Four Seasons Place KL buyers mostly Malaysians

NST, March 24, 2014

By SHAREN KAUR

RM3,000 PER SQUARE FEET: Some even paid cash for units priced from RM3m upward.

MALAYSIANS bought the majority of the private residences at the RM3 billion Four Seasons Place Kuala Lumpur, which transacted at a record RM3,000 per square feet, sources said.

According to the sources, some buyers even paid cash for the properties but they declined to reveal the names of the buyers.

The Four Seasons Place is a 1.5 million sq ft integrated development owned by Venus Assets Sdn Bhd and is located next to the Petronas Twin Towers.

It is being constructed on a 1.04ha site that the company acquired for RM90 million in 2003 from the estate of the late Khoo Teck Puat, a former shareholder of Standard Chartered Plc.

Venus Assets is controlled by Ipoh-born Singapore tycoon Ong Beng Seng, businessman Tan Sri Syed Yusof Syed Nasir and the Sultan of Selangor, Sultan Sharafuddin Idris Shah.

The company's director, Datuk David Ban, also has a stake in the development.

The 65-storey Four Seasons Place will house the 231-room Four Seasons Hotel and its 242 units of private residences atop a 300,000 sq ft upscale retail mall.

The residences which will take up 42 floors, comprising 232 typical units (1,098 sq ft to 3,843 sq ft), eight duplex (6,512 sq ft to 7,039 sq ft) and two penthouses (11,984 sq ft).

Around 70 per cent of the residences have been sold since May last year, including the eight duplexes, a source told Business Times.

At RM3,000 psf, this means that the typical units were sold at between RM3 million and RM12 million, while the duplexes were offered at more than RM20 million each.

The two penthouses are worth about RM38 million each.

It is understood that Ong will keep one of the penthouses while the second unit will be sold to a ready buyer at RM3,300 psf.

"Most of the buyers are not speculators. They are collectors who want to keep the units they bought because of the location and the Four Seasons brand name," the source said.

The Four Seasons Place, when completed, will be Malaysia's second tallest skyscraper after the Petronas Twin Towers.

The residences will provide the ultimate in prestige and exclusivity for owners with a rooftop sky lounge, private dining pavilions and a swimming pool 330m above ground level.