KUALA LUMPUR, Malaysia (July 4): Except for the forthcoming Seapark Residences, also known as Ruby Seapark, by Midas De Sdn Bhd, there has been no major development in the region because Sea Park or Seksyen 21 in Petaling Jaya is virtually entirely completed. The 2.32-acre project, which includes 406 serviced apartment apartments in two blocks of 29 and 24 stories, is located on the site of the former Ruby Cinema. According to Metro Rec Sdn Bhd managing director Ng Weng Yew, “the project will increase traffic in the area and may draw younger purchasers and families to the mature and elderly neighborhood.”
Sea Park, according to CCO & Associates (KL) Sdn Bhd director Chan Wai Seen, could be redeveloped. “Empty property used as parking lots and numerous adjacent old bungalows can be combined, and old commercial buildings can be renovated, as old buildings are regarded to be economically obsolete and underutilized.” Redevelopment of older houses has also become more appealing due to rising prices and a high plot ratio or density.” He goes on to say that in some circumstances, a revitalized neighborhood requires new developments.
Meanwhile, Eddy Wong, managing director of Nawawi Tie Leung Real Estate Consultants Sdn Bhd, says that homes in Sea Park, particularly one-storey terraced houses, are ideal for transformation because they are more affordable. “For individuals who want the freedom of upgrading properties according to their own preferences, the fact that they are ancient may actually be a beneficial [feature].” “The fact that the land is freehold adds to the appeal,” he explains.
More information can be found in The Edge Malaysia’s weekly edition of July 5th.
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