Brickfields enjoys spillover effects of KL Sentral
Posted on | April 24, 2007 | No Comments
By BUSINESS TIMES
OVER the last eight years, the profile of Brickfields has slowly developed, according to international property consultant C H Williams Talhar & Wong Sdn Bhd senior executive director P’ng Soo Theng.
“There has been hardly any land in Brickfields for further development and improvement the last several years. The image of Brickfields was built on efforts to develop the RM8 billion integrated KL Sentral transport and commercial hub located just opposite,” P’ng said.
He said Brickfields will be further enhanced when the three million sq ft of commercial properties, currently under construction at KL Sentral, is completed by 2010.
About 19 million sq ft was approved by the Government for the development of KL Sentral.
So far, 4.5 million sq ft of commercial and residential projects have been completed. A further 11.5 million sq ft of land will be utilised for future developments.
P’ng told Business Times that Brickfields will enjoy the spillover effects of KL Sentral, which is expected to be completed by 2016, boosting property prices further.
In fact, prices of properties in Brickfields have been rising since the integrated commercial hub started in 1997, he added.
The price of a condominium unit at Palm Court at Jalan Berhala used to range between RM160,000 and RM170,000 in 1999 but rose to as much as RM195,000 in 2002. As of last year, the price per unit stood at RM210,000 to RM220,000.
The four-and-a-half-storey shophouse at the main road of Jalan Tun Sambanthan, facing KL Sentral, used to be worth about RM1.55 million in 1999 and RM2 million in 2003 but has increased to RM2.6 million as at end-2005.
“There has been no recorded sales of these shophouses since last year. People are holding on to their properties as they feel the prices will go higher with the amount of construction coming up at KL Sentral,” P’ng said.
He said the value of properties in Brickfields could rise further if the relevant authorities “clean up” the area.
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