The Pavilion group is setting a new record as prices for units at its high-rise serviced residential project, Pavilion Suites, starts from RM3,000 psf.
The 51-storey project is being developed by Urusharta Cemerlang (KL) Sdn Bhd and comprises 383 units of one- and two-bedroom serviced residences and 450,000 sq ft of retail space on a gross floor area basis.
The residential units’ record price did not come as a surprise since it is being built on a half-acre land which created buzz in the property scene in 2010. Back then, Urusharta Cemerlang, which is controlled by property magnate Tan Sri Desmond Lim, acquired the said land for a record price of RM7,209 psf from Singapore billionaire Kwek Leng Beng.
Notably, Kwek plans a luxury serviced apartment project on the land, but Lim saw value in it considering that the site is strategically situated in front of his Pavilion KL shopping mall and residences.
Property sector executives said details on the number of units bought have not been disclosed since the sales were made on an invited basis.
“The cheapest units are going for more than RM3 million each and there are takers for them,” revealed an executive.
Previous high for serviced residential within the heart of the city was for projects like The Four Seasons Place and Ritz Carlton, which were sold from RM2,400 to RM2,800 over the past two years.
A purchaser said sizes of Pavilion Suites were limited, with a selection of between 700 and 850 sq ft for a one-bedder or 1,250 sq ft for a two-bedder.
The development will reportedly feature two separate lobbies and two entrances – one in Jalan Bukit Bintang and Jalan Raja Chulan.
With a gross development value of RM1.2 billion, Pavillion Suites is expected to be completed in 2017. The first nine storeys of the development will be retail floors, while the rest will be occupied by the residential units.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
(Source From propertyuguru.com.my)
Link From:
http://www.propertyguru.com.my/property-news/2015/5/93498/pavilion-suites-sets-new-record
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