Properties near MRT stations will be in big demand this year, says consultancy

Savills says better public transportation, afforded by MRT lines and ride-shares connected to these lines, will result in greater demand for properties near MRT stations.

KUALA LUMPUR: The demand for properties near Mass Rapid Transit (MRT) stations will increase, according real estate services provider Savills Malaysia Sdn Bhd.

This is not only because the MRT is rapidly gaining wide acceptance and changing commuter patterns, it is also connected to other places by ride-sharing operators.

The Edge Property quoted Savills managing director Paul Khong as saying: “Working together with ride shares, the MRT is providing a credible public transport network that is long overdue in this city. This will focus demand around stations and reshape the pattern of property values in Greater KL.”

Savills Malaysia executive chairman Christopher Boyd was quoted as saying: “In other countries such as the UK and Australia, you see many agencies advertising a property based on its distance from the transit lines. This is now happening in Kuala Lumpur. Not only will this apply for residential properties but also for commercial and retail properties.”

Boyd said this year might see an increase in turnover in residential properties, as there were some properties being sold at affordable prices in the right locations.

The consultancy also predicted that the Tun Razak Exchange (TRX) would emerge as Malaysia’s most successful commercial development in 2018.

“TRX is on track to be the most successful masterplanned commercial development ever. It has already attracted an array of international and domestic institutions in one central precinct. These include HSBC, Prudential, Affin, Mulia and Lendlease.

“True to its original plan, the 70-acre site will redefine the golden triangle of the nation’s capital and become Malaysia’s undisputed financial hub,” Savills had earlier said in a statement. -FMT