\nTOD: the buzz term to watch out for in Kuala Lumpur\u2019s property market<\/p>\n
If you had ever taken public transport in Kuala Lumpur when it was first built, you would realise what an off-putting experience it was \u2013 from taking taxis to trains.
\nThe year 2008 was indeed an eye-opening one for me as I began covering developments on the ground as a property journalist.
\nI had heard a lot about how Malaysians would gripe on the state of public transportation system and its unreliability that has led to this popular saying among KLites \u2013 \u201cit is better to drive than to take public transport.\u201d
\nIt was only when I started to live briefly in Kuala Lumpur that I experienced first hand what my Malaysian friends had told me.
\nLet\u2019s take a look at some of the problems and inadequacy of the Klang Valley Integrated Transit System.<\/p>\n
Severe design problems, lack of infrastructure, reliability and bad taxi service<\/p>\n
One of the glaring problem was how badly designed the entire train system was \u2013 from planning up to the lack of lifts and escalators as well as the lack of seamless connections between the different lines.
\nWhen it comes to planning, for example, some train stations are located in the middle of nowhere \u2013 far from commercial and residential buildings \u2013 Chan Sow Lin LRT station being one such example.
\nOne has to walk quite a distance to get to the nearest residential or commercial buildings.
\nIn addition, some stations lack escalators and lifts.
\nBukit Bintang Monorail station, for example, still does not have escalators that takes you from the ticketing platform to the exit, meaning tourists have to carry their luggage from the staircase \u2013 this is despite the improvement works by Prasarana.
\nThe station also suffers from severe design flaws requiring you to cross a bridge in order to exit towards the Lot 10 entrance.
\nTransit-oriented developments discussion at Property Report Congress Malaysia 2016
\nAnother example is Hang Tuah Monorail station whose station is designed much longer than the train, resulting in wastage in construction cost.
\nPerhaps, the most severe flaw was the lack of connectivity previously by the different train operators such as the STAR, PUTRA, KTM and Monorail lines.
\nFor example, in the past, you had to walk through Brickfields from KL Sentral in order to change to the KL Monorail at KL Sentral Monorail station.
\nLet\u2019s not even speak about the taxi service in KL.
\nAccording to a survey by British taxi comparison site LondonCabs.co.uk in 2015, Kuala Lumpur taxi drivers were ranked as the worst taxi drivers in the world.
\n\u201cDrivers from Kuala Lumpur are well known for overcharging clients and detouring,\u201d said LondonCabs.\u201dEven though they are supposed to charge by the meter, many drivers refuse from doing so.\u201d
\nThis, together with the unreliability of KTM trains to arrive on time, had explained why many Malaysians had turned their back on public transport.
\nAs a result many Malaysians are opting to drive, leading to the massive traffic jams that you see everyday in the Klang Valley.
\nAt a press conference that I had attended in 2009 organised by Kuala Lumpur City Hall (DBKL), the government body revealed that almost one million cars would go in and out of Klang Valley.
\nMoving forward, much improvements had been made since 2008 with enhanced connectivity, Park \u2019n\u2019 Ride schemes, MYR900 million allocated to reduce traffic congestions under Budget 2016 and Transit Oriented Developments (TODs) being the way forward in KL.
\nMore: Property Report Congress Malaysia covers vital property issues
\nHere\u2019s a quick recap on what transpired during the panel discussion on \u201cTransit-oriented development, transportation, connectivity and your property\u201d at the first-ever Property Report Congress Malaysia in Kuala Lumpur on 11 August 2016.
\n1 \u2013 DBKL is spearheading TODs with a masterplan guideline and incentives
\nDBKL has just come up with a guideline on building TODs and is offering various incentives for developers in building high density developments. Incentives include a 30 per cent discount on development charges or with at least 30 per cent of the development to feature a Park \u2018n\u2019 Ride scheme.
\nThis scheme involves building car parks next to train station to encourage Malaysians to park and ride the train to Klang Valley.
\n2 \u2013 TODs must fulfil distance requirements in order to qualify for incentives
\nAccording to DBKL, TODs must be between 200 and 400 metres from the MRT or LRT or other train stations. In addition, it must have seamless connection from the train station to the building similar to the Singapore model.
\n3 \u2013 Penetration rate has increased significantly but still falls short from DBKL\u2019s target
\nDBKL has set the goal of 60:40 for public transport ratio versus cars. It currently stands at 30:70 for public transport ratio versus cars. Penetration rate has increased significantly from the approximately 20 per cent since 2008 due to improvements work made by Prasarana.
\n4 \u2013 A few key issues need to be addressed to increase penetration rate
\nThey include the reliability of bus feeder services, punctuality of trains plus technology that will enable commuters to know when the bus will arrive similar to the Singapore model \u2013 either the private or government sector needs to drive this via applications. In addition, KTM needs to improve upon its service. It is by far the most unreliable train service in KL where train arrivals keep getting delayed.
\n5 \u2013 TODs will help to address housing affordability
\nHousing affordability is a serious issue among first time home owners in KL. DBKL has set a development guideline for developers to build homes at around 800 sqft but priced below MYR450,000 (USD112,600). Dr Daniele Gambero has suggested a public-private partnership for this to happen. PNBD says this model is possible through public-private partnership by building on government owned land to reduce land acquisition costs, leading to lower cost when building such homes.
\nMore from Khalil Adis: 10 reasons why you should invest in Iskandar Malaysia
\n6 \u2013 Bandar Malaysia will be the next iconic TOD project
\nDBKL has cited KL Sentral as the first TOD in KL. However, it was not a perfect system as KL Monorail was previously not integrated with KL Sentral. Using this as a case study, Bandar Malaysia in Sungai Besi will be an important project to improve upon KL Sentral\u2019s model. It will be the site for the High Speed Rail station linking Singapore to Kuala Lumpur with two MRT stations.
\n7 \u2013 Bandar Malaysia will be the case study for government and private developers in building TODs
\nAccording to DBKL, 30,000 units of homes will be delivered housing some 120,000 residents within Bandar Malaysia. This will be the case study for the government and private developers when building TODs as it involves various stakeholders \u2013 the Malaysian and Singapore government as well as private developers. Malaysia is taking a leaf from Singapore and Hong Kong when building TOD projects. Therefore, Bandar Malaysia will be an important iconic project that will hopefully set the benchmark for the industry.
\n8 \u2013 Infrastructure projects like MRT will boost property values
\nFollow where the government is building new infrastructure and you will never go wrong in your property investment \u2013 that is the key message from Dr Daniele Gambero. As such, Malaysians should look for homes that are within close proximity to train stations.
\n9 \u2013 There is still hope to find affordable homes within KL priced below RM500, 000\u00a0
\nWith more public-private partnerships to build affordable homes, this presents a good opportunity for Gen Ys to target the most affordable homes but with the greatest potential for capital appreciation.
\n10 \u2013 Greater political will needed to reduce traffic jams and make TODs a success
\nWhile the government has on paper set goals to spearhead traffic jams and affordable homes. Malaysia has a history of not delivering and following through on its promise. As a result, Malaysians tend to be sceptical whenever key announcements are made while foreigners tend to adopt a \u201cwait-and-see\u201d attitude until they see some results. In order for this to truly work, the government and private sector must put the rakyat (citizens) first and walk its talk.<\/p>\n
Other challenges<\/p>\n
The political economy in Malaysia presents a real challenge when delivering high impact projects as it very much depends on \u201cwho you know\u201d rather than \u201cwhat you know\u201d.
TOD: the buzz term to watch out for in Kuala Lumpur\u2019s property market If you...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23263","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-63d","jetpack-related-posts":[{"id":22492,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/7-questions-to-ask-at-property-report-congress-malaysia\/","url_meta":{"origin":23263,"position":0},"title":"7 questions to ask at Property Report Congress Malaysia","date":"August 10, 2016","format":false,"excerpt":"\r The first-ever Property Report Congress in Kuala Lumpur debuts on 11 August 2016\u00a0 Tomorrow, Asia\u2019s real estate industry leaders and influencers from Kuala Lumpur and beyond will meet at the inaugural Property Report Congress Malaysia. 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\nThis has resulted in projects being awarded to those who are politically connected.
\nAs history has shown, this does not necessarily translate well for commuters and the public-at-large resulting in take over of the various train lines that had suffered from low ridership and connectivity issue.
\nIn addition, land issue can be complicated as some lands are owned by key stakeholders who do not want their land to be taken away.
\nAs such, some train stations are not strategically located, leading to deficiencies, connectivity and planning flaws that you see right now in Kuala Lumpur.
\nOnly by putting the public first and a greater political will to make things work, can TODs work.
\nEnhancing commuters\u2019 experience from start to finish is the way forward for ridership to increase, just like the Singapore model.
\nThis article was first published on bestselling author and South East Asia Property Awards (Malaysia) judge Khalil Adis\u2019 official website.
\nPanelists included: Dr Daniele Gambero, CEO at REI International Holding BHD; YBhg Datuk Hj Sahrom, director of Planning Deparment, Kuala Lumpur City Hall; and Encik Mohd. Salem Kailany, CEO\u00a0at PNB Development Sdn Berhad (PNBD).
\nRead next: South East Asia Property Awards (Malaysia) 2016 names the year\u2019s finest real estate
\n
\nSource : property-report.com
\nRead more…10 things to know about Transit Oriented Developments in Malaysia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"