KUALA LUMPUR: The population of Greater KL is expected to grow by another three million within this decade, putting pressure on housing needs. Over the past 30 years, the population has increased from 3.5 million to 10 million. This can be seen with the obvious growth pattern seen from satellite images.
“If this growth trend is to continue, where will we house the additional 2.7 million population that is expected to be in Greater KL by 2030?” questioned prominent Malaysian cartographer Ho Chin Soon. Real estate development is needed to continuously support this growth trend, he pointed out, while revealing some of the latest projects in the property industry at a recent seminar titled Kuala Lumpur: 2021 and Beyond.
Referring to the National Physical Plan 3, four main conurbations are highlighted in Peninsular Malaysia along with the other promoted development zones. But alongside the need for housing, another issue was the pricing of properties. In April this year, the finance minister of Malaysia released the Malaysia Property Market Report 2020 which showed property prices doubling over the past 10 years.
Increase in property prices for the past ten years
High-rise price index growth in selected states and regions
Also, areas such as KL North have seen high-rise properties increasing by 1.8% compared to other areas. It is one of the major developments in Kuala Lumpur, with mix-development projects incorporating lakeside living within Wilayah Persekutuan Kuala Lumpur.
Ho said the major shift in attention towards KL North has been quite significant over the past few years. There was recent news surrounding the future of the MRT 3 Circle Line. Ho shared different videos of the MRT 3 station in Mont Kiara and the MRT 3 station of Desa Pandan.
The MRT 3 serves as an interconnector for all the existing MRT lines, such as the MRT 1 and soon-to-be-completed MRT 2 line, which Lake City@KL North shall benefit from. In the near future, the MRT 2 line will link with the MRT 3 station at the Sentul West station, bringing passengers to another 25 different stations.
A new Golden Triangle with HOPSCA planning
Lake City is a future city plan by Country Garden Malaysia, one of the most prestigious and authoritative global companies, having ranked 147th by The Fortune Global 500 List last year. The master development comprises hotel, office, park, shopping mall, connectivity and apartment (HOPSCA) components. These diversified living spaces are centred around interconnectivity which sets them apart from other developments.
Components of HOPSCA comprehend each other by establishing mutual relationships that enable self-renewing adaptation to the diversified urban residents, perfecting the destination of life and leisure with the spectacular waterfront scenery.
Using Desa Park City as an example, Ho said it takes a lot of planning and good products for Desa Park City to be what it is today. Lake City has a fully integrated HOPSCA with a transit-oriented development plan, bringing added value and urban functions that allow the development to integrate with the external city through an efficient transportation system, bringing convenience to the overall aspects of life.
TA Securities, Maybank Investment Bank and the Real Estate and Housing Developers’ Association (Rehda) are optimistic with the second half of 2021. This is mainly due to the pent-up demand from 2020 of the Covid-19 lockdowns and new technologies that are being implemented in home systems.
With regards to the pandemic, Lake City has incorporated a lot of new technologies for their development and has been consistently upgrading for their homebuyers. An example is the implementation of the face recognition access system, smart visual intercom, mobile app and community functions.
The seminar is fully sponsored by Lake City @ KL North. Those who have missed it can catch the video broadcast at the official website of Lake City (www.lakecitykl.com) or its Facebook page.