Previously with a less-than-memorable moniker of Stonor 116, The Pearl KLCC is a luxurious condominium developed by Malton (who is behind many major developments in Kuala Lumpur and the Klang Valley – namely V Square in Petaling Jaya, Amaya Maluri and Mutiara Indah in Puchong).
Click here(and scroll down if needed) if you are looking for The Pearl’s listings (for sale and for rent).
One of the prettier ones amongst KLCC condos with a less imposing facade than its peers, The Pearl is one of my personal favorites! Keep reading to find out why. 🙂
While we have seen an uptick in the number of units available for The Pearl in the recent months, it does seem that the asking prices were flat-tish at a level just above the RM1,000 PSF median. We will delve into this matter further in this review.
It is interesting to note that a consortium of businesses led by the Kuwait Finance House (KFH) has bought The Pearl wholesale for some RM550 million back in 2008 – a rather strong vote of confidence not only for The Pearl but also for the condominiums in the KLCC enclave on the whole.
Total of 179 units nested on 41 storeys, The Pearl has got nine layouts ranging from 3,973 sq ft (a typical unit) to the humongous presidential penthouse (more than 19,000 sq ft!).
Each condo unit comes with a private lift – beat that! There’s also a Sky Lounge which is situated on the second level which gives a good view of the iconic Petronas Twin Towers. There’s a tastefully designed 36-meter swimming pool – perfect for winding down after a long day at work…
The typical tenant at The Pearl would be someone who is entrenched in the elite strata of the society, has good upward mobility, and keen to enjoy the finer things in life. He or she would probably be happy in a fast-paced environment, and prefer living in the city or near the workplace. There is a sizable population of expatriates living in The Pearl, and these are usually internationally-mobile senior executives who are with major multinationals, typically holding C-level positions.
Money Matters – Pearl KLCC’s Prices
The Pearl is heavily marketed to the buyers in the luxury tier. As such, the launch price set at around RM900 per sq ft was perceived as premium. Even then, the (transacted) prices have reached as high as RM1,400 in the middle of 2012. The prices have tapered off somewhat (as with most other KLCC condos like Marc Residence and the Binjai) as demand has remained relatively flat somewhat in 2012. However, there are indications that the demand is on a slow uptick in 2013, and prices are indeed starting to creep up.
According to JPPH (the government department in charge of property and valuation), the 2012 prices for units at The Pearl remained the same as that of 2011 with the glut of luxury apartments of sizes more than 3,000 sq ft (similar to The Avare, but slightly more expensive on a PSF basis). Typical units (3,900 sq ft) were sold for RM4.5 – RM4.8 million which were essentially 2011 prices. A quick search at local property portals returned listings for partly furnished units at RM1,200 per sq ft. However, given the above average sizes the net asking price is still high at around RM4 million per unit.
The biggest mistake that one can make in buying property is to pay the asking price without knowing what the property’s “true market value” is. If you’re investing in a property in KLCC, you should know that the asking prices tend to fluctuate a lot due to a number of reasons (“fake” listings, bait and switch, etc). Use our valuation guide to help you know what a property is truly worth – it’s free to download.
The chart below shows the Pearl KLCC’s prices (asking) for the past few months (courtesy of our partners at GoodPlace.my which maintains a pricing database for Malaysia properties):-
Transportation & Connectivity
If you’re not into public transportation then getting in and out of the condominium area could well be troublesome sometimes – and this is the problem faced by most condominiums located inside the KLCC enclave. You see, the KLCC area attracts massive traffic jams, and it would be ideal if you don’t have to travel frequently (daily?) out of the area. That said, The Pearl is ideal for those who also work within the KLCC area. If you work elsewhere, then be prepared to spend awful lots of hours on the road everyday.
If you don’t mind taking the public transport (a huge turn off for many KL-lites for some reason) then you will be pleased to find that the KLCC enclave has superior accessibility as it is connected by the train rails (Monorail and LRT) as well as bus (RapidKL) lines.
The Pearl’s GoodPlace Walkability Score (GWS) is 74, which is good on its own but slightly below average when compared to other condominiums in the KLCC enclave. To download a free high resolution map with walkability scores of most KLCC properties, click here.
Location-wise, The Pearl occupies a “sweet” spot which is right in the central business district and is just a stone’s throw away from the “Golden Triangle” shopping area. It is opposite the Ampersand, which is another prestigious development in the KLCC enclave, and a stone’s throw away from 1A Stonor. It is easily accessed via Jalan Kia Peng, Jalan Sultan Ismail and Jalan Bukit Bintang.
To check where the nearest amenities are, use this map below (click on the shortcuts on the right).
[poiautomap address=”The Pearl@klcc Jalan Stonor Kuala Lumpur Federal Territory of Kuala Lumpur” zoom=”15″]The Pearl KLCC[/poiautomap]
The Pearl may look like just another run-off-the-mill KLCC apartment, but we particularly like it for its location – rather quiet and serene although still easily accessible via all the major entry points. The size of the apartments are also bigger than the average KLCC condominium (smallest unit at 4,000 sq ft), which means that you won’t get the rowdy bachelor looking for a place to crash after a drunken stupor kind making a ruckus at 3 in the morning.
The bigger size also means that the price is relatively high (latest listings are at RM3.7 million and above), and this is higher to its round-the-corner neighbour, the Ampersand @ Kia Peng (although price PSF is similar). The prices are hardly spare change; and the reality is that it’s easy to pay above the market rate if the necessary research is not done. Use this free guide to find out about a property’s “fair market value” using the SABBAC methodology –