We know that being in close proximity to a capital city can contribute to a neighbourhood’s level of star power as is the case with KLCC. In other instances, amenities such as high-end malls, international schools and luxury eateries draw in the high-income crowd like in Mont Kiara, Bangsar and KLCC again.
But beyond that, what exactly makes an affluent neighbourhood and how much more can it offer potential buyers, investors and renters? We review four essential factors to help answer these questions:
1. Access to Luxury Properties
When considering high-class postcodes, the actual housing available needs to be worthy of potential occupants. Residents would prefer not having to choose between buying the neighbourhood or the home. A truly lavish neighbourhood will give its inhabitants quality property options that are nevertheless expected to be pricier. Here’s a look at the upcoming luxury property options available in these three well-heeled neighbourhoods:
KLCC: As one of Asia’s most prominent cities, KLCC’s property market continues to build for expats and affluent locals. However, with concerns about the scarcity of space, developers mull the reduction of individual property sizes as well as pricing. This presents a homeownership opportunity for those in the middle-income bracket even if property sizes are likely to be around 400 to 600 square feet. Look out for these upcoming developments in KLCC: Three28 Tun Razak, 8 Kia Peng and The Manor.
Bangsar: Note that many upcoming properties in Bangsar are focussed in Bangsar South such as the serviced residences and condos of Novum and KL Gateway. This is perhaps due to a lack of development space and land price in old Bangsar. Options outside of Bangsar South include Nadi Bangsar , located in Jalan Tandok.
Mont Kiara: With a wealth of upcoming luxury properties, the younger Mont Kiara has Bangsar beat but is almost level with KLCC. Some properties to consider are Residensi 22, Arcoris , TWY Mont Kiara and Pavilion Hilltop .
Living in an upper-crust neighbourhood in Malaysia does not exclude its residents from the subject of crime. In fact, these are sometimes targeted zones for petty crimes. In all likelihood, residents are safe in the confines of their home and immediate vicinity due to multi-tiered security usually in place in luxury residential buildings. The situation outside the home is something else altogether. Here’s how the neighbourhoods compare in terms of security:
KLCC: Being a city centre, higher levels of crime are expected here but worryingly though; crimes reported range from mild to severe threats that include violent burglary.
Bangsar: This older neighbourhood reports an average level of crime but thanks to community policing by residents’ associations within the localities of Bangsar, namely Bangsar Baru, security has been improved.
Mont Kiara: The level of crime here is also reported to be average but residents do have to contend with the threat of snatch thieves.
3. Property Sale Prices
While what we may consider expensive or fair in terms of price is generally subjective, homes in these affluent neighbourhoods are typically reserved for those in the high-income bracket. So what kind of pricing can we expect from housing in luxury areas? Take look at the property sale prices as per PropSocial’s data for KLCC, Bangsar and Mont Kiara:
KLCC: Unfurnished properties in KLCC sized at approximately 1,000 square feet sell for about RM1.2 million to RM1.6 million and this includes developments like KL Trillion (RM1.63 million), Marc Service Residence (RM1.65 million), Idaman Residence (RM1.3 million) and myHabitat KLCC (RM1.2 million). On PropSocial’s For Sale page, the most expensive unfurnished property listed is the penthouse at The Binjai on The Park selling for RM22.2 million. Conversely, the cheapest unfurnished property available in KLCC is a 400-square-foot SoHo priced at RM458k at the M 101° SkyWheel.
Bangsar: Prices for unfurnished properties in Bangsar circle around RM700, 000 to RM1 million (e.g. Tivoli Villas and Pantai Towers) for properties that are sized at approximately 1,000 square feet. But this isn’t exactly the norm as many properties come furnished and are much larger in general. The most expensive unfurnished property listed on PropSocial’s For Sale page is a seven-bedroom, 10,500-square-foot bungalow selling for RM17million in Bukit Pantai. On the hand, the cheapest available is a 705-square-foot condo priced at RM515k in Bangsar Permai.
Mont Kiara: Homes sized at approximately 1,000 square feet and that are partially or fully furnished in Mont Kiara average RM800, 000 to RM1.1 million (e.g. Verve Suites and i-Zen Kiara I). Like Bangsar, property sizes are usually larger and possibly due to an expat residential majority, often include some furnishing. The most expensive property listed on PropSocial’s For Sale page is a 6,800-square-foot bungalow at The Residence selling for RM9.8 million. The cheapest available unfurnished property listed is a 620-square-foot studio priced at RM520, 000 in Kiara 163.
From the data, KLCC appears to be the most expensive, followed by Bangsar and Mont Kiara.
4. The People
High-end neighbourhoods often house people of wealth and position in society but is this important when choosing a place to live? On a logical and civic level, integration should be valued above racial or social clustering. However, on an emotional level; homeowners and renters may prefer a neighbourhood with a higher concentration of people from their own ethnicity and social status. Investors on the other hand would place importance on looking for a residential subset with higher income, namely expats or professionals. Here is what the ethnic makeup looks like for these three neighbourhoods:
KLCC: According to PropSocial data, this neighbourhood is mostly inhabited by non-Malaysian and Chinese residents with smaller numbers of Malay and Indian ethnicities.
Bangsar: This neighbourhood has a rather even distribution in terms of Malay, Chinese and Indian residents. In addition, it is also the only one among the three we are comparing that has very a low number of non-Malaysian residents.
Mont Kiara: The largest ethnic group here is made up of non-Malaysians (approximately more than half), followed by Chinese residents. Malays and Indians fall below 10% and 5% respectively.
Even though we have the facts drawn out, people will always have their favourites. Which of these neighbourhoods do you find to be the most exclusive?
Learn about property prices in other neighbourhoods as well as discover hot upcoming properties and much more with PropSocial’s Neighbourhood / Property Info & Ratings Page.