BANGSAR South’s vibrancy is a result of its visionary property developer UOA Group, great connectivity and a strong reputation as a happening place to live and work. That makes this popular area within Kuala Lumpur an attractive location for many homebuyers looking for a bit of urban excitement within their local area.
For companies, it is also a fantastic place due to its proximity to many amenities as well as the connectivity of the light rail transit (LRT) via the Universiti and Kerinchi stations. The transformation of a former squatter settlement into a dynamic and award-winning integrated development it is known as today was swift – resulting in strong growth of property values within the enclave.
Prior to Bangsar South, the median residential property prices in the area were well below the average across greater Kuala Lumpur, owing in large part to the area being left undeveloped for many generations prior. With the emergence of Bangsar South, coupled with architectural finishes completed on the new developments facing the Federal Highway, and a new road to ease traffic on the main intersection, the median price of properties here began to exceed the average across Kuala Lumpur.
The median price for properties in this area is RM510,000 as per recorded from September 2018 to July 2019 while the median per sq ft (psf) value is RM583. The highest property purchase recorded this year was RM1.5 mil in April for a three bedroom unit in The Park Residences.
However, it must be noted that the median price includes properties in Kampung Kerinchi which would have diluted the actual property value of Bangsar South, which is often mistaken as an area rather than a development.
As with elsewhere in the country, once the initial surge of excitement following the completion of a string of highly anticipated developments subsides, the median price drops slightly – but in the case of Bangsar South, prices have held above the watermark of average median prices set across the entire city. Beyond the impressive new towers encircling the bottom of Bukit Kerinchi, construction continues further up the slopes. If history really does repeat itself, the impending completion of yet more towers along Kerinchi’s inner roads will be pushing the median price in this area to new heights.