Petaling Jaya: Prime land scarcity in Kuala Lumpur has forced investors and developers to move to fringe areas such as Imbi, Cheras and Pudu, which have been earmarked for future developments, said property consultants.
They agreed that the fringe areas are an extension of the city centre due to their proximity to the Golden Triangle and public transport.
“Properties in the Imbi-Pudu location have always been in demand due to their proximity to the Bukit Bintang shopping district, Kuala Lumpur city centre and public transport such as the LRT (light rail transit) and Monorail,” Zerin Properties head of research and consultancy Roja Rani Applanaidu told City & Country.
“Investors mainly invest in such residential properties due to the high demand from foreigners for their strategic location.
“However, the surrounding areas, which feature relatively old and rundown buildings, have made the area unsavoury and dodgy. They are also prone to traffic congestion,” she added.
Meanwhile, VPC Alliance (KL) Sdn Bhd managing director James Wong foresees more massive developments in this area as there are still many pockets of land or underutilised properties that can be redeveloped.
Henry Butcher Malaysia Sdn Bhd COO Tang Chee Meng said: “When the MRT (mass rapid transit) line is completed in the future, it will boost connectivity and enhance the attractiveness of the area.
“The state of economy and the prevailing sentiments of the property market will be the limiting factors to development of the area.”
Wong agreed that the enhanced connectivity will be a pull factor, alongside other upcoming amenities such as shopping malls and educational institutions. He said this will attract more young professionals as well as those in the medium to high-income group.
News Source:(Lum Ka Kay)