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KUALA LUMPUR: Bustling commercial area Jalan Masjid India may be facing a challenge from more upmarket commercial areas like Jalan Bukit Bintang but it remains the most expensive commercial street in the Klang Valley, and possibly the country.
The veritable hub of Indian goods and delicacies has seen huge, accelerated development over the past decade.
Real estate experts generally agree that the prices and rental of the shoplots here are rising, with additional gains from the renovated and separately rented-out rear spaces.
“We recently conducted a rental survey and were amazed that they can fetch rentals of between RM20,000 to RM30,000 per month. Reflecting a rate of RM23 to RM36 psf per month, they are comparable to those within the nearby established shopping complexes such as Semua House, Pertama Complex and Sogo,” said Anthony Chua, director of KGV-Lambert Smith Hampton.
He added that shoplots on the ground floor of Malayan Mansion and Selangor Mansion, among the oldest flats in KL, can command prices of RM1.5 million to RM1.7 million for a size of 800 to 900 sq ft.
Meanwhile, rentals appear to have settled around at RM40,000 to RM50,000 per month for a 4-storey shop/office building, depending on the type and nature of the business, said Govin Bala, principal of GDS Properties.
Ground floors average at RM25,000 up to RM40,000 with first floors commanding RM5,000, second floors commanding RM3,000 and third floors fetching RM2,000, while renovated rear portions of the shops fetch around RM10,000 to RM15,000 a month depending on occupancy sizes, said Govin.
“Jalan Masjid India is a recession-proof location for various reasons -- there are limited shops here and these have their captive market. The shops are never vacant and are always in demand and hardly any shops are closed. They are also well supported by the Putra and Star LRT lines, which bring in the pedestrian crowd,” he said.
Meanwhile, Carey Real Estate Sdn Bhd director Nixon Paul believes that Jalan Masjid India will remain the country's most expensive commercial street for the next decade or so and values will continue rising although at a slower rate.
Govin and Nixon believe that the street will continue to draw the crowds, thanks to its niche offerings and the area’s closely-knit community.
Please refer to our multimedia segment for a video on Jalan Masjid India
