Experiences are augmenting the significance that goes into buying a particular branded property.
Rich millennials are spending on experiences like paying for personalised service and customisation.
What sets them apart is their willingness to pay more for better comfort or service during these experiences to match their lifestyles.
That explains why a large number of high-net-worth individuals bought a unit at The Ritz-Carlton Residences, Kuala Lumpur, a name that is synonymous with distinction.
The Ritz-Carlton Residences is first of its kind luxury serviced residences in Malaysia. It offers standards of service excellence that hold legendary status like prestigious entrance drop-off, free valet, doorman and 24-hour concierge service.
Besides the grand reception lobby, there are a special guests’ waiting lounge and exclusive residential lift lobby.
The Ritz-Carlton Residences is one of two towers at Berjaya Central Park that is built on a 1.216 ha site at the prestigious Jalan Sultan Ismail, opposite the Renaissance Hotel and beside the Concorde Hotel.
The other tower is Menara Bangkok Bank, a Grade A office tower.
Berjaya Central Park is developed by Wangsa Tegap Sdn Bhd, a subsidiary of Berjaya Corp Bhd (BCorp), which was founded by Tan Sri Vincent Tan and is one of Malaysia’s largest and well-known conglomerates.
The Ritz-Carlton Residences has a total of 288 units of one-, two-and three-bedroom suites as well as penthouses ranging from 1,023 sq ft to 4,284 sq ft. The total gross development value (GDV) is RM1.4 billion.
According to Berjaya Land Bhd (BLand) senior general manager (properties marketing) Tan Tee Ming, close to 60 per cent of the units are either sold or currently on lease, mostly to foreigners where a large number are Japanese.
BCorp launched the residences in 2015 at an average price of RM2,500 per square ft (psf). Each unit has a fully-fitted designer kitchen and bathroom as well as wardrobes.
“We are currently selling at RM2,558 psf. At this price, we undercut our competitors by a significant amount. There is an option to purchase the units with ID (interior design). For these units, we are selling them at RM2,800 psf,” Tan told NST Property.
He said BCorp is selling the penthouses at an average price of RM3,000 psf (bare unit), or the most expensive at RM10.8 million (3,200 sq ft), which is fully furnished with ID.
“There are 16 penthouses on Level 45 to 48 (four units per level), of which nine have been sold and two are reserved,” said Tan.
The residences are not owned, developed or sold by The Ritz-Carlton Hotel Company L.L.C. or any of its affiliates. Wangsa Tegap uses The Ritz-Carlton mark under a licence from an affiliate of The Ritz-Carlton Hotel.
The residential living at The Ritz-Carlton Residences is summed up in five words — gracious, intuitive, expressive, timeless and prestigious.
Always warm and inviting, the residences offer a lifestyle of “permanent elevation”, said Tan.
Residents can expect a superior standard of living unlike anywhere else in the city, with exceptional facilities, luxuriously appointed residences, and the legendary service excellence of The Ritz-Carlton, he said.
The residences provides a five-star luxury living with personalised services such as 24-hour concierge and housekeeping services as well as security and lifestyle facilities.
Every penthouse has its own private lift, floor-to-ceiling windows and designer fittings and appliances with layouts that maximise the space and views.
Besides the exceptionally rewarding services, people are attracted to The Ritz-Carlton Residences as it is located within the city’s main business, shopping, entertainment and historical districts, just five minutes away from the iconic Petronas Twin Towers and walking distance to KL Forest Eco Park, one of the oldest permanent forest reserves in Malaysia.
The Bukit Nanas Monorail line is also right next to the building, linking residents to every major destination in Kuala Lumpur and also the airport via the KL Sentral transport hub in Brickfields.
“We are now marketing The Ritz-Carlton Residences in Hong Kong and are bullish on the take-up as our properties are up to 20 times cheaper than theirs. People in Hong Kong want an option to live somewhere else. They have a home in countries like Canada, but they are now targeting an Asian country. They may look at Singapore, but the properties there are very expensive. Jakarta is another option, but traffic there is a problem.
“Despite the change of government and 1MDB issues, the Hong Kong people like our country as it is peaceful. There is a lot of hope in this new government,” said Tan.
He said BCorp will target the Japanese market for the remaining units at The Ritz-Carlton Residences.
“A lot of Japanese come here during the winter month or when there is an earthquake in their country. They are looking for a second home,” said Tan.