Nevertheless, there are still desirable and relatively affordable locations to invest in the Klang Valley, which is also known as Greater Kuala Lumpur, with an area of 279,327 hectares.
According to the Economic Transformation Programme (ETP), the population of Greater Kuala Lumpur now stands at six million and is projected to grow to 10 million by 2020.
Therefore, Greater Kuala Lumpur offers huge market potential for property developers and buyers.
Not only are new properties being developed but properties nowadays come with Green-status under Malaysia’s own certification scheme, known as the Green Building index (GBI).
For example, developments such as Sunway Challis Damansara and Point 92 in Damansara Perdana.
The latest residential properties are even equipped with facilities to benefit the elderly. For instance, the Kinrara Dua development come with properties fitted with a Schindler home elevator.
Location, location, location
According to the Valuation and Property Services Department under the Finance Ministry, the house price index in the country increased by 7.5% in the second quarter (Q2) of this year compared to prices in the same period of last year.
So, which area is considered good for investment opportunities? Based on the latest property news and development reviews reported in StarProperty.my and the Star Online news portal, there are five locations worth considering.
Puchong
In 2013, Puchong will not just have its own waterfront project - a commercial centre - it will also be the first of its kind to be built in the Greater Kuala Lumpur region. Millenia City - which fronts a lake with a surface area that spans 200 acres - would be built on a 40.5-hectare prime land.
The crown jewel of this project would be M Square, a 38,000sq ft, six-storey mall which will be linked to a 2.1 million sq ft retail space comprising 13 blocks of six-storey retail and office units.
According to Millennium Land executive director Benjamin Tan, M Square will be the largest “alfresco mall” in the country and is poised to be the commercial heart of Puchong.
Rawang
Although it serves as the northern gateway to the Klang Valley, this small town has been overlooked by property buyers, mainly because of the “distance” to Kuala Lumpur and Petaling Jaya.
But its market potential has caught the attention of renowned developers such as the Mah Sing Group.
It is expected to experience rapid growth when Mah Sing launches its “starter home” series set within the price range aimed at first-time home buyers.
With the units priced from RM390,000 each, this township with freehold land of 91.4 hectares (226 acres) - called M Residence @ Rawang - will be launched as early as the first half of 2012.
According to Mah Sing chief executive officer Tan Sri Leong Hoy Kum, this township will consist of two-storey linked houses, semi-detached houses, townhouses, three-storey shops built with various amenities and facilities.
M Residence @ Rawang is located only five kilometres away from the Jusco shopping centre expected to be completed by the end of this year.
Sungai Buloh
Would you mind staying in an area which used to be the world’s second largest settlement for leprosy patients, established in the 1930s?
With the development of high-end residential properties in the Sungai Buloh locality - such as Sierramas, Valencia, Bukit Rahman Putra and Sunway Rahman Putra - the area is now a desirable residential address.
To maintain an air of exclusiveness, all these upscale properties are gated and guarded.
An established player in the property scene, Glomac Berhad has been active in this area for a decade now. One of their notable projects is Bandar Saujana Utama Township which spans over 405 hectares (1,000 acres) of land.
Residents enjoy vast expanse of greenery with landscaped parks and shimmering lakes plus amenities like the Bandar Saujana clubhouse.
Kota Damansara
Formerly a forest reserve, this locality in Greater Kuala Lumpur will certainly experience rapid growth.
It already has a fast growing population of 300,000 people.
Selangor State Development Corporation (PKNS) - the investment arm of the State government - owns the land in Kota Damansara and has allocated 607 hectares out of 1618 hectares for housing development.
The projects to be developed, can either be joint-ventures between the State government and the private sector or by private entities. One of the major projects earmarked here is by Encorp Bhd.
With a gross development value of RM 1.3 billion, Encorp is expected to complete another high-end, mixed development project called Encorp Strand located on 18 hectares.
Business suites with four-storey shop-offices, a 40-storey serviced apartment block that comes with a swimming pool, covered tennis court, gym and clubhouse have been planned.
Each property unit ranges from 55.7sq m to 232.2sq m and are located on top of a mall that comes with state-of-the art “climate control” boulevard. This project is scheduled to be completed by 2014.
According to Encorp group chief executive officer Yeoh Soo Ann, the company wants to position itself as one of the top 10 property developers in Malaysia within three years.
Shah Alam
Well-known property developer SP Setia has built many distinguished projects such as Setia Eco Park in Shah Alam.
This award-winning project on 320 hectares of freehold land consists of 2,900 units of residential properties that cater to different segments of society.
Buyers have a choice of a semi-detached house or a bungalow with views of a lake or hill.
Creeks, waterways, lush walkways and landscaped parks are some of features that property buyers can expect when they invest here.
At present, there are 161 hectares left to be developed from the total of 320 hectares.
And the project is expected to be fully developed in the next four to six years.
Source: The Star
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