2022-05-09

Zerin Properties: Bangsar land is in high demand due to its development potential

Zerin Properties: Bangsar land is in high demand due to its development potential



Bangsar, which was originally a rubber plantation before being developed into a residential suburb in the late 1960s, is one of the most desirable suburbs on the fringe of Kuala Lumpur city.

Bangsar is now divided into several neighbourhoods, including Bangsar Baru, Bangsar Utama, Bangsar Park, Bukit Bangsar, Lucky Garden, Pantai Hills, Taman SA, and Bukit Bandaraya. By extension, Bangsar South encompasses the Kerinchi locality adjacent to Bangsar.

While land is scarce in Bangsar, property developers have been able to identify small plots of land to develop into residential and commercial properties or redevelopment sites.

Land in Bangsar is still in high demand due to its development potential, according to Previndran Singhe, chief executive officer of Zerin Properties.

The suburb accommodates office buildings, high-rise condominiums, and serviced residences, as well as shopping malls, entertainment centres, and restaurants, he said.

Transactions of development lands in Bangsar and Bangsar South, according to Previndran, indicate an active market with prices ranging from RM927 to RM1,030 per square foot (psf), or RM200 to RM258 per plot ratio.

The most recent transaction is a 3.5-acre freehold site (Lots 443 and 444) on Jalan Riong, off Jalan Bangsar, which currently houses Media Prima Bhd's headquarters, Balai Berita.

Previndran said that this is a prime redevelopment site due to its central location and proximity to major nearby developments such as Suasana Bangsar, Nadi Bangsar, Bangsar Heights, and Alfa Bangsar, which is currently under construction.

The Bangsar LRT Station and KL Eco City are both within walking distance of the property.

"The purchase price of RM1,030 psf or RM258 psf per gross floor area (GFA) based on the plot ratio of 1:4 indicates that this will be a prime redevelopment site in the medium to long term, even though its current use serves the current purpose of its purchaser," he said.

Lot 481445, off Jalan Kerinchi, is another noteworthy transaction. The property is commercial land off Jalan Kerinchi, close to KL Gateway Mall and Premium Residences, Komune Living, and Southview Residences. This location is extremely accessible because of its proximity to the KL Gateway-Universiti LRT station, the Kerinchi Link, and the Federal Highway.

The land was purchased for RM1,000 psf or RM200 psf per GFA at a plot ratio of 1:5, and it is planned to be redeveloped as an office development with a link bridge to KL Gateway.

Lots 54983 and 54984, Off Jalan Pantai Baharu, are located adjacent to Wisma CIMB, Menara TM, and within walking distance of Kerinchi LRT station and Pullman Kuala Lumpur Bangsar. This parcel of land, which has excellent visibility from the Federal Highway, was purchased for RM927 psf or RM232 psf per GFA.

A few development lands were sold along Jalan Maarof and Lorong Maarof, indicating the cityscape's transformation from residential to commercial use, with smaller commercial developments such as showrooms and standalone offices, albeit at a lower plot ratio.

Two adjoining parcels of development land (Lots 38491 & PT 38492) on Jalan Maarof, currently accommodating double-storey detached showrooms with a combined land area of 10,950 sq ft, were purchased at RM1,735 psf by the same purchaser in October 2021 and January 2021. These lands have a plot ratio of 1:1.

Lot 212, a development land parcel along Lorong Maarof zoned for commercial use with a plot ratio of 1:1, was sold in October 2020 for RM1,028 psf. This 8,753 sq ft vacant site is close to Dataran Maybank, Bangsar Utama, and the Bangsar LRT station.

Why are real estate developers, homebuyers, and investors drawn to Bangsar?

According to Previndran, Bangsar continues to attract demand from a wide range of buyers, including local and foreign businesses, professionals, and expatriates, due to its prime location and advanced rail connectivity near the KL Sentral intermodal transportation hub.

Bangsar is served by the Kelana Jaya line's Bangsar LRT station, which connects Putra Heights and Gombak. Other nearby rail stations include the Abdullah Hukum, Kerinchi, and KL Gateway-Universiti LRT stations, as well as the Pusat Bandar Damansara MRT station.

"Bangsar is ever-changing and is currently taking a more forward-thinking step as lands are redeveloped to supply modern residential, commercial, and institutional properties," he explained.

Previndran: Bangsar's image will be altered as a result of the following developments

PHB Bangsar 61 is being built on a 19.6-acre plot of land on Jalan Bangsar and Jalan Maarof. Commercial offices, an iconic tower, high-rise residential, retail, and a five-star hotel are all part of the master plan. Tower 1, a 31-story Grade-A corporate office tower, is currently under construction and is scheduled to be completed in 2024.

Alfa Bangsar, a freehold development on Jalan Tandok by City Motors Group, is set for completion in 2023. The project consists of two towers with a total of 178 serviced apartments, retail outlets, a wellness centre, office units, and a 220-room hotel to be managed by Holiday Inn Kuala Lumpur Bangsar. The serviced apartments range in size from 570 to 997 sq ft and have one to 2+1-bedroom units, with prices ranging from RM1,100 to RM1,300 psf.

38 Bangsar, located next to Dataran Maybank and Menara UOA Bangsar, offers 278 leasehold serviced apartments in a 38-story tower. UDA Holdings Bhd is developing the project. It will be completed in 2024 and will be built on a 1.16-acre site. The development offers studio, two-bedroom, and three-bedroom units ranging in size from 580 to 1,442 sq ft, with prices ranging from RM1,260 to RM1,330 psf.

Bangsar Hill Park, a leasehold 5.87-acre development on Jalan Bukit Bangsar, off Lorong Maarof is being developed by Suez Capital and Sunsuria Bhd. Verdura, the first phase, consists of two condominium towers with 812 residential units and is scheduled to be completed in 2025. Verdura offers condominium units ranging in size from 917 to 1,478 sq ft, and prices start at RM910 psf. The project will include another more residential blocks with a total of 1,266 units.

One Eleven Menerung by Bandar Raya Developments Bhd is being built on a 0.83-acre freehold plot next to the Pusat Bandar Damansara MRT station. This development, which is scheduled to be completed in 2026, is within walking distance of Bangsar Shopping Centre and the upcoming Pavilion Damansara Heights. The 23-story tower will house 111 single and duplex units ranging in size from 1,001 to 3,714 sq ft, with prices starting at RM1,800 psf.

TNB Redevelopment on Lot 491, Jalan Pantai Baharu is currently being transformed into a mixed-use development with corporate offices, retail spaces, a hotel, and serviced apartments. The freehold site is located across from TNB Headquarters and adjacent to KL Eco City, Media City, and New Pantai Expressway. It is made up of a 45-story corporate office tower and a 57-story tower that houses a 191-room hotel, 99 serviced suites, and 554 serviced apartments. The towers will be built on a nine-story podium of retail and parking spaces.



Source: NST.com.my

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