Agents and developers expect the Klang Valley Mass Rapid Transit (MRT)
project to have significant impact on the prices of residential and
commercial properties along the MRT route. Eric Oii, a member of the board
of valuers, appraisers and estate agents said property prices - commercial
and residential - along the MRT route could appreciate by 15% to 25%
depending on the location of the property to the stations.
“We expect generally properties within a 500-metre radius of the MRT
stations to have the most appreciation in value,” he told StarBiz yesterday.
Oii, who is also managing director of property consultancy firm Knight Frank
Ooi said MRT linked to a network of lines integrated with the LRT, monorail,
KTM Komuter and intra-intercity buses city would help ease traffic
congestion and cut the cost of travelling.
However, Oii said in the short term, especially when the MRT was being
built, it might cause inconvenience to some people especially those living
or working close to the stations. “The impact of building the MRT is
expected to be more physiological to the community,” he said, adding that
any major structural developments were expected to impact a certain group of
There was an outcry by some residents in some suburbs (where the MRT
stations are earmarked to be built) including those in Taman Tun Dr Ismail,
who had criticised the development, claiming that the MRT station would
cause traffic congestion, and possibly lower the value of their properties.
Ho Chin Soon Research Sdn Bhd director Ho Chin Soon concurred with Oii that
there would be some disgruntled individuals who opposed the MRT project but
in the long run it would benefit the majority of people, especially the
lower income group that depended on public transport.
Ho Chin Soon Research is a local mapping and property research based
company. Based on the company's compilation of data on MRT stations in
various countries, it can be concluded that they would help raise property
prices. “Properties close to the MRT stations can expect better appreciation
once the station is built. And those very close to the station are likely to
benefit also. In certain circumstances, some properties very close to the
station may be impacted too resulting in a fall in prices,” he said, adding
that such cases would be an exception rather than a rule.
Ho also said it would be reasonable to conclude that properties around a
500-meter radius to a MRT station would appreciate value once the station
was built. “Those within walking distance would still appreciate from its
proximity to the station. Our tropical climate makes it not very conducive
to walk longer than 10 minutes to a station,” he noted. Ho also said a 15%
to 25% upside in property prices (depending on locations) was be a
reasonable level of appreciation for properties close to the MRT route,
especially to the stations. “We can also expect the MRT integration with
other trasports lines like the LRT to further enhance the property prices of
those especially in the Kuala Lumpur Golden Triangle as it would improve
inner city connectivity.
An established property developer said many developers were looking to
strategically build properties. especially condominiums close to the MRT
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