“With the addition of retail and commercial components, more job opportunities are expected, hence more residential demand,” Tian of PropNex Realty says.

“Maluri would be an ideal place to reside in due to its close proximity to the KL city centre, the ample shopping malls, plenty of amenities as well as convenient public transportation and highways,” Tang of Henry Butcher opines.

Within the precinct are various amenities including schools, eateries, medical centres, hotels and shopping malls. Tian points out that the area is drawing the younger generation due to the malls and convenient public transport system in the form of the Cochrane MRT as well as the Maluri MRT and LRT stations. The area also enjoys easy access to the Maju Expressway and Sungai Besi Expressway.

Going forward, the planned MRT Sungai Buloh-Serdang-Putrajaya (SSP) Line (MRT 2) passing by Chan Sow Lin and the TRX development will enhance accessibility further and bring in more traffic. Meanwhile, the Setiawangsa-Pantai Expressway (SPE) which was previously known as DUKE 3 is set to link north and south KL, thus improving Maluri’s accessibility to the northern parts of the  Klang Valley and the Bangsar South area.

Incoming supply

A number of new projects are coming up in the area, mainly high-rise condominiums and serviced apartments, as vacant land for development is scarce. “Depending on the project location, size, design and pricing, condominiums and serviced apartments generally enjoy satisfactory take-up rates,” Tang says.

According to Khong of Savills Malaysia, from 2008 to 2012, Maluri’s high-rise residential supply was flat at about 3,688 units. New supply began to appear after the completion of Amaya Maluri in 2013.

It is estimated that from 2019 to 2022, there will be around 3,000 new units coming into the market, while the completion of M Vertica slated for 2023 is expected to bring in another 3,684 units. (See Chart 2 and Table 1)

While residential supply is expected to grow beyond 2023, Khong notes that there are some pockets of government and private land available for redevelopment. Hence more developments are likely in the future.

With the sizeable number of units to be completed in the next few years, Tang says this may result in investor-owners cutting rents to attract tenants.

Traffic congestion is another issue that needs to be addressed, considering the high number of incoming supply.

He also warns that many of the new projects are mixed developments, hence investors should also be aware of the issue of maintenance fee computation for such projects — a topic that has been in the spotlight lately.

News Source: EdgeProp, 7th February 2020.

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