It is safe to assume that most of Malaysia’s ambitious working public is centered in the center of Malaysia’s capital itself; KLCC. This is no surprise considering how most of the big multinational corporations and big-name firms based in Malaysia are usually based in the city center itself.
However, another safe assumption is that a large percentage of the people who make up the city center’s working force are not city dwellers, preferring to live outside Kuala Lumpur due to one obvious reason; living costs.
The reason why the Klang Valley’s main highways such as the Federal Highway, the LDP, the KESAS and such are always overloaded with traffic in the morning and evening of every day is the fact that most of the people who work in Kuala Lumpur need to drive to work from where they live and because it is usually too expensive to reside in the city center or anywhere really close to it, most of these cars are commuting from more affordable residential areas such as Cheras, Puchong, PJ and the list goes on.
With everyone basing their residential location based on the fact that KL is too expensive to live in, have you ever wondered how much it really cost to live in an apartment where you can see the twin towers from your balcony?
The truth is, everybody’s perception is right in the sense that the prices of residential property within Kuala Lumpur reside in the range of millions. The Pavilion Residence Condominium for example, which is connected to potentially Kuala Lumpur’s hippest of the city’s many new malls, Pavilion, calls for a price in excess of RM3 million for a unit that measures 2600 square feet.
A basic condominium unit in One KL on the other hand costs more than RM6 million whereby your money gives you a 3600 square foot duplex. The cheapest unit at the Binjai condominium requires 4 million of your hard earned ringgit and that is only for a condominium with roughly 2000 square feet. Obviously you have to be really wealthy to even consider life in the city but are they all truly that expensive?
It is interesting to note that the property examples mentioned earlier are not just located in Kuala Lumpur. They are literally within walking distance to KLCC which is a factor that can already bump property prices by a million or two by default. Therefore, finding something cheaper some kilometers away from the heart of KL is possible but cheaper does not necessarily mean affordable.
To be safe, we should stick to the rule that anybody who wants to stay in Kuala Lumpur should be a millionaire at the very least, or perhaps be closely related to one. Examples such as D’Mayang, Hampshire Place and One Jelatek are all condominiums within Kuala Lumpur but require at least a train ride to get to KLCC and these condominiums range from about RM700,000 to RM1.5 million depending on the buildup area which is nowhere near those of the multimillion condominiums around the city center itself.
If you search intensively, you will find out that it is actually possible to obtain property in close proximity to KLCC at this price and one example is Marc Residences but even though an RM850,000 unit still costs below a million, what you get is only a 650 square foot studio apartment.
At the end of the day, the assumptions and instant fear of Kuala Lumpur property prices are not without their reasons. Expensive is an understatement for living in the city. When scouring KL property prices, you start to get the idea that anything just under a million is cheap but when you consider how you could get a bungalow at that price if you are willing to survive a 30 minute drive to the city, the prices of those luxury condominium suddenly seem like something quite bonkers for the average Malaysian taxpayer.