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Thursday, February 16, 2012

Property prices spike in Shah Alam

PROPERTY prices in Shah Alam have climbed steadily over the last five years due to a combination of factors, including highway accessibility, said a real estate expert.

Azmi & Co director T Nagalingam said Shah Alam is experiencing spillover effects from the rise of property prices in areas like Subang Jaya, Glenmarie, Bukit Jelutong and Kota Kemuning.

He told Business Times that prices for double-storey terraced houses and condominiums have increased by 50 per cent and about 20-30 per cent respectively, in the last five to six years.

"Traditionally, Shah Alam was occupied by PKNS townships. Now, more players have emerged in Shah Alam such as Glomac Bhd, Naza and I-Berhad lifting up the area," he said.

Nagalingam said the New Klang Valley Expressway, Guthrie Corridor Expressway and the widening of roads have contributed to population growth and the price increases.

I-Berhad is developing i-City in Section 7, Shah Alam, sprawled over 30 hectares.

The 10-year development will feature some 12 million sq ft of gross lettable area for a total gross development value of RM4.5 billion.

Some 35 per cent of i-City will comprise residences. The rest will be offices, commercial and retail space, hotel, convention centre and a technology hub.

Since the project started about four years ago, some 500,000 sq ft, or 366 offices suites, and a 70,000 sq ft data centre have been completed.

To date, 20 per cent of the land area has been developed and it has been successful being an MSC Cybercity with complete information communications technology infrastructure.

The development is provided with dual source power supply, multi-telco environment and super broadband accessibility of 200mbps.

By Business Times

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