Najib launches KLIFD amid concerns
Analysts warn that the financial district project, first announced two years ago, risked destabilising the entire KLCC property market.
KUALA LUMPUR: Prime Minister Najib Tun Razak today launched the Kuala Lumpur International Financial District here amid warnings that the project may create a property glut and distort the capital city’s property market.
The project, which Najib said would generate RM26 billion in gross development value and 500,000 jobs, aimed to make the country’s capital the region’s financial hub.
Its developer, Putrajaya’s development arm 1Malaysia Development Bhd, said the state of the art infrastructure and technology used to construct the district named after Najib’s father, the Tun Razak Exchange, was expected to attract global players to relocate here.
The KLFID was one of several key infrastructure projects listed under the 10th Malaysian Plan along with other mega constructions like the redevelopment of Sungai Besi and Kg Baru meant to boost the city’s potentials under Najib’s grand Economic Transformation Plan.
But analysts said, the project, which was first announced two years ago, risked destabilising the entire KLCC property market, which was already suffering from a high 17% rate and could create “deplorable” traffic conditions that would erode the attractiveness of KLCC as a place for corporates.
“Similar to the impact from redevelopment of Kampung Baru, these projects (the KL Financial District project and the Sungai Besi airport 
redevelopment) particularly the Dataran Perdana (KL Financial District) could threaten the prospects of commercial properties in the Golden Triangle and in the long run the larger part of the Klang Valley, too,” said a 2010 report by OSK Research.
redevelopment) particularly the Dataran Perdana (KL Financial District) could threaten the prospects of commercial properties in the Golden Triangle and in the long run the larger part of the Klang Valley, too,” said a 2010 report by OSK Research.
It added that outlying commercial hubs such as Petaling Jaya, KL Sentral, Mid Valley, Damansara Heights, Mutiara Damansara and Damansara Perdana would likely benefit from a potential exodus from the city centre within the next five years as worsening traffic congestion in the city and existing high rentals drove tenants out.
9 comments:
I think they are too ambitious while not fixing the real issue such as traffic jam and crime rate
There is oversupply in the city area and if they build more would bring price down
A lot of conmercial office are empty
living in klcity - its a crime infested place...
u can only work there in the morning but living there at night u may get murdered and robbed..
now expatrate are moving away from the city as they know they city is unsafe......many thugs,pimps and also robbery
This place call crochcrane is there any property worth considering there ???
quite a few... 231TR, bintang goldhill, taman maluri, sunway velocity...
It's alarming they are building more empty offices .. If no tenant the price around that area will be stagnant
Any new landed project at the cochrane area ?
I buy only landed as I don't fancy condo life when u can afford landed , then shdnt go for condo
depends on your investment strategy lo... if u want to flip short or mid term with capital appreciation then go for landed. if you want to keep long term for rental collection, go for condos...
How does saint Mary compare with saint Regis ?
Saint Regis seems to be much more high end
E&o now under sime darby a terrible conglomerate
Perhaps u shld buy your property from some other developer who don't care about money and profit so much
Such as mutiara Rini a subsidiary of boustead
Their project all priced reasonably and some have shoot up by 300 % if buy early in Year 2000 Such as mutiara damansara
But nowadays developers are all greedy fox and the banks are like hungry wolves
u r right, st mary and st regis are different class. st mary would be around 4 stars while st regis is 5-6 stars as the latter will have better facilities. the location cant be more different too. st regis target would be short stay hotel tenants.
i wont comment about sime. however, if capital appreciation is going to be used as a basis, their subang usj and ara damansara projects have appreciated many folds, same as mutiara rini's mutiara damansara. personally, i don't like mutiara damansara due to the weekend congestion. if struggling with own neighbourhood's traffic is not enough, mutiara damansara's residents also have to struggle with weekend shoppers who visit the curve, tesco and ikea. at least in subang jaya and ara, the traffic is much better and peaceful during the weekends.
E&O has left a bad impression on me. They are inefficient and to top it up, arrogant about their inefficiency.... "Oh Mr Ng, we have to do things properly...." Ya right, handing over 400 units over more than 30 days...so proper la. So many projects to choose from, why but theirs? I threw away my cheques for Sri Tanjung Pinang.
Well mutiara I don't find it jam maybe because I stay across the curve at one of the link houses.
After the tunnel at pencala link there's a road straight to mutiara homes. For this convinience those houses are in the millions but if u stay at the other side maybe Jam But cheaper as quite many condo -There at the other side is call Kota damansara mostly leasehold and land owned by pkns.
Those they referring to jam probably is behind the curve got a place call sunway Giza quite jam
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