Setapak: A Diamond in the rough
Vivahomes Setapak’s Assistant Resident Manager, Bernard Khoo shares on the potential that Setapak harbours and the urban rejuvenation plan that is set to transform its property landscape.
In your opinion, where are the areas that currently still hold good capital appreciation potential in both primary and secondary market?
In my opinion, capital appreciation potential is highly dependent on supply and demand of a particular area. Let’s take Setapak as an example: Having had Tunku Abdul Rahman University College (TARC) established there, Setapak has shown a very good capital appreciation trend over the years.
TARC acted as a catalyst that boosted the population there, which as a result increases the demand for property. Plus, a lot of the graduates chose to stay back and settle down here due to familiarity. And of course, in addition there are other mixed-development projects such as SkyWorld which was launched in 2014 that had further transformed Setapak into the next investment gem.
What are the advantages of purchasing in Setapak compared to the other prime, more matured areas in Greater KL?
For an area that is still developing, Setapak already has all the infrastructures and facilities needed in place. Located only 15 minutes away from the city centre, with Duke highway and MRR2 within proximity, Setapak has excellent connectivity. In addition, the Wangsa Maju LRT station stands just five minutes away, which makes travelling from one end to another a breeze; on the other hand PJ and Cheras areas are accessible via KTM commuter. Setapak offers all of these conveniences and yet, prices of properties here are still affordable.
Are there future developments that are expected to boost the property prices and value in the area?
Presently, there are a few malls operating in this vicinity which has further enriched the quality of life for the residents here as they no longer have to travel far to shop.
Another project that will be the catalyst to the price appreciation of properties here is the rehabilitation effort of Sungai Gombak. As part of the KL River City project, Ekovest made a commitment to transform a three km stretch of Sungai Gombak into a vibrant riverfront development by 2020.
This is one of Klang Valley’s most ambitious urban rejuvenation projects yet as the riverfront is envisioned to mimic some of the world’s iconic landmarks, such as Australia’s Yarra River, London’s river Thames, Paris’ river Seine, and San Antonio River Walk in the United States. Once completed this project will feature several components such as serviced apartments, retail shops and commercial blocks. Once all these amenities have taken place, I believe Setapak’s property prices will experience further appreciation.