MRT Boon for Property Prices
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The introduction of the three-line Mass Rapid Transit (MRT) system is seen as a turning point for national public transportation and has impacted not just how the masses move but also the property market.
Industry observers have kept close watch on its progress, and many predicted a positive impact on the prices of property located near MRT stations. True enough, many developments experienced a leap in selling prices, although the impact has not been consistent across all 31 stops.
For example, even projects located near the same stations experienced different levels of price appreciation, as other factors such as type of development and developer came into play.
PropertyGuru Malaysia country manager Sheldon Fernandez says generally, properties within a 1km radius of an MRT stop are desirable to owner-occupiers as well as investors looking for rental yields.
Describing the infrastructure as a "game-changerâ€, he says the public rail transportation system adds value to an area in terms of drawing more people in, stimulating business and more.