The Binjai On The Park in Kuala Lumpur City Centre (KLCC) received overwhelming response with nearly a third of the total 171 units snapped up in two months.

The premier development, with views of the iconic PETRONAS Twin Towers and conveniences just a stone’s throw away, costs an average of RM3,000 psf. Its freehold residential address is the only such one in the KLCC precinct.

Chief executive of Layar Intan and KLCC Property Holdings, Hashim Wahir, said the buyers are “a good mix of businessmen, professionals, entrepreneurs, old money as well as new money”.

Hashim believes that The Binjai’s 20 per cent premium to other similar developments is not unreasonable despite the global meltdown in stock markets and a worldwide recession, which could be a damper for big-ticket items.

Layar Intan, the developer of The Binjai, is a subsidiary of KLCC Holdings, which is in turn the parent company of Bursa Malaysia-listed KLCC Property Holdings. KLCC Property is the real estate arm of national oil company PETRONAS.

Both the parent and listed companies are touted to have a ‘virtual monopoly’ on the existing commercial properties surrounding the KLCC precinct. Two of its most well known properties in the area include the PETRONAS Twin Towers and Suria KLCC shopping mall.

About 1,000 people have registered their interest in The Binjai, with 51 individuals having already put down a deposit for units that cost RM6 million upwards each.

The starting price reflects a different class of owners while prospective buyers are by-invitation only and vetted. A third of those who have bought units are foreigners, mostly expatriates who live in Malaysia or who often travel here.