Set to rise along the streets of Jalan Tun Razak is The Horizon Residences (not to be confused with The Horizon at Bangsar South), a freehold serviced apartment project built by Hap Seng Land. This 26-storey condominium which comprises of two blocks is expected to be completed by 2015.
The Horizon is one of the small handful of new projects in the KLCC enclave in the recent years (the market has not fully recovered from the excruciatingly slow take up rates of upmarket condominiums since 2008), and as such it attracted much media attention.
The development is located on a tract of 1.26 freehold land next to RHB Bank on Jalan Tun Razak and opposite a cluster of condominiums (The Forum, Bintang Goldhill) and other office blocks (Menara Technip, the Indonesian embassy). The Horizon is valued at over RM350 million in terms of gross development value (GDV).
Horizon Residences Pricing Details
Predictably, the asking prices in the sub sale market are now exceeding RM1,000 PSF – a handful of listings that we recently saw are at RM1,400 PSF level (for the smaller studio units). Now one would compare against its closest neighbour Bintang Goldhill across the road – the latter is at around RM800+ PSF, but remember that it’s older by a couple of years, plus its views are probably not that great (depending on the actual units of course). Click here for a more detailed way to analyze Horizon’s prices.
The Horizon: A Quick 411
The Horizon Residences will have a total of 335 units. It will have two elegant towers. The first tower will have ten units per floor from the fifth level to the twenty-sixth level. Meanwhile, the second tower will offer more privacy and exclusivity to its residents, as it will only house a total of six units per floor from the fifth level to the nineteenth level. From level 20 to 26, there would only be four units.
Towers would be served by three passenger lifts, plus one service lift. Units would also have a panoramic view of either the Royal Selangor Golf Course, or the city centre’s Twin Towers or the KLCC skyline.
Built-up areas for The Horizon Residences’ serviced apartments start at 549 square feet, with larger units measuring at 2,551 square feet. Units would come with split unit air conditioners in living rooms and in all bedrooms. Bedrooms would be furnished with wardrobes. The units are also furnished with designer appliances, such as a washer and a dryer, a microwave oven, an oven toaster, hoods and hobs, and a refrigerator. Some units would also be furnished with kitchen cabinets for its wet and dry kitchen. Toilet and bath would be equipped with designer tiles, walls, and flooring.
A View To Kill For…
The biggest selling point for the Horizon seems to be the view that it offers – three out of five units will have either the KLCC view or the golf course view. Now it does seem that the developer has done some homework on what drives purchases of these upmarket city condominiums – buyers want a good view of the city (and ideally, unblocked view of the Petronas Twin Towers). There are many instances where the apartment would be blocked by newer projects – beware when you see lots of empty land surrounding your condo of interest. 😉
According to the dude from Hap Seng, one side of the condominium faces Jalan U-Thant – and as any KL property enthusiast would know the Embassy Row is filled by low-rise buildings because the height is capped at some six storeys only. Also, another side of The Horizon faces the Royal Selangor golf course – unless there’s some Saudi big baller who’s coming in with billions of petro-dollahs to take over the place it seems unlikely that there’s anything’s gonna block your view at least for the next couple of years.
Residents and investors have seven layouts to choose from. Studio units roughly measure between 549 square feet to 560 square feet.
There’s also a one-bedroom layout that measures between 646 square feet to 990 square feet. A two-bedroom layout has a built-up area that starts at 915 square feet. Three-bedroom units are sized at 1,345 square feet, with larger units measuring 1,076 square feet. Built-up areas for a 3+1 layout start at 2,120 square feet. Units that have a 4+1 layout start at 2,551 square feet. Finally, penthouse units have built-up areas that range from 3,552 square feet to 4,316 square feet.
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The Walkability Factor
Many city condominiums tout the fact that they are so centrally located that many important amenities are reachable by foot. The Walkability Score is a methodology devised by our sister site GoodPlace.my to measure the “walkability” of a property on a scale from 0 (bad) to 100 (excellent).
Horizon’s GoodPlace Walkability Score (GWS) is 65, which is below average when compared to the average KLCC condominium. This can be due to the fact that it’s located on the “opposite” side of Jalan Tun Razak which means that a good majority of amenities are only reachable by driving. For more information on walkability of KLCC condominiums (and for a free PDF map), go here.
The interactive tool below maps out where the closest amenities to the The Horizon Residences are.
[poiautomap address=”KLCC Kuala Lumpur Federal Territory of Kuala Lumpur” zoom=”15″]The Horizon Residences[/poiautomap]
Facilities and Amenities
Hap Seng Land has been in the real estate scene for a long time—more than 36 years, if we may add. With this experience comes the knowledge of what residents want when it comes to facilities and amenities. Truly, The Horizon Residences does not dare to disappoint—its long list of perks and modern convenience will definitely attract the eye of a fancy home buyer.
Some facilities include a 50 metre infinity pool, water features, pool lounge, and a bubble jet pond. There’s also a planned “floating” gymnasium, as well as a sauna, a nursery, a barbecue area complete with trellis, a children’s pool, and a steam room. Parking-wise, there are over 500 parking bays with 20% reserved for visitors. Fancy an extra parking bay? Be prepared to cough up an extra RM60,000 for one.
Now with all the rage surrounding “green” features, the Horizon is jumping into the bandwagon to get green certification. For this, there will be rainwater harvesting feature as well as low-heat glass windows for each units. Green is sexy. 😉
Jalan Tun Razak’s good location makes it stand out—it is near a schools, restaurants, shopping malls, and pubs. Public transportation is also accessible for The Horizon’s residents, as the Pasar Rakyat bus stop is just within walking distance. High-end mall Pavilion might be accessible by foot for those who don’t mind braving the sun (there’s a pedestrian bridge from RHB bank which connects to the other side of the road).
Hap Seng is one of the better regarded developers in the country although the prestige market is not something which is entirely familiar to those guys – it cut its teeth in mid-range projects such as D’Alpinia in the southern part of Puchong (this was a project which broke new ground – pun intended – with its Build-Then-Sell concept). Its foray into the upmarket segment is not ending with The Horizon; in fact there are news that it has acquired a tract of land next to Dua Residency on which another luxury condominium would be built. A yet-to-be-named freehold service residence on Jalan Tanduk in Bangsar (behind Unilever) is also in the pipeline.
As of May 2013, some 70% of the units at the Horizon have been taken up, with a rather mixed profile of buyers from some twenty nationalities. We like Horizon’s “promise” (non-binding, as one would expect) of good, unobstructed views, but any cautious buyer would be taking this with a pinch of salt.
Also, one main concern would be the property’s close proximity to roads that are prone to traffic, especially during peak hours. While one of the Horizon Residences’ strengths is its location, its spot on Jalan Tun Razak is affected by the (in)famous Kampung Pandan roundabout jam which means that getting out and about during certain hours of the day is, well, horrendous.
Destinations both for work and play are relatively near but not within walking distance (which is reflected in its lackluster GoodPlace Walkability Score). Also, it could be a potential goldmine for investors who would want to lease a studio apartment targeted to expats (or travelers who are staying for the short-term), but again, it might be a mistake comparing it directly with its opposite neighbours Bintang Goldhill, 231TR or The Forum.
Finally, at RM1,400+ PSF price tag one would have a plethora of choices of KLCC condominiums; indeed, at this price range it would be advisable to shop around with agents scrambling to be at your whim and fancy. To check what’s the “fair” price for The Horizon, use this guide below.