Once a mining town and surrounded by undeveloped terrain, Setapak and the surrounding enclaves of Gombak, Setiawangsa, Wangsa Maju and Sentul in Kuala Lumpur have progressed into urban centres with a wide network of amenities, public transportation and excellent accessibility.
Today, Setapak is one of Kuala Lumpur’s most promising and sought-after urban precinct that is within a stone’s throw from various conveniences. Setapak’s rapid urbanisation has given to an increased demand for residential properties in the area. Responding to the call for more integrated developments in Setapak, numerous developers have capitalised on that demand and launched several distinguished residential and commercial projects which include high-rise condominiums, commercial centres and retail hubs.
Setapak’s urban heartbeat
Setapak has some of Kuala Lumpur’s most popular shopping hotspots that include Wangsa Walk Mall, KL Festival City, Tesco and Giant hypermarkets, among others. Setapak is also home to several other places of interest which include the P. Ramlee Memorial, the Royal Selangor Pewter factory, Ayer Panas hotsprings and the National Zoo.
Several reputable educational institutions are also located in Setapak, which include Sekolah Sri Utama, Chong Hwa Primary School, the International Islamic University, the Tunku Abdul Rahman University College and Universiti Tunku Abdul Rahman. Setapak is also home to the popular recreational hotspot of the Titiwangsa Recreational Park, located at Setapak’s southern tip.
Premier healthcare centres are within a convenient distance from residential and commercial areas in Setapak, which include KPJ Tawakkal Hospital, Columbia Asia Hospital, Sentosa Medical Centre and Hospital PUSRAWI.
Setapak is served by RapidKL LRT train services, city buses and taxi services that provide convenient commuting into Kuala Lumpur’s central business district. Setapak enjoys convenient accessibility via the Middle Ring Road 2, the Ampang-Ulu Kelang Expressway, Jalan Tun Razak and the Ampang-Kuala Lumpur Elevated Highway (AKLEH).
Several thriving new developments have taken root in Setapak, which include the PV Series, The Nest, 288 Residency, 222 Residency, Alpha Villa, Setapak Green Condominium and Diamond Residences.
Double-storey homes price range from 2013 to 2015
An analysis of home-owners’ interest in properties in Setapak indicate that the majority of buyers are seeking to purchase more affordable and mid-range properties, whilst there is also an increase in the demand for higher-end properties.
Data from iProperty.com’s iQ revealed that the interest for properties in the range of RM300,000 to RM500 have waned from 24.47% in 2013, to 21.17% in 2014 and eventually to 15.92% in 2015.
In 2013 and 2015, between 32.14% and 39.17% of buyers have been interested in properties ranging from RM500,000 to RM700,000.
Meanwhile, as urbanites become more affluent, the interest for properties in the range of RM700,000 to RM1 million have increased from 20.01% in 2013 to 26.82% in 2014 and 36.32% in 2015; whilst interest in properties in the range of RM200,000 and below have shown a slump from 7.70% in 2013 to only 5.83% in 2015.
Condominiums price range from 2013 to 2015
According to iProperty.com’s iQ data, from 2013 to 2015, there has been a decline in properties ranging from RM300,000 to RM500,000, with statistics recording 45.29% in 2013, 32.20% in 2014 and 31.33% in 2015.
Meanwhile, interest in properties ranging from RM500,000 to RM700,000 has seen a spike, recording 39.22% in 2013 and increasing to 51.19% in 2014 and 51.14% in 2015.
Properties in the range of RM700,000 to RM1 million has also recorded an increase in interest from just 5.82% in 2013 to 10.82% in 2014 and 12.47% in 2015.
The going prices in Setapak
An analysis of the going prices for residential properties in Setapak, by consultants Raine and Horne International, indicate rental yields of between 4.7% and 5.7%. Rental for condominiums in Setapak are priced between RM1,320 and RM2,000. Setapak has shown a strong rental market with urbanites preferring Setapak due to its excellent accessibility to greater Kuala Lumpur.
The future of Setapak
With the demand for urban properties on the rise, Setapak is set to present new frontiers for potential property owners. As the younger generation seek properties that are in close proximity to Kuala Lumpur’s central business district, Setapak is set to attract a good portion of the property market in the months ahead, with its extensive urban offerings and excellent infrastructure.
Setapak also has seen a rise in the student population, due to the existence of reputable universities and institutions of higher learning in the vicinity. Modern high-rise residential development with a host of attractive facilities will continue to draw the younger generation to Setapak, thus driving excellent demand for properties in the vicinity.
Happening Around Setapak Now