KL a hotspot for properties

The Star 03/03/2006

DESPITE a higher living standard, Kuala Lumpur is still considered as the top performing property district in the country.

Real Estate and Housing Developers Association (Rehda) KL branch chairman Teh Boon Ghee said the nation’s capital had job opportunities and adequate infrastructure and recreational facilities.

“You have more jobs and a lot of investments in KL. You have the Federal Territories Ministry and City Hall looking after the administration of KL. Embassies and expatriates are here and it will be alright if you don’t mind spending an hour travelling,” he said during a recent interview.

He said housebuyers could save more as there had been no increase in the assessment rates in Kuala Lumpur this year.

“If KL will not be a hotspot, others will not be so hot. It (the property sector in KL) performs better than any other states,” he said.

He said the city had seen rapid development and the land here had been scarce.

“There is limited land in KL and slowly there will be no more land left for development. Houses here have more opportunity to appreciate faster,” he said.

Rehda committee member N.K. Tong said Kuala Lumpur had very good infrastructure and the local authority had been effective in managing development in the city.

“City Hall is very forward-looking. This is the gateway to Malaysia and a flagship city of the country. You have City Hall and Federal Territories Ministry looking into sustainable development and the Government has funds to maintain and upkeep the city,” he said.

He said Rehda had always encouraged its members to look into ways of improving construction methods and living standard of housebuyers.

He said many developers had taken on new ideas in the construction of high-rise buildings in the city as they were using a lot more glass, different finishes and other recreational and value-added facilities within the buildings.

Teh said: “Even a RM180,000 apartment has facilities like swimming pools and other amenities within the development. There are very few schemes without such facilities.”

When asked about Rehda’s request for a reduction of assessment rates for houses built based on the gated community concept, he said the association was happy with the social and physical development of the city.

“City Hall said it needs the money (from assessment fees) to upkeep and develop the city. If local authorities spend money to improve the city like building more facilities for us, we are for it,” he said.

Last year, Rehda requested City Hall to reduce or waive assessment fees in gated community developments in view that the maintenance and upkeep of the area was carried out by the developers.