One of the most sought-after districts on the outskirts of Kuala Lumpur city is Bangsar, which was formerly a rubber plantation before being turned into a residential suburb in the late 1960s.
As of right now, Bangsar is separated into a number of neighbourhoods, including Bangsar Baru, Bangsar Utama, Bangsar Park, Bukit Bangsar, Lucky Garden, Pantai Hills, Taman SA, and Bukit Bandaraya. By extension, Kerinchi, a neighbourhood next to Bangsar, is included in Bangsar South.
Although there is a lack of land in Bangsar, property developers have been able to locate tiny pieces of land to turn into homes, businesses, or redevelopment projects.
According to Previndran Singhe, CEO of Zerin Properties, land in Bangsar is still in great demand because of its potential for development.
According to him, the area has office buildings, high-rise condominiums, serviced residences, as well as shopping centres, entertainment venues, and dining establishments.
According to Previndran, there is a lively market for development sites in Bangsar and Bangsar South, with prices ranging from RM200 to RM258 per plot ratio, or RM927 to RM1,030 per square foot (psf).
The most recent deal was a 3.5-acre freehold site (Lots 443 and 444) on Jalan Riong, off Jalan Bangsar, which is home to Balai Berita, the corporate office of Media Prima Bhd.
Due to its strategic location and close proximity to significant surrounding developments like Suasana Bangsar, Nadi Bangsar, Bangsar Heights, and the currently under construction Alfa Bangsar, according to Previndran, this area is a strong candidate for redevelopment.
The property is a short stroll from KL Eco City and the Bangsar LRT Station.
“Even if its existing usage fits the current purpose of its purchaser, the acquisition price of RM1,030 psf or RM258 psf per gross floor area (GFA) based on the plot ratio of 1:4 shows that this would be a premium redevelopment site in the medium to long term,” he said.
Another interesting transaction is Lot 481445, which is located off Jalan Kerinchi. In close proximity to the KL Gateway Mall, Premium Residences, Komune Living, and Southview Residences, the property is a commercial lot off Jalan Kerinchi. Due to its close proximity to the Federal Highway, the Kerinchi Link, and the KL Gateway-Universiti LRT station, this location is quite accessible.
The site is intended to be converted as an office development with a connection bridge to KL Gateway. It was purchased for RM1,000 psf or RM200 psf per GFA at a plot ratio of 1:5.
Lots 54983 and 54984, Off Jalan Pantai Baharu, are close to Wisma CIMB, Menara TM, and Pullman Kuala Lumpur Bangsar. They are also accessible on foot from Kerinchi LRT station. This piece of property was bought for RM927 per square foot, or RM232 per gross square foot, and has great visibility from the Federal Highway.
Indicating the cityscape’s transition from residential to commercial usage, a few development lands along Jalan Maarof and Lorong Maarof were sold, however at a reduced plot ratio. These developments included showrooms and independent offices.
The same buyer paid RM1,735 per square foot in October 2021 and January 2021 for two adjacent parcels of development land (Lots 38491 & PT 38492) on Jalan Maarof that are currently home to double-storey detached showrooms and have a combined land area if 10,950 sq ft. The plot ratio on these areas is 1:1.
In October 2020, Lot 212, a development land parcel along Lorong Maarof with a 1:1 plot ratio and a zone for commercial use, was sold for RM1,028 per square foot. Near Dataran Maybank, Bangsar Utama, and the Bangsar LRT station is an 8,753 square foot vacant lot.
Why are investors, homebuyers, and real estate developers attracted to Bangsar?
Previndran asserts that Bangsar’s outstanding location and sophisticated rail connectivity close to the KL Sentral intermodal transportation hub continue to draw interest from a wide spectrum of customers, including local and foreign firms, professionals, and expats.
Putra Heights and Gombak are connected by the Bangsar LRT station on the Kelana Jaya line, which serves Bangsar. Along with the Pusat Bandar Damansara MRT station, other nearby rail stations include the Abdullah Hukum, Kerinchi, and KL Gateway-Universiti LRT stations.
In his words, “Bangsar is ever-changing and is currently adopting a more forward-thinking stride as lands are redeveloped to provide contemporary residential, commercial, and institutional properties.
On a 19.6-acre parcel of land between Jalan Bangsar and Jalan Maarof, PHB Bangsar 61 is being constructed. The master design includes commercial offices, an iconic tower, high-rise residences, retail, and a five-star hotel. The building of Tower 1, a 31-story Grade-A corporate office tower, is presently underway and is anticipated to be finished in 2024.
City Motors Group’s Alfa Bangsar, a freehold development on Jalan Tandok, is scheduled to be finished in 2023. The project includes a 220-room hotel that will be run by Holiday Inn Kuala Lumpur Bangsar, two buildings with a total of 178 serviced apartments, retail establishments, a wellness centre, and office space. The serviced apartments are 570 to 997 square feet in size, include one to two bedrooms, and cost between RM1,100 and RM1,300 per square foot.
In a 38-story tower adjacent to Dataran Maybank and Menara UOA Bangsar, 38 Bangsar offers 278 leasehold serviced apartments. The project is being developed by UDA Holdings Bhd. It will be finished in 2024 and be situated on a 1.16-acre plot of land. The apartments range in size from 580 to 1,442 square feet, with prices ranging from RM1,260 to RM1,330 per square foot. The complex provides studio, two-bedroom, and three-bedroom units.
Suez Capital and Sunsuria Bhd are building the 5.87-acre leasehold Bangsar Hill Park neighbourhood off Lorong Maarof on Jalan Bukit Bangsar. The first phase, Verdura, will be finished in 2025 and comprises of two condominium towers with 812 homes. Verdura provides condominiums with sizes ranging from 917 to 1,478 square feet and starting at RM910 per square foot. There will be a total of 1,266 residential units in the project’s additional residential blocks.
One Eleven Menerung is being constructed on a 0.83-acre freehold land near to the Pusat Bandar Damansara MRT station by Bandar Raya Developments Bhd. Bangsar Shopping Centre and the forthcoming Pavilion Damansara Heights are both within walking distance of this development, which is expected to be finished in 2026. With prices starting at RM1,800 psf, the 111 single and duplex flats in the 23-story tower range in size from 1,001 to 3,714 square feet.
As of right now, TNB Redevelopment on Lot 491, Jalan Pantai Baharu is being converted into a mixed-use complex including business facilities, shops, a hotel, and serviced apartments. The freehold property is close to KL Eco City, Media City, and the New Pantai Expressway and is situated across from the TNB headquarters. It consists of a 57-story tower with a hotel with 191 rooms, 99 serviced suites, and 554 serviced apartments, and a 45-story corporate office tower for offices. The buildings will be constructed on a nine-story pedestal with shops and parking.
source from NST