The thriving city centre of Kuala Lumpur is made more alive with a new addition to the modern living scene – the Three28 Tun Razak freehold condominium situated along Jalan Tun Razak. Located in the same area is the upcoming KL Trillion and across Jalan Tun Razak, in between Jalan Yap Kwan Seng and Jalan Ampang are the Hampshire cluster of condominiums (Hampshire Place, 2 Hampshire, Panorama). Both the Petronas Twin Towers and The Intermark are just a few minutes away by car.
Three28 is yet another upmarket city condominium by Malaysia property veterans Tan & Tan – the same people behind the venerable Desa Kudalari, One Jelatek and U-Thant Residence on the Embassy Row. As any Malaysia real estate enthusiast would tell you, a brand name developer would typically add about 10-20 percentage points on top of the “usual” price; we shall see if this holds true for Three28. 🙂
What makes Three28 rather unique is its trapezoidal design (which is different from regular condominiums which are usually square or rectangular). This enables more windows to be placed with larger perimeters, enhancing the aesthetic value of the property. Design is always valued at the eye of the beholder, but we tend to think that the overall look-and-feel is rather “angular” for our taste. More on this later.
Three28 has a gross development value (GDV) of some RM166 million, and is scheduled to be completed by the end of 2016.
Available Choices and Three28 Pricing
With 22 storeys and a total of 166 units sitting on more than half an acre of prime freehold land, Three28 is indeed an exciting structure to behold – at least the pictures in the brochures look amazing, but don’t we all know how “misleading” pictures in collaterals are ;). Three28 is to specifically cater to young families and expatriates who want a comfortable and luxurious abode right at the heart of Kuala Lumpur. Varied choices of five layouts are available to choose from with build-up sizes ranging from 710 sq.ft. to 1,625 sq.ft.
Naturally, prices for each unit vary depending on the size and number of rooms (include 1, 2 or 3-bedroom options). It can start from RM838,000 to as much as RM1,433,000 or that’s simply RM1,000 PSF. This price level is already the median for city condominiums; in fact, branded residences such as RuMa, W Residences and the exquisite Four Seasons Place are expecting to reach up to RM3,000 PSF. However, the jury is still out whether Three28 justifies the RM1,000 PSF price tag. You can do your own pricing analysis using this handy guide which we are giving away for free (click here for your copy).
Impressive 60% Take-up
Now obviously there are many who think that the price is well worth it – it was rather well received during its launch last September. According to an agent friend of ours, “For such a competitive price in an ideal and convenient location, Three28 has drawn an impressive number of investors.” According to this dude who works at Tan & Tan (quite a senior fellow, but we’ve conveniently forgotten his name), the company fetched about 60% take-up within two weeks. That’s about 70 units that was immediately grabbed by investors as an excellent real estate medium to bet their money on.
It’s almost imperative for a city condominium to boast of its “walkability”, i.e. how most important amenities are reachable by foot.
Our sister site GoodPlace.my has devised a measure called the GoodPlace Walkability Score (GWS) which computes how walkable a property is (on a scale of 0 to 100 with the latter being the best score); Three28’s GWS is 72, which is unsurprisingly similar to KL Trillion next door. For more information on how to interpret this score, and to download a map which contains the GWS scores of almost all KLCC residential properties, click here.
[poiautomap address=”3.164148,101.717516″ zoom=”15″]Three28[/poiautomap]
The map above shows the location of Three28 and where its nearest amenities are. Click on the icons on the right to toggle the location of respective amenities and places of interest.
Sweet Dreams Are Made Of These
Equipped with great features, it is no surprise that the development kicked off with a good start. Residents within the building can enjoy the following features:
- Management office
- Multipurpose room
- Prayer room
- Changing room
- Children’s area
- Kid’s pool
- Pool deck and lap pool
Nearby amenities are a stone’s throw away. From commercial establishments to recreational centres, banks and hotels and shopping malls, everything is within reach in the KLCC enclave. Ampang Park is a road away from the property (a quick ten-minute stroll) while the US Embassy and French Embassy will only take a few minutes of driving to get to. Going to Great Eastern Mall or the Gleneagles Hospital Kuala Lumpur won’t be a problem either and won’t even take an hour or more.
Your private car will literally bring you to where you need to be within the city centre in no time at all. Public transport is never a shortage with options such as the buses, taxi or the rail available for convenient getting in and out of the city.
Priced reasonably (IMHO) and located strategically, Three28 may be an investment worth looking at. Just like many of the condominium units in the commercial centre of Kuala Lumpur, the price of RM1,000 PSF matches the market price for the specific location.
Now there are those who are super bullish (and they’d usually compare the city condominiums with those at Marina Bay, Singapore, or downtown Hong Kong), and while we are also quite excited about KLCC (with the advent of branded residences such as Four Seasons Place and Harrods), we reckon that the upward pricing trend will be gradual. However, given the perceived glut in the area (especially with the launch of the directly competing KL Trillion), we do expect the demand levels to taper somewhat.
Taking that in context, with a good location, nice amenities and a brand name developer to boot, the median price of RM1,000 PSF seems to be a steal, but then again we here at KLCCcondominiums.com.my are not investment advisers and so we are not here to tell you how to spend your hard-earned moolah. 😉 To check if this is a good “fair market” price, download this guide below.