KUCHAI Lama, a matured suburb situated off the Old Klang Road in Kuala Lumpur, used to comprise a collection of low-cost flats, medium-cost apartments and houses.
The older houses in the area are mainly single-storey terraced units which turned middle-cost just a few years ago but are worth more now, thanks to the property boom.
Due to its strategic location and infrastructure, there has been an increase in residential properties in Kuchai Lama over the last few years, especially in Taman Lian Hoe, Taman Continental, Happy Garden and Taman Kuchai Jaya.
These areas now have a wide range of properties, including gated-and-guarded semi-detached houses, luxury apartments and condominiums, uplifting the whole image of Kuchai Lama.
The prices of properties in Kuchai Lama have risen fairly sharply, resulting in investors casting their eyes there.
For condominiums in the older scheme, they range from RM250 to RM400 per square feet (psf) depending on types and location, while the newer ones are priced between RM350 and RM600 psf.
Recent completions in Kuchai Lama include KL Palace Court and Spring Avenue.
The KL Palace Court, developed in 2016, comprises two blocks of 23-storey apartments totalling 496 units and the launch price was from RM502,000. However, a look at a few online property portals shows that the sub-sale price for the leasehold units starts as low as RM420,000 (RM335 psf).
Spring Avenue, on the other hand, has 2,016 units, launched from RM550,000 or about RM560 psf, and the current market price is above RM570,000 (about RM580 psf).
Another development is GenKL, a 30-storey tower with 325condominium units sized between 1,150 and 1,894 sq ft. The units were launched in 2016 from RM738 psf and could be one of the highest-priced properties in Kuchai Lama.
This project, which includes seven units of exclusive three-storey villas, has a gross development value (GDV) of RM362 million. GenKL is sited on the hillside of Taman Lian Hoe and is a joint venture between Juta Asia Corp and Singapore’s Capital Land.
The latest venture in Kuchai Lama is Menta Construction Sdn Bhd’s project, the first phase of which is slated for launch before the end of this year.
Menta Construction chief executive officer Tan Choon Hock said the company will bring a well integrated living-and-business development in Kuchai Lama that will include high-end retail, coupled with 3,000 parking bays, of which two thirds are for residents. Hesaid the project is within a walking distance to the upcoming Kuchai Lama mass rapid transit station and will be a new destination and meeting place.
“The project will offer the first of its kind duplex suites in this sought-after neighbourhood. We believe the market is ready. We will offer close to 2,000 units which are reasonably priced,” Tan told NST Property.