KUALA LUMPUR (July 4): As Sea Park or Seksyen 21 in Petaling Jaya is almost fully developed, there has not been any major development in the area except for the upcoming Seapark Residences, also known as Ruby Seapark, by Midas De Sdn Bhd.
This article first appeared in theedgemarkets.com. View source here.
The 2.32-acre project is sited on the former Ruby Cinema and comprises 406 units of serviced apartment in two blocks of 29 and 24 storeys. “The project will lead to more traffic in the area and may attract younger buyers and families to the mature and older neighbourhood,” says Metro Rec Sdn Bhd managing director Ng Weng Yew.
According to CCO & Associates (KL) Sdn Bhd director Chan Wai Seen, Sea Park may offer some redevelopment potential. “Empty land used as car parks and several adjoining old bungalows can be amalgamated, and old commercial buildings can be redeveloped, as old buildings are deemed to be economically obsolete and not optimally utilised.
“The increasing prices and high plot ratio or density have also made the redevelopment of older properties attractive.” He adds that in some cases, an area needs fresh projects for its rejuvenation.
Meanwhile, Nawawi Tie Leung Real Estate Consultants Sdn Bhd managing director Eddy Wong notes that properties in Sea Park, particularly the one-storey terraced houses, are ripe for transformation as they have a more accessible price point. “The fact that the properties are old may actually be a positive [thing] for those who like the flexibility of renovating them according to their own preferences. The land being freehold is an added appeal,” he says.
Read more about it in The Edge Malaysia weekly July 5 2021 edition.