p16Despite a dampened property market, upcoming multibillion ringgit infrastructure and iconic developments in the capital are set to put the finishing touches to a sophisticated and forward-looking metropolis. Text by Mira Soyza

Beyond 2020 Vision

p16bKuala Lumpur has been enjoying exponential growth since the last 30 years. Most would agree that Tun Dr Mahathir Mohamad—Malaysia’s 4th Prime Minister was instrumental in transforming this former mining town into a metropolis and essentially put Malaysia on the world’s map through the iconic Petronas Twin Towers, at one time, the tallest building in the world. From mega developments to an extensive network of transportation, the muddy confluence of which KL’s name is derived from quickly rose to become one of the top 10 cities in Southeast Asia.

During the construction boom years, a flurry of building activities in the commercial and infrastructure sectors had also spilled over to the residential segment of the property market. Even when the Asian Financial Crisis hit in 1997 and caused a 39% slump in the luxury detached housing segment, property prices in selected areas in Kuala Lumpur still significantly outperformed the rest of the country.

The Game Changers

KL is undeniably the heart of the country and under the Greater Kuala Lumpur Strategic Development Project, GKL is to act as the driver of growth and propel the country’s economy to developed nation status by 2020. One of its many ambitious plans is to revitalise the city by redeveloping strategic federal assets including the Sungei Besi military airport, Pudu Jail, Kuala Lumpur Financial District and the planned township development on the Rubber Research Institute (RRI) land in Sungei Buloh.

With that in mind, a slew of anticipated mega projects to start in 2016 or already underway would contribute to an estimated cumulative GDV of RM200 bil in the capital alone, according to reports. Meanwhile, the upcoming Transportation Masterplan is expected to deliver high connectivity to the city and ease current transportation woes. This is anticipated to have a positive impact on property prices along its route, particularly in areas outside the city centre.

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