For a free (high resolution) PDF map with the Walkability Scores of major KLCC properties, click here.
The interactive map below shows where the closest amenities to the The Binjai On The Park are (play around with the shortcuts on the right sidebar).
- Police Stations
- Computer Stores
The Binjai (despite not being a “branded” development like Harrods, Banyan Tree or the Four Seasons Place) was able to achieve record-breaking prices primarily because of two reasons: one, its location, and two, the fact that it will perpetually have the much coveted KLCC Twin Towers view (there will be no more developments in the park). This cannot be said for most of the other KLCC condominiums as more developments sprout up as the demand grows. Additionally, the fact that it’s built as “part” of the park is also a major selling point.
We also regularly receive “gossips” from people who are in the know – agents, brokers, buyers and industry insiders. The information contained below may provide yet another reference point for prospective buyers, but we do have to point out that these are not verified, and so please exercise caution. By unlocking the content below you agree that we will not be responsible for any losses incurred from the information contained below. Thank you.
A freehold development, the Binjai consists of two blocks – one with 44 stories, and the other 45. Being inside the KLCC enclave, it is close to shopping malls (notably Suria KLCC) and also the KLCC Park - a sprawling open space right in the middle of the KLCC development. A convention centre (the Kuala Lumpur Convention Centre) is also nearby.
The Binjai is also notable for its high maintenance fee of MYR1.10 psf. If you are a proud owner of one of the penthouses (more than 5,500 square feet), expect to pay more than MYR6,000 monthly for maintenance…
- Barbecue area
- Covered parking
- Jogging track & playground
- Swimming Pool
- Round-the-clock security
- Tennis courts
As with other condominiums in the KLCC enclave, there are no nearby schools although there are shuttle buses which pick up students to chauffer to the schools daily. These are typically international schools in Kuala Lumpur. The nearest public schools are about 1km away (Chung Hwa Primary School and SK Gurney). There are also buggy services to the Petronas Twin Towers via the KLCC Park.
Recently we have stumbled upon a very interesting article about an expat family from Scotland which settled quite nicely at the Binjai. To paraphrase Jane MacLeod, “We walked in, and we knew we had come home.” To read the article, click here.
Investing For Capital Appreciation?
The KLCC area has been a favorite amongst expatriates and the rich – it’s highly sought after for its high rental yields as well as capital appreciation. The asking price hovers around MYR2,500 per square foot – it remains firmly in the upper tier as far as pricing is concerned, and a clear favorite among affluent investors. It is also notably more expensive than nearby KLCC condominiums, like its neighbours Park Seven and Stonor Park, or the exquisite Marc Residence.
It’s easy to be fazed by the Binjai’s record-breaking prices, and it’s important to keep the hype out of the equation when figuring out the “best” price to pay. To estimate what’s the true market worth of a unit here at the Binjai, use GoodPlace.my’s free property valuation guide which you can download here.
It is important to note that the transacted prices for KLCC condominiums have somewhat flattened recently, and so it might be a good opportunity to secure a unit for capital appreciation in the coming years.
However, it is interesting to note that the Super Penthouse unit here at the Binjai was sold for a handsome fee of some RM50 million - setting the record for the most expensive piece of real estate ever sold in Malaysia. This unit measured at over 19,000 square feet in size, and that makes the PSF to be more than RM2,600 – which is considerably higher than the median KLCC condominium PSF of RM1,000. Even the fairly recent transactions were above the RM2,000 PSF range. (The record of the most expensive real estate transaction in Malaysia in terms of price per square feet is held by Four Seasons Place – go here for more information).
See the chart above for the recent months’ asking price trends (courtesy of GoodPlace.my’s pricing databases and other publicly available information sources).
What We Think
In the final analysis, KLCC is arguably the most successful integrated development in the Klang Valley, and for this reason the area has progressed significantly in the recent years. It has got a prestigious address which draws in multinationals and local businesses alike.
Residency in KLCC is also appealing due to its vibrant nightlife and proximity to the heart of the Golden Triangle shopping district (Jalan Bukit Bintang). Not surprisingly, KLCC remains a firm choice among the expatriates (who may go to work in one of the commercial buildings inside the KLCC enclave) as well as the more affluent locals.
The Binjai remains out of reach for the common dude on the street, but the seasoned investor will be savvy enough to carefully analyze what’s the fair market value of a unit here without being swayed by emotions and media driven hype. If you’re considering to invest a unit here at the Binjai, use our valuation guide which we will email you once you entered your email address below -