KUALA LUMPUR: PARTLY closing Jalan Tuanku Abdul Rahman (TAR) to private vehicles may have its pros and cons, but it could be a boon for property owners in the area, with rental rates set to increase.
CBRE|WTW Malaysia managing director Foo Gee Jen said Jalan TAR and Masjid India commanded one of the highest commercial rentals per square feet basis in the Klang Valley.
“The plan by Kuala Lumpur City Hall depends on a few things. They should look at improving parking and connectivity. There is a KTM Komuter station at Bank Negara Malaysia and a monorail station in Jalan Sultan Ismail, which is not too far from Jalan TAR. The closest Mass Rapid Transit (MRT) station is near Pasar Seni/Central Market. There is also the Masjid Jamek Light Rapid Transit (LRT) station.
“The most important thing is to build a covered walkway connecting the MRT, LRT, monorail and KTM Komuter. Parking facilities must be improved. City Hall needs to build another multi-storey car park facility,” Foo told the New Straits Times.
He said with the infrastructure in place, there would be upside potential and a possibility of property owners increasing rental rates.
He said the rental in Masjid India for a typical shoplot (22 x 80 ft or 1,760sq ft) was RM30,000 a month.
“If the shoplot is divided into 10 retail lots of 80sq ft to 100sq ft each, the owner can rent out each lot for RM2,000 to RM3,000 per month, which is better than what you get in shopping malls.
“If you walk into Masjid India, you will find shops selling textile and tudung.
“They are the ones renting those retail lots. Most of the shoplots fronting Jalan TAR command that type of rental, and it will increase with improvement to infrastructure and landscape.”
He said Jalan TAR and Masjid India were among the most sought after locations for retailers.
Foo was commenting on news that starting March 15, a 1km stretch of Jalan TAR from the Jalan Esfahan intersection to the Jalan Melayu intersection would be closed to all vehicles, except buses.
Federal Territories Minister Khalid Abdul Samad reportedly said the closure would allow businesses and shoppers to carry out their activities without having to deal with traffic.
Experts said those driving in Jalan TAR could face challenges like tourists and pedestrians spilling onto the roads, and being wary of bikes.
“It is important to keep your eyes peeled for bikes weaving in and out of traffic, and snatch thieves.
“By turning Jalan TAR into a pedestrian walkway, people can focus on shopping and dining,” said Nawawi Tie Leung Property Consultants Sdn Bhd executive director Brian Koh.
He said closing part of Jalan TAR to private cars would not have much impact on businesses and a beautification project should be carried out in the area.
“By pedestrianising a place, it renews the environment.
“For example, in Barcelona, pedestrians contribute to business revenues. In my opinion, it won’t affect businesses.”
Koh believed that pedestrianisation would make Jalan TAR attractive, especially to tourists.
He said improving public spaces would boost the area’s uniqueness.
“Jalan TAR is a historical site. There are many old buildings there. City Hall should embark on a beautification project. If they don’t, it will be a disaster. They should look at softscape and hardscape. City Hall and other parties should look at creating community spaces for the people.
“There should be improvements to the walkway and more lights. Repainting the buildings will be ideal. They should be part of the rebranding or repositioning of Jalan TAR.”
Koh said for the plan to be successful, there should be proper traffic circulation to ensure that road users knew their way around the area.
“We need to know the proposed traffic circulation. I have not seen it. Most people go to Masjid India and Semua House for shopping and they park their cars there. So how do they get there if Jalan TAR is closed?
“There are many ways to go to Jalan TAR, but we need proper traffic circulation. As long as there is better traffic circulation, it may not affect businesses.”
He said it was a good attempt to revive Jalan TAR.
“It’s an old area and it should be rejuvenated. Textile and shoe shops, for example, are not in demand as they used to be.
“By pedestrianising the place, there will be more activities there. It will attract shoppers.”