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KUALA LUMPUR: Property values in Chinatown will continue to rise due to its location and demand for retail and accommodation, say property consultants.
The streets of Jalan Sultan, Jalan Petaling and Lorong Petaling have seen a recent boom in budget hotels as room rentals skyrocket in tandem with accommodation demands, while shoplot rentals and sales have benefitted from the lifting of the Rent Control Act in 2000.
“There has been a considerable increase in budget hotels there. They are fully booked, especially on weekends. An existing budget hotel operator there from Singapore is now planning to buy a 5-storey building in the same area soon due to the demand,” said Anthony Chua, director, KGV-Lambert Smith Hampton (M) Sdn Bhd.
Meanwhile, a budget hotel operator in Jalan Sultan says occupancy rates are high in Chinatown while competition is rising.
The owner of two budget hotels said seven budget hotels have opened in Chinatown over the past three years.
Meanwhile, room rentals average RM70 to RM80 a night on non-peak periods and RM180 during peak periods.
However, pre-war shoplots do not show a consistent pattern of transacted prices as the prices varied greatly.
Thiruselvam Arumugam, executive director PPC International Sdn Bhd said shoplot prices depended on what street they were on.
Referring to his records over the past two years, 2-storey pre-war buildings along Jalan Petaling with land area of 1,800 sq ft to 2,400 sq ft were on the market for RM2.8 million to RM3.2 million.
Meanwhile, those with land sizes of 2,200 sq ft to 2, 400 sq ft were going for RM2.2 million to RM2.5 million.
The 4- to 6-storey buildings with land area of 2,400 sq ft were on the market for RM3.2 million to RM4.5 million.
Please go to our multimedia segment for a video presentation on Petaling Street
