The Binjai (also known as The Binjai On The Park) is a luxury condominium developed by Layar Intan. The developer is a subsidiary of KLCC Holdings, which in turn is the parent company of Bursa Malaysia-listed KLCC Property Holdings. KLCC Property is the real estate arm of national oil company Petronas.
The Binjai which was completed in end of 2008 consists of two towers, a 44-storey and a 45-storey condo with a total of 171 units. This condo was designed by world class architecture firm, Allen Jack and Cottier from Australia.
The Binjai is located along Jalan Binjai overlooking the KLCC Park. This condo is easily accessible via major road networks such as Jalan Ampang, Jalan Pinang, Jalan Tun Razak, Ampang-Kuala Lumpur Elevated Highway (AKLEH), Jalan Yap Kwan Seng, etc.
The Binjai is also close to amenities such as shopping malls (Suria KLCC, Avenue K), KLCC Park, Kuala Lumpur Convention Centre, Petronas Twin Towers, Twin Towers Medical Centre, embassies and high commission offices, LRT stations, food and beverages outlets and many others.
When one travels along Jalan Binjai, a new addition to the KLCC skyline would be noticeable. The Binjai has unblocked panoramic views of the Petronas Twin Towers and the surrounding skyscrapers in the city. This has certainly made it stand out amongst the other luxury developments within the area. When this property was launched, it was nominated as the most expensive luxury condo in Malaysia.
Even though The Binjai is nominated as one of the most expensive luxury condos, many have regarded the exterior of this condo as similar to medium cost apartments. This could possibly be due to the exterior building design as well as the awkward color combination.
During the construction stage, level 44 of tower B was reported to have caught fire which was believed to be due to welding works. The fire was also said to be restricted to the roof and none of the units caught fire as it had only affected the framework. Even though there was an assurance and public statement given by the spokesperson of the developer, many buyers were still doubtful on the impact the fire had left on the building’s structure. Thus, buyers need to take into consideration of this incident, as it could have had a negative effect to the building, which could further risk the safety of the building / units.
Apart from that, buyers should also take note that there will be a future development at nearby area. The Binjai II, which is yet another development under the same developer Layar Intan (through KLCC Property Holdings) would be developed. The construction of this new development would certainly contribute to dust and noise pollution.
In the local property market, the KLCC area is yet another favorite spot for property owners particularly among expatriates and the affluent group. This highly sought after location has always been a target amongst property investors as it is claimed to be able to provide promising rental returns as well as high capital appreciation. As The Binjai is located within this up market area, it is also an advantage to property owners of this luxury condo in terms of property investment.
Further to the location factor, the traffic congestion is a norm within the KLCC area. Being located amongst the other up market residential and commercial buildings in Malaysia, one of the major drawbacks of living in this area is the heavy traffic flow. Even though property owners need to endure the daily traffic issue, they still get to enjoy the convenience of having amenities which are within walking distance.
It is also important to take note that the KLCC area is a densely populated area. Even though The Binjai is a low-density development, the whole area is already very packed with buildings. As such, the condo’s strategic location might not appeal to some people, particularly those who prefer the less hectic lifestyle in areas with less traffic issues.
In view of the condo’s pricing, The Binjai was previously nominated as one of the most expensive condos in Malaysia. With that, it is definitely not surprising to find that the condo has a high service / maintenance charge of RM1.10 psf. As most of the other luxury condominiums are also priced within this range, albeit with a slightly lower service / maintenance charge, buyers are expected to take into consideration on the easy access from The Binjai to KLCC Park.