BUYING OUT OF THE BOX: Affordable opportunities abound beyond the city
With buying power that is getting weaker by the year, prospective homeowners may need to look farther from the city center to enter the market.
Mike Yap, Assistant Regional Manager at Vivahomes Realty shares some insights on why home buyers should take advantage of the affordability of new growth areas in city outskirts.
In your opinion, where are the areas that still hold good capital appreciation potential in both primary and secondary market currently?
Even though Rawang does not have any major highlights such as iconic commercial areas or big malls, it currently holds the largest buying potential. Despite the slow transformation, many big property developers have recognized its potential and are setting their marks there. Since it has not reached its full potential yet, the properties there still fall within the affordable price bracket. Secondary market landed properties are priced from as low as RM 200 per sq ft to RM 400 per sq ft. So, I would definitely say that Rawang offers the opportunity to purchase your own property at prices that are still attractive compared to other areas in Klang Valley.
What are the advantages of purchasing a property in Rawang compared to the other prime, more matured areas in Greater KL?
Few years ago, Rawang was a rural, outskirt area but today thanks to several well-known developers such as Glomac, Guocoland, Low Yat Group, Sime Darby, S P Setia and so on, it is now growing and developing rapidly. Most of these developers have the experience of developing many successful townships and catalyst developments. Today, not only there are apartments and low cost terraces there, Rawang also has gated and guarded terraces, semi-Ds and bungalows. That said, most of these projects will attract potential buyers from both within and outside of Rawang. Soon, Rawang will be one of the most developed townships in the northern region, just like Semenyih in the southern region.
Are there future developments that are expected to boost the property prices and value in the area?
There are many future developments in store. Some of the notable ones are the multibillionringgit integrated commercial development called The Two – an acronym for “Theme park resort, Wholesale city, Outlet mall” – by DA Land Sdn Bhd. The project will be built on a 51-acre development site and comprises of shophouses, a mall, a resort, a wholesale city and one of the world’s largest theme park. On top of that, the development of The MRT Sungai Buloh-Kajang line not only improves connectivity to Rawang but also serves as a prove that the government has confidence in developing areas in the northern region