PETALING JAYA: Despite being a mature and one of the oldest residential areas in Petaling Jaya, landed properties in Section 5 have managed to retain their value. According to See Kok Loong, director of Metro Homes, the value of the properties has held steady over the years and sees an increase of 5% to 10% yearly.
Bungalows are the most sought after properties in Section 5, followed closely by semidees. Vincent Ng, CEO of Kim Realty estimated the current prices of the bungalows to be between RM150 psf and RM200 psf. Prices for semidees vary widely, ranging from RM450,000 to RM1.5 million and linked houses command prices of RM500,000 to RM900,000. All the prices are dependent on location and condition of the properties.
The biggest appeal of Section 5 is the location, sitting mid-way between Kuala Lumpur and Petaling Jaya and offers easy access to the Federal Highway, the New Pantai Expressway and roads that lead to nearly all the major areas in Petaling Jaya.
“A good number of residents in Section 5 are professionals with families and most work either in the city centre and Petaling Jaya, so the location is very convenient for them. When you have a family, you would want to get home sooner instead of getting stuck in the traffic,” said Ng.
Recognising the sustaining value and popularity of Section 5, developer Magna Prima Bhd recently announced its acquisition of two pieces of freehold land, measuring 28,148 sq m from Petaling Garden Sdn Bhd for RM48.48 million. The lands are for future development purposes.
Derek Fernandez, Petaling Jaya City Council (MBPJ) councilor for Section 5 and Section 10, told theedgeproperty.com that Section 5 runs along the 2.31km stretch of Jalan Gasing, covering 570.81 acres and is home to 725 bungalows, 366 semi-detached houses, 562 linked houses and four condominiums.
View the video in the Multimedia section and read the full report on the Nov 9, 2009, issue of City & Country, the property pullout of The Edge Malaysia.