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Saturday, April 17, 2010

Future trends in property market

PETALING JAYA: High-rise living, security and proximity to amenities and other conveniences are current trends in the property markets, while green buildings are the way to go in the future, several speakers at a seminar said.

Contrary to what many believe, Mont’Kiara will continue to grow as a popular condominium enclave after Bangsar, Klang Valley’s first condominium hub, said Ho Chin Soon Research Sdn Bhd managing director Ho Chin Soon.

Ho was speaking at the “Future Trends in Property” seminar organised by Sunway City Bhd here yesterday.

The three main condominium enclaves in Kuala Lumpur are KL City Centre (KLCC) area, Mont’Kiara and Bangsar.

There are today a total of 390 buildings or 24,200 high-rise residential properties (serviced apartments and condominiums) in the Golden Triangle of Kuala Lumpur which includes KLCC area; Mont’Kiara, Damansara Heights, Bangsar, Ampang and Sentul.

Despite the thousands of units in Mont’Kiara, the area would continue to grow as it has been doing the past three years, said Ho.

“Once a favourite among the expatriate community, Mont’Kiara today is increasingly being occupied by Malaysians who have decided to make that location their home,” he said.

Because of security issues and the unwillingness to live in further places like Rawang and Nilai, people would opt to live in high-rise, he said. This would be the trend in thecities and other parts of the country like Penang.

Ho said as the economic recovery took off, developers preparing to launch must take into consideration three main factors - location, timing and branding.

“Demand and supply are not everything about land economics,” he said, adding that the other change to note in Mont’Kiara was the trend towards commercial.

“People doing buinesss will want to go into that location,” he said.

Veritas Architects Sdn Bhd principal founder and chief executive officer David Mizan Hashim said “green” elements were the other trend in the property market.

“Places which have low energy consumption, sanitaryware and faucets which promote efficient water consumption, and sustainable features are increasingly become popular.

“People will increasingly want flexibility to convert a three-room unit to two or vice versa. This means the introduction of screens to support the desire and need for flexibility,” he said.

He said the popularity of gated and guarded projects would continue to grow and spill over to places like Johor, Perak and Penang.

“Even within a high-rise residential development, increasingly buyers will want new elements and features that set it apart from the rest,” he said.

Older projects will become the casualties in this demand for better and more innovative residential developments.

Not forgetting the need for innovation and technology in today’s lifestyle, Research Inc (Asia) Sdn Bhd managing director Datin Adila Lim Lay Ying cautioned against allowing designs to be defined by technology. She said past examples overseas showed that futurish designs emulating science fiction did not work.

“Buildings of the future should allow us to express ourselves, how we want to live and work,” she said.

On the KLCC and the various projects ongoing, she said the number of projects there would continue to grow and prices continue to rise, with certain projects to hover between RM2,500 and RM3,000 per sq ft.

SA Architects Sdn Bhd director Richard Sau said “green” features would continue to add value to projects.

By The Star

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