The Avare, KLCC

The Avare is a super luxurious condominium offering 6-star living style in the heart of Kuala Lumpur City Centre (KLCC). It is a joint-venture project between TM Facilities a Telekom Malaysia’s wholly owned subsidiary) with Magna Prima.

Elegantly designed with only two units per floor forming a butterfly shape, The Avare is also the first condominium in Malaysia having glass curtain walls with stainless sunshades and trims. These features allow its residents to enjoy a 180° of panoramic city view from each of its unit, and even 360° view of the iconic Petronas Twin Towers, the Royal Selangor Golf Club, and the city skyline if they buy two units on the same floor.

Originally priced by the developer at RM3.1 mil to RM8 mil, The Avare was obviously targeted for wealthy buyers. However, despite of the high selling prices, more than half (or 45 units) were sold during its soft-launched in May 2005 alone, including the two penthouses that come with private pools. All units were subsequently sold out in October 2007, far before its then estimated completion date in 2009. The buyers were mostly foreigners, including Singaporeans, Hong Kongers, Indonesians and Americans, while Malaysians made up about 40 per cent of the buyers.

Property Details

• Name: The Avare
• Address: Lorong Kuda, Off Jalan Tun Razak, Kuala Lumpur
• Developer: Embassy Court (a subsidiary of Magna Prima JV with TM Bhd)
• Completion Date: 2009
• Type: Condominium
• Tenure: {Tenure}
• No. of Blocks: 2
• No. of Storey: 41
• No. of Units: 78 (only 2 units per floor)
• Built-up: 3,800 – 7,600 sf
• Maintenance Fee: RM0.50 psf
• Launch Price: RM3.1 – RM8 mil
• Subsale Price: {Price Range}
• Rental: {Rental Range}

Layouts

• Standard (3,800 sf)
• Super Deluxe (7,600 sf)
• Duplex Penthouse (7,600 sf including swimming pool) (2-level)

Facilities

• 3 covered car park spaces for a unit
• Broadband access
• State-of-the-art security systems
• Central chilled water air-conditioning
• Four lifts dedicated to serve the two units on each floor
• Fully equipped social kitchen
• 24-hour concierge
• Residential butler
• Secretarial services
• Residents’ lounge and gym
• Deluxe outdoor pool
• Personal limousine service

Analysis

Standing on the Lorong Kuda, off Jalan Tun Razak, The Avare puts you right in the center of Kuala Lumpur’s world class facilities and amenities. Residents with families will find the location very convenient as clinics, hospital, international schools, supermarkets, malls, banks together with entertainment and leisure spots are reachable within a few minutes by car, and some even by foot. However, since the area also features a lot of office buildings and hotels, traffic congestion are usually quite bad during office hours.

With only two units per floor, The Avare offers exclusivity and privacy to its residents. Each of its typical units (3,800 sf) has four bedrooms with en-suite bathrooms, maid quarters which is smartly connected to a discreet service entrance, a social kitchen, and a wet kitchen for Asian cooking. How is that for versatility?

The Avare has two special units of super deluxe (7,600 sf) which are specially designed to occupy the entire level 16 and 38. There are two duplex penthouses (7,600 sf each) on level 40, occupying the top two floors of the building. The residents of these duplexes are able to enjoy the luxury of their very own garden and swimming pool.

In terms of architectural design, The Avare is definitely one of the most stylish and modern residential constructions within the KLCC area. The building has even won the CNBC Asia Pacific Award in the year 2008 for the category of Best High-Rise Development. However, as the building is fully clad by glass curtain, some people find the design too “clean” for a condominium and have a more “office-tower” look rather than a residential look.

Currently, The Avare’s subsale prices are ranged between RM3.9 mil up to RM11.9 mil. Although the prices may seems far above the grounds (and keep going up), the developer confidently said that The Avare does promise good value for money. With rental values that could go as high as RM18,000 per month, it is estimated that one unit could fetch a 7% rental return per annum, and even 8% to 9% for a semi-furnished unit. Furthermore, its lavish 6-star-living facilities including residential butler and personal limousine service, make the prices seem reasonable for its class.

Platinum Park, located next to The Avare, is one of the developments currently under construction in the area. Upon completion, this integrated development will bring more value to the neighborhood. The entire development of this “Ultimate Address” will comprise of office towers, shopping malls, and luxury condominiums. It has a gross development value (GDV) of RM3.5 billion in total.

Nevertheless, The Avare might not be a wise investment option considering its extremely large built-ups and high prices which already exceeds RM3 mil, except for the wealthy few with very strong holding powers. Not many people would be able to afford subsale prices of RM4 mil and above, and not many people would be willing to pay rental expenses for high above RM10,000 per month. However, for own-stay, The Avare would definitely be one of the few perfect condominiums in Kuala Lumpur.