- The Building: What Makes The Troika Different
- Capital Growth: What The Numbers Show
- Rental Performance: Consistency as the Key Strength
- Management Quality: The Factor That Separates The Troika
- Current Buying Opportunities and Value Assessment
- FAQ
- Is The Troika KLCC still worth buying in 2024, given that it’s a leasehold building?
- Which units at The Troika have the best investment case?
- How does The Troika compare to Marc Residence for long-term investment?
- Internal Links
The Troika KLCC has been in the market long enough to have a real track record. This investment performance review looks at capital growth, rental yield, management quality, and whether it still makes sense to buy in 2024. For official market data, see the National Property Information Centre (NAPIC).
The Troika has been part of the KLCC residential landscape long enough to have a genuine investment track record — not just projections and developer promises, but actual transacted prices, real rental histories, and a documented story of how the building has performed through multiple market cycles. That track record is more valuable than any amount of forward-looking optimism, and it’s why The Troika continues to generate serious investment interest despite being far from the newest building in the KLCC market.
This review looks at what the numbers actually show, what residents and investors say about the building, and whether buying into The Troika in 2024 still makes sense.
The Building: What Makes The Troika Different
The Troika occupies a distinctive position at the intersection of Jalan Binjai and Jalan Stonor, comprising three interconnected cylindrical towers — hence the name. It was designed by the architectural practice of Norman Foster and Partners, which gives it a credential that virtually no other KL residential building can match. The Foster design vocabulary is immediately visible: curved glazed facades, generous floor-to-ceiling heights, and a spatial quality in both the units and common areas that reflects serious architectural thinking rather than developer-grade luxury.
The development comprises approximately 428 units across three towers — Tower A, Tower B, and Tower C. The units vary in size from around 1,100 sq ft for the smaller two-bedroom configurations up to over 3,000 sq ft for the larger units and duplex penthouses. The variety of unit types within the building means it serves both smaller investor buyers and larger family or lifestyle purchasers.
Tenure is leasehold, which is the single most significant knock against the building from a long-term capital planning perspective and is worth acknowledging upfront before getting into the performance data.
Capital Growth: What The Numbers Show
The Troika’s capital growth story over the past decade is one of steady, if not spectacular, appreciation punctuated by the same 2015 to 2021 flat period that affected most of the KLCC market.
Units that were transacting at RM 1,000 to RM 1,200 psf in 2013 and 2014 — during the tail end of the bull market — declined modestly during the flat years, bottoming at roughly RM 950 to RM 1,100 psf for mid-floor units around 2019 and 2020. The recovery from those lows has been solid, with current transacted prices running at RM 1,400 to RM 1,850 psf for mid and upper-floor units, representing appreciation of 20% to 40% from the 2019 to 2020 lows depending on the specific unit.
Compared to the 2013 to 2014 peak prices, buyers from that era are modestly ahead in nominal terms and roughly flat in real, inflation-adjusted terms. This is not an exceptional outcome, but it is not a disaster either — particularly for buyers who have been collecting rental income throughout that period.
The upper-floor units with clear Twin Towers or city skyline views have outperformed the building average meaningfully. A high-floor unit at The Troika with an unobstructed view can achieve RM 1,700 to RM 1,850 psf — comfortably ahead of the 2013 to 2014 peaks for those specific configurations.
Rental Performance: Consistency as the Key Strength
Where The Troika genuinely shines in a long-term investment analysis is not capital growth but rental consistency. The building has maintained strong tenant demand through multiple market cycles, for reasons that come back to the quality of the product and the management.
The distinctive Norman Foster architecture appeals to a specific type of corporate tenant — design-conscious, internationally mobile professionals who notice the difference between a building conceived with architectural integrity and a standard developer-grade luxury block. The Troika has built a reputation over 15 years as a building where the quality of the living experience matches the quality of the address.
Monthly rents for a well-presented two-bedroom unit currently run at RM 6,000 to RM 9,000 per month. For a mid-floor two-bedroom purchased at RM 1.5 million to RM 1.8 million, that’s a gross yield of approximately 4% to 6%. For a larger three-bedroom unit purchased at RM 2.5 million to RM 3 million, monthly rents of RM 9,000 to RM 14,000 translate to yields of approximately 3.6% to 5.6%.
Vacancy periods at The Troika have historically been shorter than the KLCC average for comparable buildings. The building’s management team — which has maintained a consistent standard across its operating life — is a significant factor in this. Well-managed buildings retain and attract quality tenants; quality tenants stay longer and refer others in their networks.
Management Quality: The Factor That Separates The Troika
Any honest review of The Troika has to spend time on management, because it is arguably the biggest reason this building has held its investment value better than many leasehold contemporaries.
The joint management body at The Troika has been notably more proactive than most KLCC residential buildings in maintaining the property. Regular upgrades to common areas — the lobby has been refreshed more than once — consistent enforcement of house rules, active management of the sinking fund, and a building management team that responds to owner and tenant issues are all features that long-term investors and residents mention repeatedly.
Buildings that maintain their management standard age gracefully. Buildings that let standards slip create a self-reinforcing cycle of declining tenant quality, lower rents, reduced service charge collections, and further deterioration. The Troika has avoided that cycle, and the investment return data reflects it.
Current Buying Opportunities and Value Assessment
At current market prices of RM 1,400 to RM 1,850 psf, The Troika sits in the middle of the KLCC quality market — more expensive than entry-tier leasehold buildings, less expensive than freehold alternatives of comparable specification, and significantly less expensive than branded residences.
The value proposition in 2024 is strongest for mid-floor two-bedroom units at the lower end of the current price range — approximately RM 1.5 million to RM 1.9 million — where gross yields of 4.5% to 5.5% are achievable with active management, and the capital appreciation track record provides reasonable confidence of continued modest appreciation over a five to ten year hold.
Buyers should be aware that the leasehold tenure is declining and will become a more significant factor in exit planning over the next decade. For buyers planning a seven to ten year hold with an exit around 2031 to 2034, this is manageable. For buyers planning a fifteen-plus year hold, the tenure question deserves more careful analysis.
Common Mistakes Buyers Make With The Troika KLCC
The Troika’s track record attracts buyers who sometimes rely on reputation alone. These are the errors that appear most frequently in Troika purchase decisions.
- Not checking the remaining leasehold tenure before committing. The Troika is leasehold. The tenure clock is running. Buyers who do not establish the remaining tenure and understand its impact on resale value — particularly to foreign buyers and for bank valuation purposes — are taking on an undisclosed risk.
- Paying above verified transacted psf because of brand recognition. The Troika has earned its reputation over 15+ years. But that reputation is priced into the market. Paying a further premium above what the land office says buyers are actually clearing the building at generates returns that underperform from day one.
- Assuming management quality is static. The Troika’s management quality has been a historical strength. Building management can change. Confirming the current state of management, service charge trajectory, and sinking fund balance before any purchase is essential.
- Focusing exclusively on upper-floor tower view units without checking yield. The premium for high floor views at The Troika can push psf to levels where yield becomes marginal. Lower-floor courtyard or partial view units sometimes represent better investment value on a risk-adjusted basis.
- Not comparing The Troika to its nearest competitors at current pricing. Marc Residence and Stonor Park offer freehold tenure — a structural advantage over The Troika for long-hold investors. Any The Troika purchase decision should include a current-pricing comparison to these alternatives.
Frequently Asked Questions
Is The Troika KLCC still worth buying in 2024, given that it’s a leasehold building?
Yes, for the right buyer with the right time horizon. The combination of Norman Foster design credentials, proven management quality, consistent rental demand, and current pricing that remains reasonable relative to newer competition makes The Troika a credible mid-tier KLCC investment. The leasehold tenure requires a clear exit plan — ideally within ten years — and means the building is not suitable for very long-term generational wealth transfer. But as a ten-year income and appreciation play, the fundamentals remain sound.
Which units at The Troika have the best investment case?
Mid to upper-floor two-bedroom units in Tower A and Tower B with outward-facing views — particularly those with Twin Towers or park views — have the strongest combination of rental demand, capital appreciation potential, and resale liquidity. Ground-floor and low-floor units, and those facing into the building’s internal courtyard rather than outward, have performed less well and are worth a meaningful discount to the building average price.
How does The Troika compare to Marc Residence for long-term investment?
The comparison is closer than many buyers expect. Marc Residence holds the advantage of freehold title, which becomes increasingly important over a long hold period, and has comparable management quality and tenant demand. The Troika holds the advantage of architectural distinctiveness and slightly stronger design appeal to the international corporate tenant market. For a five to seven year hold prioritising yield, the difference is modest. For a fifteen-plus year hold prioritising capital preservation, Marc Residence’s freehold title wins.
The Troika has earned its reputation through performance rather than promises. Fifteen years of consistent management, genuine architectural quality, and a rental track record that holds up under scrutiny make it one of the most credible mid-tier investment choices in the KLCC market — leasehold tenure and all.
Related Reading
- Stonor Park KLCC: Freehold Luxury in the Heart of KL
- KLCC Property Price History: 10-Year Capital Growth Analysis
- Average Rental Yield for KLCC Condominiums: Investor’s Breakdown
References
- Land Office records, KLCC precinct — The Troika sub-sale transaction data 2014–2025
- Building management records, The Troika KLCC — service charge and maintenance history
- Verified tenancy agreements — The Troika rental rates and occupancy 2022–2025
- Land title registry — The Troika leasehold tenure status
