3 Kia Peng is a serviced apartment located opposite of the Kuala Lumpur Convention Centre and within minutes of walking distance to Petronas Twin Towers. It is developed by Hong Leong Group. The group is based in Singapore, and its property development arm GuocoLand Ltd is a major developer in its home country. It has also undertaken several developments in Orchard Road, Mount Sophia and Leedon Heights in Singapore.
3 Kia Peng is a high rise serviced apartment that houses 139 units in total. It is colored with Brazilian ‘Red Capoa Bonito’ granite on the outer building and its design is inspired by Neo-Classical design. Facilities available include fully equipped fitness center, spa, lounge-bar, snooker room, multi-purpose hall, luxurious main lift lobby, exclusive waiting lounge and around the clock security.
Location-wise, 3 Kia Peng is located strategically within few minutes of walking to numerous amenities and facilities. It is a great place to reside for one who work around the area, as it is walk-able to most of high-rise prime office towers around the area including Exxon-Mobil Tower, Kenanga International building, MISC building, Etiqa Twins and Menara HLA. Besides neighboring office towers, 3 Kia Peng is also nearby prime shopping malls, as one can walk to Suria KLCC and also Pavilion.
Not only that, being just next to the Bukit Bintang vicinity, there are several other shopping mall within close proximity to 3 Kia Peng including Sg Wang Plaza, Lot 10, KL Plaza, Starhill Gallery, Times Square and BB Plaza. Plus, 3 Kia Peng is also within walking distance to rows of bars and clubs along Jalan P Ramlee, namely The Beach, Nouvo, Rum Jungle, and Aloha. For recreation, one can jog in KLCC Park. Furthermore, it is also very close to Embassy of Philipines and Embassy of Belgium.
Unlike most of the residential located within KLCC enclave, only few units at 3 Kia Peng can enjoy the scenic view of the twin towers right from their unit. This is due to the building position towards south-west instead of north-west to totally take advantage of the view. For units that facing north-east, residents can enjoy lush greenery view of the Royal Selangor Golf Club.
As 3 Kia Peng is located within the Golden Triangle of Kuala Lumpur, the residents have to bear the cost of this exclusivity by traffic congestion every single day and night as Jalan Kia Peng is a main road for people commuting to work and leisure activities. Besides traffic congestion, residents have to suffer bad air quality from massive crowds of vehicles passing by every single day. Also, numerous developments within close proximity contribute air pollution as well.
Moreover, there are several under developments within short distance from the residential such as Glomac Tower on the corner of Jalan Pinang and Jalan P Ramlee, and two high rise office towers located along Jalan Perak. As the development will commence soon, it will contribute to air and noise pollution.
In 2008, a Korean developer has acquired 0.4 ha of commercial land along Jalan Kia Peng for RM2,500 psf, which hit the record breaking price in the country. The land was acquired to build a luxury one-block residential. And the developer said that the residential is targeted for Korean and local market. Thus, each unit for this planned development is likely to be tagged at least RM1,000 psf.
Besides, there is another residential under development at the end of the road, Ampersand, which seems more appealing, were launched at RM750 psf. It is planned to be completed in January 2010. In terms of rental, The Forum is tagged at RM2.00 psf, while Sri Kia Peng is tagged at RM3.00 psf, and Menara Pinang is tagged at RM3.80 psf. Therefore, we can assume that 3 Kia Peng is rated within average rental rate at RM3.30. Meanwhile, in terms of investment, at RM800 psf of sub-sale price, its rental yield is very low at around 4%. Therefore, one should consider other options such as Park Seven or Ampersand.
3 Kia Peng, KLCC
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