> > TRANSACTION By Ng Pau Ling firstname.lastname@example.org L ooking at the map, Bukit Jalil is a township connected by several major expressways, making it well connected to various parts of the Klang Valley.
The accessibility, convenience and lifestyle have made the place a popular residential destination for the middle class and working professionals.
The neighbourhood is also occupied by a mixture of properties to address different housing needs.
The older apartments cater well to the working class while the newer strata properties are targeted at the young and middle class.
Bukit Jalil City, on the other hand, serves the demand of the high-end segment.
In a recent interview, Savills Malaysia managing director Datuk Paul Khong expressed his optimism regarding Bukit Jalil and expected it to transform into the new commercial hub in the south of Kuala Lumpur city centre with the completion of Pavilion Bukit Jalil.
StarProperty: Tell us about Bukit Jalil.
Paul Khong: Bukit Jalil has always been synonymously known as the “National Stadium locality,” due to the National Sports Complex (NSC) built in 1998 for the Commonwealth Games.
It has since grown and matured over the last 20 years and has become a popular middle-end residential precinct.
Under the Kuala Lumpur Structure Plan 2020, Bukit Jalil is planned as a dynamic and vibrant township designated under the “International Zone.” Residential developments in the vicinity include Bukit Jalil Golf and Country Club, Mutiara Bukit Jalil, Taman Esplanad, Jalil Sutera, Alam Sutera, Taman Bukit Jalil, Greenfield Apartments, Taman Komanwel Bukit Jalil, Vista Komanwel, Savanna Bukit Jalil, KM 1 East and West, Seri Jalil, The Treez, Kiara Residence 1 & 2, Z Residence and many more.
This neighbourhood is a well-planned township and is heavily populated by middle class and working professionals.
StarProperty: Please elaborate on the location and accessibility of Bukit Jalil.
Paul Khong: Bukit Jalil lies strategically off the western side of KL-Seremban Expressway, sandwiched between Lebuhraya Shah Alam (KESAS) on the north, and is bounded by Sri Petaling and Taman OUG.
Bukit Jalil Expressway on the south is also bounded by Taman Kinrara and the Technology Park Serdang.
Both of these expressways run parallel and subsequently join together onto Lebuhraya Damansara-Puchong (LDP) on the west end.
The location is well connected to many other major highways such as the Maju Expressway (MEX), Federal Highway, Cheras-Kajang Expressway and also the KL-Seremban Expressway.
Bukit Jalil is also well served by the RapidKL transit network via the Ampang Line and its extension, the Sri Petaling Line.
There are four stations in the vicinity, namely Bukit Jalil, Sri Petaling, Awan Besar and Muhibbah station.
StarProperty: What are the catalyst infrastructures and development projects in Bukit Jalil? Paul Khong: Currently the most prominent landmark is Bukit Jalil City by Malton Bhd, an integrated development site on a 50-acre land.
Another is the newly redeveloped KL Sports City (formerly NSC), a fully integrated sporting and entertainment centre housing the National Stadium, Axiata Arena, National Aquatic Centre, National Hockey Stadium and National Squash Centre.
Moving forward, Bukit Jalil will be having a new project called Bukit Jalil Sentral, a 76-acre mixed development by MRCB.
StarProperty: What is the competitiveness of Bukit Jalil housing market compared with other parts of Klang Valley? Paul Khong: The neighbourhood ranks well concerning accessibility, connectivity and convenience.
The completion of Pavilion Bukit Jalil in 2020 will further transform this neighbourhood into the new commercial hub of KL south.
StarProperty: What is the average transaction price in Bukit Jalil area? Paul Khong: The top-end residential condos like The Park 2@Bukit Jalil City and The Skyluxe in the Park can fetch a price of around RM850 to RM900 per sq ft.
The new standalone residential projects in the mid-tier category like The Rainz, The Andes and Parkhill Residence are now going for about RM500 to RM700 per sq ft.
StarProperty: What is the current scenario for the Bukit Jalil property market? Paul Khong: High-rise strata properties are generally more popular especially from the affordability and locational angles.
The landed products are always the top favourite, but the price tags easily exceed RM1 million per unit, and the supply is limited.
Therefore most of the newer stocks in Bukit Jalil are strata properties targeted at the young and mass middle working class.
StarProperty: How is the performance of the Bukit Jalil property market? Paul Khong: The neighbourhood is maturing well, but the property prices are flat due to current market conditions.
We believe that it will remain slow throughout the year 2018.
It is not a standalone issue.
The residential market has been slow across the last 24 months.
Whether it is in Bukit Jalil or Bangsar, the prices are not moving, unless it is an excellent project.
However, there are “feel good” factors around, now that there is certainty in the market after the GE-14 and the announcement of the government’s new housing policy.
The commercial properties will be giving a further boost, as the 6% GST is no longer applicable to any commercial sale transactions.
It is possibly the right time to scout the market for deals and bargains.
StarProperty: How is the movement of the property prices in the Bukit Jalil area? Paul Khong: The compounded annual growth rate (CAGR) for residential strata properties here in Bukit Jalil has recorded about a 10% per annum growth over a 10-year period (2008 to 2017).
StarProperty: What is the outlook for the Bukit Jalil market? Paul Khong: More high-rise apartments are mushrooming here and in the neighbouring townships to meet the demand for housing in the Klang Valley.
A place that comes with lifestyle, conveniences and accessibility all rolled into one, is the way to go.
Currently, many buyers are looking at Bukit Jalil City and its surroundings as it provides an integrated lifestyle.
Following the opening of Pavilion Bukit Jalil, it will eventually draw in more commercial crowds into the area.
Paul Khong Datuk Paul Khong is the managing director of Savills Malaysia, a renowned property consultancy company.
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