JLL Malaysia country head YY Lau tells EdgeProp.my that retail and office spaces here are recording healthy demand in general as a result of the vibrant economic activities in the area.
EdgeProp Research’s data show that office units in Kelana Jaya enjoy an indicative rental yield of 5.27%. Many office buildings here have close to full occupancy with strong asking rentals, such as The Ascent, which has a rental rate of about RM6.20 psf.
Paradigm Mall in SS7 Kelana Jaya is also recording strong occupancy of above 90%, according to data from JLL’s Real Estate Intelligence Services (REIS).
Supported by dynamic commercial and retail activities, residential properties in Kelana Jaya also enjoy good price appreciation.
According to data from EdgeProp Research, average transacted price psf of landed houses in Kelana Jaya went up from RM340 in 2012 to RM471 in 2018, before dropping to RM413 in 2019. Although prices have moderated recently, there is no denying the impressive price growth of 21% recorded over the period of 2012 to 2019.
For high-rise homes, their average transacted price psf in 2012 was RM314. Prices hit a peak at RM428 in 2013, before falling to as low as RM197 in 2015. In 2019, it recovered to RM417, giving an indicative rental yield of 5.48%.
Due to the scarcity of large vacant land parcels in the area, newer developments here are mostly high-rise projects. There are several new high-rise residential developments such as High Park Suites, The Grand Sofo and Infinity Tower.
One of the most anticipated upcoming high-rise projects on the fringes of Kelana Jaya is Sunway Serene, which is located at Jalan SS8/2. Developed by Sunway Property, the serviced residence development overlooks a 36-hole golf course and a 15-acre lake. With its sprawling greens and scenic lake, Sunway Serene has been touted as the “Best Lakefront Residence in PJ”.
Slated to be completed by second quarter in 2022, Sunway Serene consists of two 52-storey blocks of serviced residences housing a total of 894 units. Unit built-ups range from 892 sq ft to 1,788 sq ft.
Living in Sunway Serene is like being on a holiday every day, featuring fun Facilities such as a 210m-long lazy river, mini water play, Olympic-length swimming pool, Jacuzzi, gym, games room, as well as sky facilities which include sky gym, sky Jacuzzi and sky lounge at level 50 and 51 with stunning PJ city view.
Another unique feature at Sunway Serene is the 24-hour Care Centre supported by Sunway Medical Centre just located at the podium facilities. There will be 2 certified nurses stationed at the Care Centre who will be able to treat minor conditions like fever, cough, gastric pain, sore throat, blood pressure and glucose level checking and provide general health education. With this unique feature, residents who have infants and elderly family members could enjoy a peace of mind.
Kelana Jaya offers housing estates comprising terraced houses, semidees and bungalows, as well as several high-rise residential developments. Amenities are plenty including malls, shoplots and offices, as well as multiple recreational amenities.
Among all the sections in Kelana Jaya, SS7 is the most comprehensive and upmarket as it comprises high-rise and landed houses, as well as malls, shops and offices such as Paradigm Mall, Kelana Centre Point and Kelana Square.
Recreational facilities in Kelana Jaya are also mostly located in SS7, including Kelana Jaya Stadium, Kompleks Sukan PKNS, Taman Bandaran Kelana Jaya and Kelana Lake.
Other notable amenities within Kelana Jaya are Giant Hypermarket and Kelana Jaya Medical Centre. Schools include Nobel International School, Malaysia Airlines Academy, SMK Kelana Jaya and SK Kelana Jaya 1 and 2. Meanwhile, Universiti Malaya is about 15 minutes’ drive from the township.
Kelana Jaya is surrounded by mature areas that further support its potential as a comprehensive and lively township, with much demand for its properties. The Sungai Way Free Trade Industrial Zone is an industrial component bordering Kelana Jaya, while three golf clubs are located nearby, namely Subang National Golf Club, Glenmarie Golf and Country Club and Saujana Golf and Country Club.
The extension of the LRT line beyond Kelana Jaya is a definite boon for the development of this area. (Photo by Low Yen Yeing/EdgeProp.my)
For public transportation, Kelana Jaya is mainly served by bus routes as well as Kelana Jaya and Taman Bahagia LRT stations close to the northern part of the township, and Glenmarie LRT station at its south-east border. Lembah Subang MRT station is also located close by.
LaurelCap Sdn Bhd executive director Stanley Toh opines that housing price growth has slowed mainly due to external factors like the Covid-19 pandemic and overall pessimistic market sentiment.
Nonetheless, he believes that for a mature and established area like Kelana Jaya, housing prices would appreciate in the long term, supported by strong demand. “Prices will still continue to rise as land is becoming increasingly scarce, especially freehold land plots in good locations,” he says.
Toh notes that people living here are mostly small families, young couples and young adults. He believes that the main draw for homebuyers in Kelana Jaya lies in the freehold tenures of the homes, the schools within and nearby the vicinity, its educated mid- to high-income population and the good connectivity in the area.
JLL Malaysia’s Lau concurs that public transportation is important in the area. “The significance of the LRT line in this area is evident and the effect is prevalent. The extension of the LRT line beyond Kelana Jaya has been a definite boon,” she offers.
She believes that areas with further potential to achieve higher occupancy and higher yield, especially offices in Kelana Jaya, are those close to the transit lines.
However, Toh points out that despite the LRT stations in Kelana Jaya, one of the biggest drawbacks of the area is still traffic congestion. “To improve the situation, perhaps an MRT station should be included within the area,” he says.