The median sale at Setapak, Kuala Lumpur, Malaysia is RM 475,000
Formerly a tin-mining and rubber estate, Setapak’s name is said to be derived from a Malay word that means ‘one step’, due to its proximity to Kuala Lumpur.
Major roads serving Setapak include Duta-Ulu Kelang Expressway (DUKE), Kuala Lumpur Middle Ring Road 2, Karak Expressway, Jalan Gombak and Jalan Genting Kelang.
Setapak is a very mature suburb, there are ample facilities and amenities for the conveniences of people living there. Malls in the area include Melawati Mall, Setapak Central Mall (previously known as KL Festival City) and Wangsa Walk Mall.
Schools include Chong Hwa Primary School, Marian Convent Primary School, Air Panas Girls School, Setapak High School and Tunku Abdul Rahman University College (TAR UC).
Apart from these, Royal Selangor Visitor Centre is a famous attraction with pewter galleries, factory and retail store. Royal Selangor is a Malaysian pewter manufacturer and retailer. It is said to be the largest of its kind in the world.
Food offerings there are not lacking either. There is a wide range of cuisines available such as Indian, Chinese, Malay, Taiwanese, Korean and many more.
Affordable and Convenient Location
Setapak is an affordable option for property buyers and tenants. According to Hartamas Real Estate (OUG) Sdn Bhd negotiator Jack Tian, owner-occupiers are drawn to good accessibility for road transport as well as public transport.
Another draw is tourist attractions nearby such as Bukit Tabur, Berjaya Hills Resort, and Genting Highlands that make for nice weekend getaways.
Population in Setapak has increased tremendously in recent years, as more and more condominiums and commercial buildings are being established in the vicinity.
Tian said that typical tenants here include professionals as well as university and college students mainly from the Tunku Abdul Rahman University College which is located on Jalan Genting Kelang.
Tian observed that high-rise homes in Setapak attract a good rental demand. Vivahomes Realty senior negotiator Jantson Loh concurred and noted that Setapak’s strategic location close to Ampang and Kuala Lumpur city centre, coupled with its affordability and the presence of Tunku Abdul Rahman University College, makes the area’s rental market easy to sustain.
Loh found that students prefer condos near Jalan Genting Klang such as PV 12, PV 13, PV 15 and PV 16, as well as condos in Taman Melati, thanks to the many nearby eateries and shops, and a free shuttle-bus service by Tunku Abdul Rahman University College that covers these areas.
Rental demand in Setapak remains buoyant (The Edge, 30 May 2022)
Formerly a tin mining and rubber plantation area, Setapak was first inhabited by the MinangKabau people and Orang Asli. In 1884, British Resident of Selangor Frank Swettenham appealed for the reappointment of Batu Tapak as headman of the Orang Asli community in the area and Setapak was named after him.
One of the oldest neighbourhoods in the Gombak district, Setapak - which also means "one step" in Malay - is a 20-minute drive from the Kuala Lumpur city centre, says Metro Homes Realty Bhd executive director See Kok Loong.
Housing schemes in the are include Taman P Ramlee, Desa Setapak, Taman Sri Rampai, Taman Setapak, Danau Kota, Platinum Walk, PV10, PV 13, PV 15, PV 16, PV 128, Taman Setapak Jaya, Taman Bunga Raya and Taman Air Panas.
In terms of accessibility, one can easily get to Setapak via major roads and highways, such as Jalan Genting Kelang, Jalan Gombak, Jalan Tun Razak, the Middle Ring Road 2 and Duta-Ulu Kelang Expressway (DUKE 3) in the near future. Transport hubs in the area incude the Wangsa Maju, Sri Rampai and Setiawangsa LRT stations.
"The upcoming MRT Line 3, which has a proposed station in Air Panas, is expected to further enhance connectivity in the area," saya Henry Butcher Malaysia chief operating officer Tang Chee Meng.
Slated for completion by 2024, the MRT line will form part of the Greater KL/Klang Valley Integrated Transit System, which is anticipated to cover Bandar Malaysia, KL Eco City, Bukit Kiara, Segambut, Sentul and Petaling Jaya, he adds.
Affordable prices and rents
Those living in Setapak are mainly from the middle-income group. There is also a large student population due to the presence of several institutes of higher learning, who make up the bulk of tenants renting rooms, apartments and houses there, notes Tang. Other tenants include blue-collar workers employed by factories in the Setapak industrial area as well as white-collar workers working at companies in Setapak and the Kuala Lumpur city centre.
According to Tang, the rental demand for residential and commercial properties in Setapak is generally buoyant and stable due to the decent occupation rates achieved by properties.
Factors that contribute to the healthy rental demand of theses properties include the presence of several institutes of higher learning, the availability of various types of facilities and amenities (such as good public transport), reasonable rental rates, affordable food outlets, pleasant living environment and proximity to the city centre, he adds.
"As such, we believe interest in the area from both homebuyers and investors will continue to be strong. The newer projects offer nicer designs with modern concepts and comes with more and better facilities that will put them on par with projects in other localities," says Tang.
An example of the going rents in the area, the single-storey terranced houses in Setapak Garden with land area of 1,600 sq ft and built-up of 1,000 sq ft are commanding a monthly rental of RM1,400 to Rm1,500, according to See.
For commerical properties, he notes that the intermediate three-storey shopoffices in Jalan Prima Setapak with land areas of 1,650 to 1,700 sq ft and built-ups of 4,700 to 5,000 sq ft are rented out at RM4,500 pepr month for the ground floors and RM1,600 per month for the first and second floors.
According to Tang, commercial units with high visibility / main road frontage continue to attract interest. However, he has noticed an increase in vacant commercial units located in secondary locations with no main road frontage and visibility.
While Setapak's property market was not spared by the pandemic, See believes the area has one of the lowest rental rates in Kuala Lumpur, and thus property prices will not have much room to go down further.
Meanwhile, Tang reckons that people have continued to buy and rent property in Setapak due to the relatively affordable prices and rents compared with areas such as Mont'Kiara, Petaling Jaya and KL city centre. "The market is relatively stable and there has been no significant impact on property prices or rents, although owners are now more iwlling to negotiate selling prices and rents, which has resulted in a slight downward adjustment."
With a sizeable number of new serviced apartment/condominium projects having been completed over the past few years, the rental market has become more competitive, exerting downward pressure on rents.
In terms of outlook, Tang sees bright prospects for Setapak property - both residential and commercial - in the long term. But in the short to medium term, it will be affected by strong competition due to high volume of new supply in recent years, which will drive up vacancy rates and exert some pressure on rents.
Nonetheless, See expects Setapak's property market to remain stable in the mid term as it is a mature and well-populated township. "Due to limited land for development, we might see some [land owned by the government or government-linked companies] being developed to enhance the image of the area. As such, the outlook for the long term appears positive due to its strategic location."
|Project / TownShips||Type||Median Price Psf||Median Price||Filed Transactions|
|Desiran Bayu @ Sri Rampai||Terrace House,Cluster House,Semi-Detached House||RM 470||RM 791,554||274 Transactions|
|Taman Melati||Flat,Condominium/Apartment,Terrace House||RM 293||RM 204,926||257 Transactions|
|Danau Kota||Flat,Terrace House,Hotel/Service Apartment,Condominium/Apartment||RM 240||RM 229,307||181 Transactions|
|Pangsapuri Bandaraya Gombak||Flat,Condominium/Apartment,Town House||RM 269||RM 153,103||167 Transactions|
|Setapak Jaya||Cluster House,Flat,Terrace House||RM 348||RM 218,448||125 Transactions|
|Genting Court||Condominium/Apartment,Flat||RM 296||RM 231,045||119 Transactions|
|Taman Sri Rampai||Terrace House,Condominium/Apartment||RM 533||RM 537,164||113 Transactions|
|Taman Setapak||Terrace House,Semi-Detached House,Detached House,Condominium/Apartment||RM 369||RM 652,083||106 Transactions|
|Taman Setapak Indah||Town House,Flat,Terrace House||RM 338||RM 366,253||103 Transactions|
|Idaman Sutera||Condominium/Apartment,Flat||RM 324||RM 275,093||92 Transactions|
Rent and Sale Prices in Setapak
|Bedrooms||Sale Price||Monthly Rent||Rental Yield|
|1||RM 322,223||RM 1,457||5.43%|
|2||RM 325,839||RM 1,433||5.28%|
|3||RM 436,377||RM 1,587||4.36%|
|4||RM 570,891||RM 1,807||3.8%|
|5||RM 1,043,404||RM --||--|
Price per Square Foot
|Sector||Price Psf (Non Landed)||Price Psf (Landed)|
|Area Average||RM 345||RM 385|
|State Average||RM 475||RM 509|
Highest Price Growth
|Heritage (Menara Warisan)||2.25%|
|Pangsapuri Bandaraya Gombak||0.15%|
|La Villas Condominium||0.14%|
|Platinum Hill PV 3||0.11%|
|Platinum Hill PV 5||0.08%|
|Platinum Hill PV 6||0.04%|
|Platinum Lake PV 10||0.03%|
|Platinum Hill PV 2||0.03%|
Lowest Price Growth
|Platinum Lake PV 13||-0.15%|
|Resource Springs Apartment||-0.11%|
|Teratai Mewah Apartment||-0.07%|
|Platinum Lake PV 12||-0.05%|
|Ascenda Residence @ SkyArena||-0.02%|
|Platinum Lake PV 20||-0.01%|
|Platinum Lake PV 15||0%|