Alpine Return Sdn Bhd, a joint-venture company between Symphony Life Bhd and United Malayan Land Bhd (UMLand), has launched Star Development’s third residential tower — Ascott Star KLCC Kuala Lumpur.
Located along Jalan Yap Kwan Seng, Ascott Star KLCC Kuala Lumpur is a 58-storey tower that houses 471 fully furnished serviced residences ranging from 700 sq ft 1-bedroom studios to 2,972 sq ft 4-bedroom apartments.
“The majority of the units are bite-sized and affordable with average sizes of about 800 sq ft and starting prices from RM1.6 million onwards,” said Alpine Return chief operating officer Alan Koh.
Ascott Star KLCC Kuala Lumpur is slated for completion by mid-2021 and is targeting to commence operation by July that year.
Once completed, it will become one of the tallest residential towers in the KLCC vicinity, he added.
Koh was speaking at the official launch of the tower and signing ceremony between Alpine Return and international serviced residence operator The Ascott Ltd today.
The signing ceremony marks an agreement entered by both parties to enable Ascott to manage 353 units in the tower with a 10-year contract, with the option for a further 10-year extension.
The remaining 118 residences units, which are not managed by Ascott, shall be owned by property owners who can choose to stay and appreciate the quality a la carte services to be offered by Ascott, said Koh.
“[For the 118 units], our key target market is not just the local but also overseas buyers, who mainly from China, Hong Kong, Korea, Japan and Taiwan. The tower has gathered about 100 enquiries so far with strong enquiries from overseas. The average price psf is about RM2,450,” he added.
On the other hand, Ascott will be targeting employees in the oil and gas, banking, finance and telecom industry as well as leisure travellers for the 353 units.
Formerly known as Star Residences Tower 3, Ascott Star KLCC Kuala Lumpur is part of the RM3 billion Star Development, which is sitting on a 4-acre freehold site.
Star Development is a mixed development that consists of the 57-storey Sky Residences Tower 1, the 58-storey Sky Residences Tower 2, Ascott Star KLCC Kuala Lumpur and Star Boulevard, which comprises five blocks of 6-storey units for retail, food and beverages and entertainment.
Towers 1 and 2, which comprise 557 and 482 units each, were launched in 2013 and 2016, respectively.
Tower 1 is completely sold out and the take-up rate for Tower 2 stands at 90%, said Koh. “About 40% of the buyers in Tower 1 are from overseas, while the balance are local buyers. For Tower 2, the breakdown is around 50:50.”
With built-ups from 625 sq ft, the units in Tower 1 were sold at RM1,700 to RM1,800 psf. The units in Tower 2, which have a similar built-up as Ascott Star KLCC Kuala Lumpur, have an average price of RM2,200 psf.