KUALA LUMPUR, Aug 20 — The soon-to-be-developed Tun Razak Exchange (TRX) along the southern end of Jalan Tun Razak here is expected to create a positive spillover impact to the surrounding areas of Bukit Bintang, Pudu and Kampung Pandan, say analysts familiar with the urban renewal project.
Formerly known as the Kuala Lumpur International Financial District, TRX will be a critical enabler and vital catalyst for the government’s Vision 2020 and Economic Transformation Programme initiatives, and is poised to attract more than RM3.5 billion in foreign direct investment.
File photo of Najib (centre) looks at a scale model of the TRX after launching the project.
A senior analyst with RHB Research Institute, Loong Kok Wen, said the value of properties in the surrounding areas of TRX could gradually appreciate due to new infrastructure and transportation facilities.
She said the appreciation rate could be about five per cent annually and there would be speculative buying of the properties near the areas as well.
“Although more substantial appreciation will depend on the Mass Rapid Transit stations, but I believe the appreciation of value for property located in the vicinity will happen,” she told Bernama.
The 28.3-hectare development is also expected to bring in RM26 billion in gross development revenue.
Loong said the development would not only impact commercial properties but also residential properties.
She said developers would tend to build their projects in the surrounding areas such as Kampung Pandan, Pudu and Bukit Bintang as these areas were set to enjoy good response.
“The new properties surrounding the TRX are likely to enjoy good sales as buyers are confident of future demand for their properties once the financial hub is completed,” she said.
AMMB Holdings Bhd group managing director Ashok Ramamurthy said the project would have a spillover effect on real estate investment where many people would hope to have their offices or homes, within the proximity of TRX.
“Real estate developers will take this opportunity to plan their projects in these areas to attract local and foreign buyers,” he said.
He felt that Malaysia was “relatively comfortable” with the level of exposure that the real estate sector was enjoying currently.
“I believe that property prices in areas close to TRX will appreciate,” he said.
Federation of Chinese Association of Malaysia (Hua Zong) deputy secretary-general Prof Dr Chin Yew Sin felt the properties in the surrounding areas of TRX would appreciate in a bigger way once people see the physical development of TRX.
He said property development in areas near TRX would definitely enjoy quick demand, and rental prices for both residential and commercial properties will increase as well.
“The immediate beneficiaries will be those who currently own properties in the surrounding areas,” he said.
Chin said the spillover effects would also benefit hawkers, restaurants and hotels in the area. — Bernama
6 comments:
Will the Bukit Ceylon area appreciate in price with TRX?
There are many prostitution den at or around Bukit Ceylon
Don't bother buying here at night u will see lots of weird looking criminals around here
Hey! How you know there are lots of prostitutes and many dens?? U must be a regular in this area la....LOL
Yes else how u think I know
Not only in Ceylon nearly every corner and parts of kl have vice activities
If u not lucky buy a condo used by them u will see it daily
Well in order this tun razak plan to materialized Barisan and najeeb need to cling on to power
So judging last time they lost quite a few state it's hard to tell
I think one of the oldest brothel in kl or in Msia is near the back alleys of Ceylon
But there are many other places mushrooming
The most ridiculous one is a condo opposite time square call seasons tower
It has been housing a Spa call saboon and this place has openly operated a brothel without the cops disturbing them
Sometimes for residence there they go in the lift it will full of china dolls and also Thai prostitutes
I guess this is not the only condo in the city is used as brothel
Another one call mutiara condo is also home to the flesh trade
So when buying condo in city have to choose wisely and ensure the tenants wont be those gangsters operating brothels
Else daily u will face this
Post a Comment