MRT Line 2: Three areas first-time homebuyers should consider

Contributed by Khalil Adis

Source: The Star Online.

Source: The Star Online.

If you had missed the opportunity to buy property along the Klang Valley MRT (KVMRT) Line 1, fret not. Now is a suitable time to start looking for a home along the still-to-be-constructed Sungei Buloh-Serdang-Putrajaya (SSP MRT Line 2).

We list down three growth areas where property prices are still relatively affordable with the most significant room for capital appreciation.

#1: Bandar Malaysia
Quick facts:
GDV – RM286bil
Estimated jobs created – 60,000 jobs
Possible interchange to MRT Line 3

Bandar Malaysia North MRT Station

With recent news of the High-Speed Rail (HSR) cancellation, much remains to be seen if Bandar Malaysia will succeed or not. However, Bandar Malaysia North MRT station’s alignment has already been confirmed.

Initially, Bandar Malaysia has been planned with a gross development value (GDV) of RM150bil with a dedicated commercial district to support new start-ups as well as small and medium-sized enterprises (SMEs). Also, Kuala Lumpur City Hall (DBKL) has said 30,000 units of homes will be constructed, to housing some 120,000 residents within Bandar Malaysia.

Whether or not this will go ahead, remains unclear. The only glimmer of hope here is the Digital Free Trade Zone (DFTZ) by Jack Ma which so far has not been canned by the new government.

Price: The median price for landed and non-landed residential developments here are RM447 and RM362 per sq ft respectively.

The good: Bandar Malaysia has been designated for the initiative, where the Satellite Services Hub located within is expected to create some 60,000 direct and indirect jobs.

The bad: The potential traffic jams and difficulty in finding parking in the area, much like in Mid Valley.

#2: Sungai Besi MRT Station

Sungai Besi MRT station is an interchange station to the Sungei Besi LRT station. Initially, the station was planned to serve as an interchange to the upcoming HSR station located in Bandar Malaysia, also in Sungai Besi. While this has been canned, Sungei Besi remains a hot area as it is within the growth corridor of Southern KL.

While the MRT station will connect to the existing LRT station, the entire area currently suffers from a severe design flaw and urban planning. For example, there are no pedestrian walkways for residents living in 1 Petaling and Petaling Indah Condominium to access the LRT and future MRT station.

The only way for them to do so is walk up the Besraya Highway, against the flow of traffic and then into the vicinity of Permai Condominium. From here, there is only one connecting bridge to the station.

Price: The median prices for non-landed homes here is RM192 per sq ft.

The good: Sungai Besi is located in a growth area between Bandar Malaysia and Cyberjaya City Centre. There are still homes in the secondary market priced below RM500,000 here.

The bad: So far, two fatalities have been recorded here with one involving a schoolboy due to the lack of access to the existing LRT station. For this interchange station to work efficiently, the authorities to improve upon the design of the current LRT station and town planning to encourage more residents around the area to take public transport.

#3 Cyberjaya City Centre MRT Station
Quick facts:
GDV – RM5.35bil
80,000 jobs

Cyberjaya City Centre MRT station is a transit-oriented development (TOD) project to be developed by Malaysian Resources Corp Bhd (MRCB). With its experience in building the transport hub in KL Sentral, MRCB will be developing a new city that will be integrated with the MRT station.

Phase one is expected to generate a GDV of RM5.35bil. It will feature a 200,000 sq ft convention centre, a 300 to a 400-room business hotel, low and high-rise office buildings and a retail podium. Cyberjaya City Centre will have a development plan spanning 20 years. The MRT station is located just opposite the Lim Kok Wing University of Creative Technology.

Price: The median price for landed homes in the vicinity is RM405 per sq ft.

The good: Cyberjaya City Centre MRT Station will be the very first TOD project in the area that will be built by a reputable developer backed by experience in developing Malaysia’s first TOD. It is also close to the vibrant start-up industry and the DFTZ logistics hub at KLIA Aeropolis.
Also, the job creation arising from Cyberjaya City Centre and DFTZ will fuel demand for both owner-occupied and rental homes.

The bad: The area is far away from the city centre. Those who are working within KL will have to factor in their transportation costs for their daily commute.

About the Contributor

Khalil_AdisKhalil Adis was the former editor of Property Report and has written for PropertyGuru, iProperty.com, Yahoo! Singapore/Malaysia, The Malay Mail, Berita Harian, Real Estate Malaysia, Property Buyer and The Star, among others. Renowned for his independent views and insights on the property market, Khalil is a highly sought-after speaker in Malaysia and Singapore. He has given talks at various expos and at property launches. He is also on the judging panel of the South East Asia Property Awards (Malaysia). He has written two bestselling books – Get It Right Iskandar and Property Buying for Gen Y.

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