CITY living is becoming trendy again, going by the number of new residential launches underway and planned within the Kuala Lumpur city centre and its peripherals.

A bustling city life will be a boon for the real estate market as more residences and related infrastructures needed to be built to accommodate the growing demand, especially from the young professionals who want to be among the chic city dwellers.

Most of the growing city populace are keen to take advantage of the conveniences available to them, including the improving infrastructure network and the proximity to their workplace.

Quite a number of high-end residential developments, especially luxurious condominiums, are underway and they have reportedly turned in pretty good sales.

The strong take-up of these residences is a sign of the people’s changing lifestyle and higher affluence. These condominiums do not come cheap but have prices from RM500 to more than RM1,000 per sq ft (psf).

If the pricing of the residential component of the Kuala Lumpur City Centre (KLCC) project, The Binjai, is an indication of present times, the asking prices of RM1,200 to RM1,300 psf have definitely set the benchmark for luxurious city living right in the heart of Kuala Lumpur. With the smallest unit starting from 2,300 sq ft and the biggest being 7,000 sq ft, the condominiums will be priced from a whopping RM2.8mil.

Most of the ongoing developments in Kuala Lumpur, especially around the KLCC precincts, are residential projects as developers are still cautious of moving into the office sector due to an overhang in office space.

However, there are signs that demand for grade A office space is showing a comeback and this will get office projects moving again.

The developer of CapSquare, Capital Square Sdn Bhd, sees it is timely to get its project going again after putting it on hold for the last five years. Capital Square is a subsidiary of Bandar Raya Developments Bhd.

The integrated mixed-use development kicked off in the early 1990s and the first office tower, Menara Multi-Purpose, was completed in 1994. The residential component was supposed to be launched in 1999 but the plan was deferred when the regional financial crisis hit the country then.

Bandar Raya group general manager for marketing and sales Rohan Cavaliero said the plans were sent back to the drawing board for redesigning and the result was the market-driven products that would better meet the needs of the more discerning and sophisticated buyers of today.

Based on the response for the first block of CapSquare Residences at its recent launch, where sales topped more than RM100mil, the project has attracted quite a good following.

''Quite a number of corporate buyers have also shown interest in the four signature office buildings in CapSquare. Construction of the project is expected to kick off in the first quarter next year for completion in two years''

Expressing confidence for both the residential and office components, he said: ''Besides being a premier business and residential address, CapSquare will also be the happening hub offering an array of new lifestyle excitements for the business community and residents here.''

Source : The Star 13/12/2004