Park Seven, KLCC

Park Seven (also known as Park 7) is an exclusive and luxurious high-end condominium residing among towers and buildings in KLCC enclave. It is well located along Persiaran KLCC with greenery in the compound and surrounding area.

Being one of its kinds, Park Seven is the first earthquake resistant residential buildings in the country. Besides that, it was developed according to “back-to-basic” and contemporary design philosophies, in which natural materials such as fair-face concrete, polished granite and timber were used for construction.

There are also several unique features at Park Seven, including private lift lobbies, 270-degree views, a double-volume open concept facilities deck, a flat slab building concept for optimal ceiling height and flexibility in planning. On overall of its facade and interior, Park Seven features hues of grey and charcoal theme colors.

Park Seven is built with a number of high-end residential, embassies and state palaces as its neighbors. It is located next-door to Stonor Park, The Binjai, and soon to be built The Pearl. Royal neighbors staying nearby are Istana Kelantan and Istana Terengganu. Plus, it is also near to Belgium, Philippines, Germany, Pakistan and Vietnam embassies.

As for amenities and facilities, there are several shopping malls within 2 kilometer of radius including Suria KLCC and Bukit Bintang enclave, which comprises of Pavilion KL, Lot 10, Starhill Gallery, Sungei Wang Plaza, Berjaya Times Square, and BB Plaza. All these shopping heavens offer almost everything from designers clothing to daily groceries needs.

Moreover, the surrounding area is also mushroomed with numerous fancy dining and café including Victoria Station in Jalan Ampang and Chulan Square that offers a row of classy restaurants to name a few. For nightlife excitements, residents can always have drinks and chill with friends and colleagues at a handful of clubs and bars located in the Bukit Bintang triangle around Jalan P. Ramlee. And for golf enthusiasts, Royal Selangor Golf Club is just within 300 meters.

Property Details

• Name: Park Seven (also known as Park 7)
• Address: Persiaran KLCC, Kuala Lumpur
• Developer: SDB Properties
• Completion Date: March 2008
• Type: Condominium
• Tenure: {Tenure}
• No. of Blocks: 7
• No. of Storey: 20
• No. of Units: 105
• Land Area: 1.58 acre
• Built-up: 2,257 – 7,192 sf
• Launch Price: RM640 psf
• Subsale Price: {Price Range}
• Rental: {Rental Range}

Layouts

• Type D1 (2,257 sf) (2+1)
• Type D (2,291 sf) (2+1)
• Type B1 (2,777 sf) (3+1)
• Type B (2,808 sf) (3+1)
• Type E (3,083 sf) (3+1)
• Type A (3,602 sf) (4+1)
• Type C1 (4,354 sf) (5+1)
• Type C (4,427 sf) (5+1)
• Type B1P (5,490 sf) (5+1)
• Type BP (5,553 sf) (5+1)
• Type EP (6,105 sf) (5+1)
• Type C1P (6,552 sf) (5+1)
• Type CP (6,624 sf) (5+1)
• Type AP (7,192 sf) (6+1)

Facilities

• 24-hour security
• Private lift with key card access
• Covered car park (2 to 4 parking spaces per unit)
• Lap swimming pool
• Heated swimming pool
• Ponds
• Gymnasium
• Yoga and Pilates centre
• Multi-purpose room
• Children’s play area

Analysis

Staying in Park Seven, one would really enjoy a luscious living in the “bungalow in the sky”. With 270-degree panoramic view, it offers KLCC Park and panoramic KL modern city views. But KLCC view which once enjoyed by half of the units seem to be gone with The Binjai built right in-front of the building.

According to the developer, Park Seven was launched to public on March 2005. This high-end residential was successfully sold out in June, 2007, 12 months before its completion in March, 2008. The buyers comprise or more than three quarters of locals and the rest are foreigners. Until the end of 2008, only 25% of the units were occupied.

Location-wise, both thumbs-up should be given to Park Seven. Even though it is located in prime and most hectic spot in Kuala Lumpur, but the luxury condominium is situated in a less scattered area in between of Persiaran KLCC, Jalan Stonor and Jalan Kia Peng. It is also within walking distance to KLCC Park, but requires residents to take a short drive for Suria KLCC and also clubs and pubs around Jalan P. Ramlee.

If you need to commute more than 5 kilometers from the area, the traffic congestion will be a living hell. You cannot escape to get stuck in traffic jam if you drive along Jalan Ampang, Jalan Tun Razak, Jalan Sultan Ismail, Jalan Raja Chulan and Jalan Bukit Bintang. The traffic congestion is worse during peak hours. You might spend 10 minutes for each 100 meters from the center of the city to get back home at 6 pm.

Unlike Mont Kiara, KLCC enclave may not be very suitable for expatriates with kids to live. There are not many international schools around the area, where the closest schools would be Fairview International School, Sayfol International and Alice Smith International School for primary students. Even though most of these schools are located in Ampang Hilir, fortunately there are shuttle buses that ferry students to various international schools at various pickup points in KLCC.

Even though the units are all bought, but the units are around 25% being occupied for the time being. The price changes of Park Seven seem interesting, which the price has reached RM1,600 to RM1,800 psf after completion in 2008. But it was only temporary, as in 2009 the price dropped to RM1,350 psf. Perhaps, the scenario was reflected by low demand and the price was push by investors to gain maximum return in such short period.

Due to lack in demand, high holding cost as well as rising high-end residential supply in the area, the price dropped and seems to fall further until market recovers. This is not an awkward phenomenon, as other residential in the area such as Idaman Residence, Stonor Park, Dua Residency and 2 Hampshire are also suffering the same fate.