|MRT3 Circle Line|| |
|MRT Putrajaya Line||
|LRT Ampang & Sri Petaling Line||
|KL Monorail Line||
With the opening of MRT Putrajaya Line and the upcoming MRT 3 Circle Line, the Titiwangsa Station is expected to become an interchange station connected to 5 rail lines. What does this mean to the residential and commercial properties in the vicinity? Will they see an increase in their rental and value? Read on to find out!
In Malaysia, transit oriented developments (TODs) are becoming increasingly sought after. With the heavy traffic during peak hours, public transport via MRT, LRT and monorail are becoming attractive options for renters, residents, and investors. They are drawn to travel convenience, and potentially higher rental yield and capital values.
TODs are often defined as land use that focuses on enhancing accessibility, by encouraging high-density and mixed-use developments within 400m to 800m of a transit station.
Currently, the interchange station that is integrated with the most rail lines in the Klang Valley Integrated Transit Network is KL Sentral. It is connected to 6 rail lines, namely the KTM Batu Caves – Pulau Sebang Line, KTM Tanjung Malim – Pelabuhan Klang Line, LRT Kelana Jaya Line, ERL KLIA Ekspres Line, ERL KLIA Transit Line, and KL Monorail Line.
One station that is expected to be in the spotlight in the near future is the Titiwangsa Station.
With the opening of the MRT Putrajaya Line and the upcoming MRT3 Circle Line, the Titiwangsa Station will become an interchange integrated with 5 rail lines – MRT3 Circle Line, MRT Putrajaya Line, LRT Ampang Line, LRT Sri Petaling Line, and KL Monorail Line.
Convergence of 5 Rail Lines At The Titiwangsa Station
Titiwangsa Station and Its Impact On Surrounding Areas
The Titiwangsa Station is located on Jalan Tun Razak, close to the Gombak River and within a short walk to the Pekeliling Bus Terminal.
Currently being served by the LRT Ampang Line, LRT Sri Petaling Line and KL Monorail Line, the Titiwangsa Station will be connected to the MRT Putrajaya Line and the MRT Circle Line, making it an interchange station that offers access to 5 rail lines.
The Titiwangsa Station is one of the stations in phase two of the MRT Putrajaya Line, which is expected to become operational in January 2023. It is also one of the stations that will be part of the upcoming MRT Circle Line that is slated for completion by 2030.
With the two MRT lines, the connectivity and convenience for residents in the neighbourhood surrounding Titiwangsa Station will be further improved, and this is expected to have a positive impact on residential areas and commercial hubs in the vicinity, according to an industry expert who spoke to iProperty.
For example, the Persiaran KLCC station is just 4 stations away from the Titiwangsa Station via the MRT Putrajaya Line, and destinations like Jalan Kuching, Mont’Kiara, Setapak and Setiawangsa are a few stations away via the MRT3 Circle Line.
iProperty spoke to property consultancy firm Henry Butcher Malaysia’s chief operating officer, Tang Chee Meng, regarding this.
Tang shared, “The Titiwangsa interchange station will enhance the connectivity and accessibility of the surrounding residential and commercial areas and this will, in turn, make these areas more attractive as a place to stay as well as to shop and conduct business.”
“Ultimately, this may lead to an increase in demand for residential and commercial properties there, especially those which are within a reasonable walking distance and consequently result in an increase in rentals and property values,” he added.
3 Pros And Cons Of Living In Areas Close To Titiwangsa Station
|Located at the fringe of the city centre i.e. convenient for those working in the city centre.
|The roads in this area are a bit congested.
|Excellent public transportation links via the MRT/LRT/Monorail Line, as well as taxis and buses.
|Most of the properties in the neighbourhood are fairly old.
|There is a wide array of amenities nearby:
||Although the Pekeliling Flats have been torn down many years ago, some people still associate the area with the low-cost and low-income image of these flats.|
Source: Henry Butcher Malaysia
Areas Close To Titiwangsa Station – A Property Hotspot?
According to Tang, there should be an increase in rentals and property values as demand for properties in the area increases.
However, property values are influenced by many factors, including perceived desirability and image of the location, ease of accessibility, proximity to schools, shopping and social and recreational amenities, changes in government policies and development of new infrastructure and amenities, he pointed out.
Tang explained, “Based on what has been seen overseas in Singapore and Hong Kong, properties located close to rail stations do gain popularity and often, other things being equal, appreciate more than other similar properties which do not have any stations in the neighbourhood or are located further away from the stations.”
In Singapore, a research by National University of Singapore covering the period from 2009 to 2013 indicates that the closer a property is to an MRT station, the higher the price, with 500m or closer being the ‘gold standard’, he said.
According to the research, the Circle MRT Line stations in Singapore have increased the average prices of non-landed private housing by 1.6% in the post-opening of the line.
When these stations turned operational, those within 400m of the stations were able to fetch an average price premium of 13.2% relative to other houses located outside of this distance, based on the research.
“Locally, our research data shows a similar trend. Generally, most properties registered an upward price trend after the commencement of the MRT service. However, there are other factors which influence price movements and this could have affected the pricing and made the trend less obvious,” said Tang.
Price Movement of Properties in the Vicinity of The MRT Kajang Line Stations
Research by Henry Butcher showed that most properties registered an upward transacted price trend after the Sungai Buloh-Kajang (SBK) MRT Line began in 2016. Values were predicated by other factors which may influence price movements, making the trend less obvious.
Example: Property Price Movement In The Vicinity Of Taman Connaught MRT Station
Let’s look at this location in Kuala Lumpur with TOD. The Taman Connaught MRT station opened on 17 July 2017, and it is located at 6th-Mile Cheras (Batu 6 Cheras), right in front of the Cheras Sentral Mall.
Generally, the average transacted prices of both residential and commercial properties in the area have recorded an upward trend during the period from 2013 to 2021.
Source: Henry Butcher Malaysia
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Investment Opportunities Surrounding Titiwangsa Station
Due to its convenient location at the fringe of the city centre and public transportation links, the area around Titiwangsa Station could potentially be a property hotspot.
“The land on which the Pekeliling Flats used to stand on is part and parcel of a proposed redevelopment project. This project has been delayed for a very long time since the project called Tamansari Riverside Garden City was announced by Asie Sdn Bhd way back in 2008 or 2009,” Tang shared.
Two New High-Rise Residential Properties In The Area
|D’Brightton by GSD Group||
|TR2 Residence by MKH Bhd||
12 High-Rise Residential Properties Nearby The Titiwangsa Station*
|Name||The latest available median transacted price data||Asking price||Asking rent|
|Bandar Baru Sentul Condominium||RM170,000 or RM304 psf||RM202,250 – RM242,750|
or RM360.40 – RM419.15 psf
|RM900 – RM1,000|
or RM1.56 – RM1.77 psf
|Menara Orkid||RM300,000 or RM353 psf||RM265,250 – RM330,000|
or RM311.90 – RM393.79 psf
|RM1,100 – RM1,377|
or RM1.29 – RM1.58 psf
|Residensi Sentulmas||Insufficient data||N/A||RM1,300 – RM1,500|
or RM1.44 – RM1.67 psf
|Kondominium Menara Megah||RM345,000 or RM315 psf||RM339,800 – RM416,500|
or RM314.63 – RM387.08 psf
|RM1,240 – RM1,720|
or RM1.16 – RM1.59 psf
|Putra Court||RM500,000 or RM442 psf||RM350,000 – RM472,400|
or RM310.65 – RM447.09 psf
or RM1.18 psf
|Villa Putra||RM450,000 or RM398 psf||RM398,000 – RM758,500|
or RM334.66 – RM468.85 psf
|RM1,300 – RM2,170|
or RM1.47 – RM1.77 psf
|The Vistana Residences||Insufficient data||RM451,800 – RM601,500|
or RM333.26 – RM538.43 psf
|RM1,645 – RM2,410|
or RM1.28 – RM9.85 psf
|TR Residence||Insufficient data||RM440,700 – RM771,000|
or RM626.17 – RM937.70 psf
|RM1,699 – RM2,700|
or RM2.12 – RM3.38 psf
|Bistari Lavender Condominium||RM750,000 or RM430 psf||RM434,950 – RM540,750|
or RM366.15 – RM470.69 psf
|RM1,720 – RM1,990|
or RM1.51 – RM1.82 psf
|Vue Residences||RM369,000 or RM738 psf||RM450,000 – RM720,000|
or RM687.76 – RM890 psf
|RM1,400 – RM2,800|
or RM2.17 – RM3.45 psf
|Titiwangsa Sentral Condominium||RM520,000 or RM493 psf||RM437,000 – RM628,500|
or RM386.73 – RM571.37 psf
|RM1,600 – RM2,370|
or RM1.55 – RM2.67 psf
|The Capers Sentul East||RM755,000 or RM580 psf||RM578,900 – RM1.29 million|
or RM522.49 – RM791.79 psf
|RM2,000 – RM4,000|
or RM1.74 – RM2.66 psf
*Note: Only high-rise residential properties situated within 1km-radius of the Titiwangsa Station are selected. Based on the listings and transaction data on iProperty.com.my as of 2 September 2022.
Should You Invest In A TOD Property Project In Malaysia?
TODs are expected to greatly enhance connectivity and convenience. It is often seen as a good option for first-time buyers, and it provides a cheaper and convenient way to commute. Plus, TODs tend to offer good appreciation in the medium- to long-term if purchasers decide to sell.
As for negativity towards TOD projects, there’s the concern of noise pollution and overall lack of confidence in the efficiency of Malaysia’s public transport system.
Do the pros outweigh the cons? You’ll have to decide what works best for you upon conducting your own research on areas you’re interested in. There’s really no running away from having to do all the necessary groundwork.