KUALA Lumpur’s major trunk roads, such as Jalan Ipoh and Jalan Kuching, as well as neighbourhoods like Segambut and Kepong, have developments on the horizon, creating a positive impact in the property market.
The price for residential properties along the Jalan Ipoh-Segambut-Jalan Kuching-Kepong corridor are increasing, albeit at a much lower rate than in prime locations like Bangsar, Damansara Heights, Taman Tun Dr Ismail and Ampang.
The corridor is more vibrant now thanks to large infrastructure projects like the mass rapid transit (MRT) system.
The MRT project, the country’s largest infrastructure development, comprises three lines that will serve as the backbone of the integrated public transport network for the Klang Valley.
What has been built is the Sungai Buloh-Kajang (SBK) Line 1. Currently under construction is the Sungai Buloh-Serdang-Putrajaya (SSP) Line 2, while Line 3, which will loop around the city centre, may start construction next year.
Because of the MRT project, connectivity, transit-oriented developments (TODs) and mixed-use integrated projects have become the trend in the property market from Sungai Buloh all the way to Kajang and Putrajaya.
Developers are still sourcing for land close to MRT stations and the Jalan Ipoh-Segambut-Jalan Kuching-Kepong corridor is definitely on their list. Properties that are located close to MRT lines can command a five to 10 per cent premium in asking price, in both the resale and rental market, and developers are riding on this fact to sell their projects.
PropertyGuru Malaysia country manager Sheldon Fernandez said developments that embodied a TOD concept — integrated with public transportation especially mass people movers like the MRT — have a distinct advantage over competitors.
The SSP Line 2 will serve a corridor with a population of around two million people. It will have stations in Kepong Sentral, Metro Prima (located at the junction between Jalan Kepong and Jalan Metro Prima), Kepong Baru (beside Jalan Kepong), Jinjang (located at the junction between Jalan Kepong and the Segambut Bypass), Sri Delima (beside Jalan Kepong near the TNB Kepong building), Kampung Batu (serving the Kampung Batu suburb and Jalan Ipoh), Kentonmen (beside Jalan Ipoh near Jalan Batu Kentonmen junction) and Jalan Ipoh (serving the Segambut suburb and Taman Million).
The Titiwangsa LRT (light rail transit) and monorail stations are within a convenient distance.
Another plus point for the Jalan Ipoh-Segambut-Jalan Kuching-Kepong corridor is the distance to Kuala Lumpur’s main business district (a 20 minute drive at non-peak hours).
PROJECTS ALONG THE CORRIDOR
Some of the more prominent projects in Jalan Ipoh are The Pano, Lakeville Residence and EcoSky.
The Pano @ Jalan Ipoh comprises 363 residential units, with the smallest measuring 692 sq ft and the biggest at 1,831 sq ft. This low-density development is targeted at professionals, families and urban dwellers.
In Segambut, there is Riana Dutamas, The Era, Suria @ North Kiara, Flexus Signature Suites and United Point Residence, while Kepong has the Henge Residence and Amanja.
Fernandez said aside from population density, he expected the area to be further branded as a desirable address and hotspot location for affluent locals and expatriates.
However, he said he was unsure if the recent freeze on high-end condominiums would have an impact on developments there.
Fernandez also noted that there were common urban development issues to address along the corridor, such as traffic congestion.
He said the MRT lines and other rail connectivity would be important in ensuring the sustainability of this location.
“The location has potential, similar to other areas close to the city centre. But, given the presently soft demand for high-end condos, it remains to be seen how strong sales and take-up rates will be for these new emerging developments.
“Developers are looking to optimise the strategic proximity of their projects in relation to the city centre, especially given the present glut in commercial properties. There is more residential demand, it appears, compared with commercial.
“Furthermore, given high property prices, unit sizes need to be well defined to ensure there is an optimal space-to-square feet price ratio. Developments that achieve this generally tend to do better,” he told NST Property.
Fernandez added that with new developments, there may be a need to also consider infrastructure requirements.
“Do existing roads need upgrading? Should there be new bypass roads or flyovers? Can certain roads be converted into one-way traffic flow? Where are ‘ingresses’ and ‘egresses’ placed to ensure optimal traffic flow and minimal disruption? These are some of KL’s busiest roadways and the TIA (traffic impact assessment) should address this.”