There is a huge area nestled between the KL Sentral transport hub and Masjid Jamek Abdullah Hukum next to KL Eco City that has not been on investors’ radar but is earmarked for redevelopment by private landowners.
The area is around Jalan Thamby Abdullah and Jalan Ang Seng which are important roads nearby the former Global Indian International School site and also behind Sri Kota supermarket, the corner lot of the five-storey Bangunan Tong Nam facing Jalan Travers.
Sources said the freehold land and property prices in Jalan Thamby Abdullah had risen steadily after Bank Rakyat Twin Towers, located along Jalan Travers and on the fringes of KL Sentral, became fully operational.
Early last year a parcel of residential land (19.297 sq ft) in the area had an asking price of RM23 million or RM1191 per sq ft (psf), while a five-storey shop house with built-up area of 9,250 sq ft was selling for RM11 million or RM1189.19 psf.
It is unclear if both the land and building had been sold.
The area in Jalan Ang Seng, where ALILA KL Sentral Bangsar Suites is located, is also ripe for redevelopment. Currently lining up Jalan Ang Seng are old bungalows and the owners are looking to sell as their properties have aged and they plan to upgrade themselves.
According to real estate valuers, the bungalows about 10,000 sq ft each could fetch around RM950 psf to RM1,200 psf.
“If you look at Google map you will see that there is a missing area between KL Sentral and KL Eco City. The only newcomers there are Bank Rakyat and ALILA.
“Sri Kota Supermarket ceased operations on May 31 this year and one of the reasons given was that rental price had increased. Perhaps a big retailer may take over.
“There are many old buildings in Jalan Thamby Abdullah and in Jalan Ang Seng built 20 to 30 years ago, but not all are for sale. What will remain there are the apartments and condominiums like Menara Pelangi Apartments, Pearl Court, Sri Impian Condo, Menara Puteri Condo and Apartment Cuepecs,” said a real estate valuer.
JALAN THAMBY ABDULLAH - BRICKFIELDS’ NEW GEM
NST Property understands that one private investment company was proposing to build a new boutique hotel in Jalan Thamby Abdullah 1, where an existing 11-storey abandoned residential building stands, fronting the former Global Indian International School.
The company acquired the building a few years ago. It was previously an 18-unit apartment block that was built almost 20 years ago.
It is understood the company had received approval from the relevant authorities to convert the building into a 117-room boutique hotel.
Construction may start next year and the hotel would be ready by middle of 2019, said a source close to the company.
Another investment company also owns other pockets of land in Jalan Thamby Abdullah 1, which it may either redevelop it on its own or form a joint venture with a reputable property developer.
According to the source, the company planned to undertake a mixed development comprising serviced apartments and a hotel.
“The company did their own internal study on the market and found that a lot of people still want to live in Brickfields. They are looking for new serviced suites and don’t mind settling in Jalan Thamby Abdullah or Jalan Ang Seng area as it has all the public amenities and still is within walking distance to KL Sentral and the KL Monorail.
“The study also showed that they don’t want to live in KL Sentral as the properties there are too expensive and neither do they want to stay opposite the transport hub as it is too congested.
“Taking all these into consideration the company is, therefore, bullish on prospects for its property projects in Brickfields. Moving forward, we will simply see KL Sentral moving to Jalan Thamby Abdullah 1 and Jalan Ang Seng.
“In years to come adding to the five-star developments of KL Sentral and KL Eco City would be the Jalan Thamby Abdullah 1/Jalan Ang Seng area and that would change the whole landscape along Jalan Bangsar and also Brickfields,” said the source.
The source pointed out that there are other private landowners who are also looking at plans to redevelop their land area.
“Right now there is still possibility of getting land pockets of land around RM1,000 psf in Jalan Thamby Abdullah 1 and Jalan Ang Seng area and there are potential investors looking for sites to develop,” said the source.