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Monday, April 28, 2008

The draw of the southern corridor

An exclusive bungalow at IOI Resort Putrajaya

The Klang Valley's southern corridor is set for more activities as developers and property investors continue to see good upside potential in the bustling corridor.

Until a few years ago, it was one of the few corridors in the Klang Valley that had large tracts of estate land that were suitable for property development. But in the past decade many new townships and projects have emerged.

However, with building activities increasing in the past decade, sizeable pieces of land are not easy to come by these days. As land sizes shrank, the cost of land has escalated.

Land prices in Cyberjaya and Putrajaya have risen to between RM25 and RM100 per sq ft (psf), depending on location, from less than RM10 psf about eight years ago.

Developers who have the foresight to lock in vast tracts of land here have secured “goldmines” and went on to reap a fortune from their developments.

Key property developers in the robust southern corridor include IOI Properties Bhd, SP Setia Bhd, Island & Peninsular Bhd, Bukit Hitam Development Sdn Bhd, Putrajaya Holdings Sdn Bhd and Setia Haruman Sdn Bhd.

According to IOI Properties director Datuk David Tan, the large land tracts have enabled the development of well planned integrated townships with good infrastructure, commercial hubs, modern amenities, employment opportunities and secure neighbourhoods in the corridor.

Datuk David Tan

“The southern corridor has proven to be a preferred choice with its high accessibility, modern infrastructure and employment opportunities,” Tan said.

The pull of the corridor has been further enhanced with the good road network including the Damansara-Puchong Expressway (LDP), North South Expressway Central Link (Elite), South Klang Valley Expressway (SKVE), KL-Putrajaya dedicated highway and the North-South Expressway.

Stretching from Puchong and Seri Kembangan to Sepang, Putrajaya and Cyberjaya, remarkable growth in the form of new townships and infrastructure network, have spawned many new opportunities.

New centre of gravity
“The pull of Putrajaya, Cyberjaya, KL International Airport and Sepang International Circuit remains strong, and this has contributed to Klang Valley's new centre of gravity moving southwards towards Sepang.

“The northern part of Sepang that covers Cyberjaya and Putrajaya will experience a faster growth rate, especially with the completion of the SKVE project and the dedicated Kuala Lumpur-Putrajaya Highway that was completed last December.

“Within the next three to five years, the growth in this corridor will continue to outpace other parts of the Klang Valley,” Tan added.

SP Setia Bhd group managing director Tan Sri Liew Kee Sin said that based on the draft local plan, Puchong could look forward to more exciting times as an estimated RM3.1bil was expected to be pumped in for infrastructure improvement by the local council over the next 12 years.

Tan Sri Liew Kee Sin

“Among the facilities and amenities that residents can expect in the near future are the proposed Puchong light rail transit station and a RM10mil international camping site at the gazetted Ayer Hitam Forest Reserve,” Liew said.

He said Puchong was at the forefront of the transformation of the southern corridor with a rapidly expanding population, which is estimated at 250,000 today.

Highways turns Puchong into a fast- growing centre
The completion of highway networks has largely elevated Puchong into one of the fast-growing centres in the corridor.

Tan said that under the Selangor Structure Plan, parts of the southern districts of Sepang and Kuala Langat had been designated as Klang Valley 2.

Klang Valley 2 encompasses the federal administrative capital of Putrajaya and the information and communications technology-centred Cyberjaya on one end, and the KLIA and Sepang F1 racing circuit on the other. It also includes the area along the coast north of Sepang GoldCoast as far as Morib.

“It is a worthwhile initiative to ensure more well-planned developments, both residential and commercial, whereby private developers will complement the efforts of the public sector to further enhance the vibrancy of the corridor.

“To ensure more quality lifestyle for the people, Klang Valley 2 should avoid the problems of the existing Klang Valley and provide the right environment for living, recreation, education and work,” Tan said.

By The Star (by Angie Ng and Shannen Wong)

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