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New MRT in Kuala Lumpur augments properties

The new MRT in Kuala Lumpur offers a great opportunity to property investors, particularly through the 9-km underground stretch, around Bukit Bintang, and the stretch between Cheras and Kajang. Gavin Tee, Founding President of Swhengtee International Real Estate Investors Club (Swhengtee International REI Club), and Malaysia's well-known real estate investment consultant, recently commented on the MRT project under the Greater KL plan, prices for properties in the areas around the MRT stations may not appreciate across the board, as their impact would vary in different areas. There will be a greater impact on the globalised Central Business District (CBD) zone, tourist attraction spots, and new housing and development areas with a young population. The impact towards the high-end residential areas can be very minimal.

Commenting on the recent public display of the 51km-long Klang Valley Mass Rapid Transit (KVMRT) Sungai Buloh – Kajang Line railway scheme that just took place on Sunday, 13th February 2011, at Exhibition Hall 3, Mid Valley Convention Centre, Kuala Lumpur, he said, “It will make a bigger impact on the areas from Kajang to Cheras, because new developments and new factors are taking place there, stimulating the property market in those areas. Those areas need more public transport facilities. There will be more affordable housing in those areas. Prices for residential property are quite low for young people there.”

The new MRT will accelerate economic activity within the Kuala Lumpur City Centre, and will further augment its position as the focal point of Malaysia's economy. The greatest impact will be on the 9-km underground track consisting of 8 stations from Maluri to KL Sentral. The tourism, financial, retail and sports sectors will pick up from this development, and boost commercial activity. In turn, this will push property values up.

Tourists will find it easy to travel from Kuala Lumpur International Airport (KLIA) to KL Sentral and reach prominent tourism destinations such as Bukit Bintang, Kuala Lumpur International Financial District (KLIFD), Warisan Merdeka etc. This will bring more business to retail outlets and commercial shop lots within those vicinities.

“As the city centre benefits from foreign investment and business generated from tourism, a ripple effect on the economy will expand towards the outskirts. The MRT will make it convenient to travel and conduct business, bringing up the economy and the real estate market. Its effect to Taman Tun Dr Ismail and Damansara may not be high because development in those areas are already matured and less dependent on the Mass Rapid Transit. Furthermore, the negative impact of environmental factors may not be worth the travelling convenience. Likewise, the impact to high-end residentials may not be that great except in the city centre area,” Gavin Tee said.

 

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