BANGSAR, an affluent residential suburb on the outskirts of Kuala Lumpur, may soon have a fresh new look with a good mix of developments coming up.
PropertyGuru Malaysia country manager Sheldon Fernandez said while land was indeed scarce in the highly developed Bangsar, a few projects would kick off this year and more on the drawing board.
He said these new developments should maintain the necessaries, such as the retail outlets in the Maarof area and the shoplots in Jalan Bangsar (bicycle shops, sundry shops, petrol stations, car workshops, eateries).
Fernandez said looking at the transformation of Bangsar, it had been progressive over the last 25 years and perhaps has sped up in the past five to seven years.
“The question is, how do we define development? A clutch of tall high-rise, luxury condos throughout the vicinity?
“But development needs to be in the existing spirit and style of the neighbourhood.
“Certainly, there are plenty of opportunities for development, but it has to be done after taking into account the social the needs and aspirations of all stakeholders,” he told NST Property.
Among the earliest developers in Bangsar were Bandar Raya Development Bhd (BRDB) and Eng Lian Enterprise Sdn Bhd.
The first residential project, Bangsar Park, was started in 1969.
“There has been intensive construction in the past few years in Jalan Bangsar and Jalan Rakyat and we do see many developments that have come up,” said Fernandez.
Among them are KL Eco City, a landmark mixed development, and recent additions such as the St Regis, Q Sentral and KL Sentral Suites, which add to the dimension and offerings of a cosmopolitan city.
Recent developments include Nadi Bangsar by Hap Seng Land featuring a serviced apartment tower off Jalan Maarof, Bangsar.
Property development and investment firm Pelaburan Hartanah Bhd (PHB) will be commencing this year a development on the site of the former Unilever Malaysia plant bordered by Jalan Riong, Jalan Tandok, Jalan Bangsar and Jalan Maarof.
The proposed development by PHB will comprise at least seven towers, and have a gross development value of around RM7 billion.
Fernandez added that there are many others who are looking to develop their pockets of land.
The question is timing, given the current downturn in the property market, he said.
He said despite the current property market sentiments, properties with the right mix of factors (location, lifestyle concept, pricing, marketing mix) can still perform reasonably well and attract buyers.
Property have always had a strong long-term perspective, meaning one invests into these properties, whether for own-stay or for rental income based on a five-, 10-, 15-, or even 20-year horizon.
“When you adopt such a view, it’s evident that the value of these locations and the properties within will appreciate.
“The key is to have the patience and the holding power. Property investments have always been a buy-and-wait approach rather than waiting to buy.