The remarkable rise in property values in Seri Kembangan can be attributed to a combination of factors, including its strategic location, infrastructure development, commercial growth, and increasing demand for residential properties.
Seri Kembangan, a once-sleepy village formerly known as Serdang New Village in 1950, started with only 50 houses that were painstakingly built from scratch on empty plots of land provided by the British.
Situated strategically between Kuala Lumpur and Putrajaya, today it has transformed into a bustling suburb with an estimated population catchment of 150,000, mostly made up of entrepreneurs, businessmen, working professionals, and government servants who are working in Putrajaya and other multinational corporations’ employees located in Cyberjaya.
The village’s location near the northern end of the PLUS Expressway Southern Route, part of the North-South Expressway, made it a pivotal crossroad for travellers between Kuala Lumpur and Putrajaya. Over the past five years, Seri Kembangan has emerged as a prominent suburb in the Klang Valley, attracting significant attention from homebuyers and investors alike. What are the factors that contributed to this growth?
1. Expanding Infrastructure and Connectivity
The development of the Mass Rapid Transit (MRT) Line 2, also referred to as the Putrajaya Line, is poised to bring about significant positive impacts on the growth of the Seri Kembangan property market.
The MRT Line 2 is designed to connect Seri Kembangan to key destinations such as Kuala Lumpur and Putrajaya, solidifying its position as a strategic crossroads between these major urban centres.
This connectivity will result in a host of benefits for both residents and property investors in Seri Kembangan such as improved accessibility as you can now bypass traffic congestion and reducing travel time between Seri Kembangan and Kuala Lumpur. This enhanced accessibility will attract more individuals who work in the city but prefer a more tranquil suburban lifestyle.
2. Steady Growth in Property Prices
The combination of improved accessibility, and potential for property value appreciation makes Seri Kembangan an attractive investment destination. Investors looking for long-term growth potential are likely to view properties in the area with greater interest.
The rise in prices can be attributed to the increasing demand for housing in the area, fueled by the suburb’s proximity to key business districts, educational institutions, and excellent connectivity to major highways.
3. Impact of Government Policies
Government policies and programs such as the reintroduction of the Real Property Gains Tax (RPGT) and the Home Ownership Campaign (HOC) have previously played a crucial role in assisting Malaysians in having their own homes and subsequently spurring the Seri Kembangan property market.
The most recent gazettement of a government initiative, called the Malaysian Home Ownership Initiative (i-Miliki) is similarly expected to boost the housing industry and ease homeownership for first-time homebuyers.
Through i-Miliki, buyers of residential properties valued at RM500,000 and below will be entirely exempted from the stamp duties for both the Memorandum of Transfer (MOT) and the loan agreement. For purchasers of residential units priced above RM500,000 up to RM1 million, a substantial 75 per cent reduction on the two stamp duties will be granted.
The program was launched on June 1, 2022, and is set to end on December 31, 2023.
4. Diversification of Property Types offered.
The property market in Seri Kembangan has diversified significantly over the past five years. Initially dominated by landed properties and older developments, there has been a surge in the construction of modern high-rise condominiums and gated communities. This diversification has catered to the varied preferences and budgets of the potential buyers, leading to a more balanced market.
The introduction of MRT 2 also acts as a catalyst for urban transformation, encouraging authorities and property developers to invest in urban planning and development initiatives that enhance the overall quality of life in the area.
The MRT Line 2 stations and their surroundings could become focal points for transit-oriented development (TOD). These developments are designed to create vibrant, mixed-use communities around transit hubs, fostering a live-work-play environment that attracts residents and businesses.
5. Affordable Compared to the surrounding satellite cities.
Finding the ideal combination of accessibility and affordability has long been a pursuit for aspiring homeowners and property investors alike. Seri Kembangan’s appealing price point and continuous infrastructure development have made it an ideal choice for those seeking promising growth and potential capital appreciation.
Prestige Residence by LBS Bina is an example of an affordable residential development that offers an enticing opportunity to own a property priced below RM500,000 in Seri Kembangan.
It is an ideal choice for single individuals, newlyweds, and small families, providing three distinct layouts with living spaces ranging from 600sqft to 850sqft, all at an exceptionally affordable starting price of RM270,000.
Residents of Prestige Residence are poised to indulge in a diverse array of 40 facilities, creating a comprehensive and fulfilling living experience. Additionally, an exclusive two-storey clubhouse further enhances the lifestyle offering of this remarkable development.
Embark on a journey to discover how Prestige Residence redefines modern living with its commitment to making homeownership dreams come true. To find out more about Prestige Residence visit the website for more information.