Among the many exciting developments taking place in greater KL, the Mass Rapid Transit (MRT) will perhaps have the biggest positive impact, particularly on the property sector.
Naturally, homes and offices located close to MRT stations will see an appreciation in price and rental yields while traffic congestion issues will be alleviated. However, the benefits are far more reaching and will radiate throughout the Kuala Lumpur area, the city centre and the suburbs from the north to the south.
Firstly, it creates a large mobile population of workers, travelers, shoppers and many others moving in and out of the city and Greater KL area. This is vital as such a population fuels economic vibrancy – spending cash on food, travel, entertainment and shopping that enables the location to thrive.
Equally important, it creates an integrated urban public transportation system that allows Greater KL to finally have the missing element that will link all existing public transport systems together to deliver a modem, world-class mobility system. The vision that was conceived several decades ago will finally be achieved in the very near future.
With improved accessibility and urban travelling, it becomes possible to stay anywhere, work anywhere and travel within the city with greater convenience. This opens up new areas as potential places to work, live or play. No more is it necessary to reside close to the city as one can live in the suburbs and commute to work, a phenomenon that is already being practiced in other developed countries.
The 51km Sungai Buloh-Kajang MRT line will make travel from the north to the south of the Klang Valley via public transport much more affordable, comfortable and convenient. The line would serve around 1.2 million people. The first phase is scheduled for completion by end of 2016, while the second phase from Semantan to Kajang is scheduled for completion by 2017.
The second MRT line, the RM23 billion, 56km-long project stretching from Sungai Buloh to Putrajaya via Serdang is bound to have a further transformative effect on Greater KL.
While Line 3 is currently in planning and details are yet to be finalised, it is widely believed that the final piece would complete the jigsaw of the urban public transportation system.
The proof is in the pudding and you do not have to look too far for the MRT success story for booming property market. Across the Causeway, many older Singaporeans would attest to how their MRT system led to a surge in land value and rental. If Singapore, Hong Kong and other cities can do it, why not Malaysia?