KELANA Jaya will have a new freehold development next year at the former Kelana Jaya Seafood Centre, some 10 years after the popular seafood joint was closed.
Property developer and project owner Glomac Bhd is planning to develop Plaza @ Kelana Jaya on the 1.30ha site.
According to a company spokesperson, the estimated gross development value for the project is RM122 million.
Plaza @ Kelana Jaya is a mixture of serviced apartments and SOHO with 696 units. The three-phase project will also have 16 units of three- and five-storey shop-offices.
The spokesperson said that the targeted launch is in March next year.
“We are targeting the younger generation aged between 28 and 40, small families and first-time home buyers. We have opened registration for the serviced apartments and SOHO and the response has been good.
“The unique selling point for the project is that it is a freehold development and one of the last that you will find in this area. It is in a prime location, fronting the LDP with easy access to other major roads. We are offering modern and convenient lifestyle,” the spokesperson told NST Property.
Kelana Jaya Centre, once a prominent landmark in Petaling Jaya, closed after 18 years in business. The land on which it is located was sold by the PKNS (Selangor State Development Corp) to Glomac Segar Sdn Bhd on April 1 2008. In the same year Glomac Segar was acquired by Glomac.
The proposed plan back then was to extend the existing Plaza Kelana Jaya development that would comprise shop-offices, office suits, serviced apartments and a shopping mall. The project was scheduled to be launched in 2009, but put on hold due to unforeseen circumstances.
“The positioning of Plaza @ Kelana Jaya is very strategic. It is closely located to mature residential neighbourhoods and commercial developments, which potentially increases population catchment,” said the spokesperson.
The planned Plaza @ Kelana Jaya is within close proximity to Kelab Golf Negara Subang, Giant Hypermarket, PKNS Sport Complex, Paradigm Mall and the Kelana Jaya LRT station.
An early commercial space developer
Plaza Kelana Jaya, a joint venture between Glomac and PKNS, is a commercial development located within the commercial district in Kelana Jaya. It was fully developed on a 9.7-acre land, fronting the Kelana Jaya lake in 2007.
Glomac is also responsible for several other successful developments in Kelana Jaya such as Kelana Business Centre, Kelana Centre Point, Dataran Glomac, Plaza Glomac and Glomac Business Centre. They are located either in SS7 or SS8 areas and completed from 1996.
The spokesperson said that although Plaza @ Kelana Jaya will feature more residential than commercial, Glomac was upbeat on the response for the project.
“Even though Kelana Jaya is over populated, most of the prospects or customers prefer to stay in the matured neighbourhood because of the surrounding amenities. The development of major urban areas has become densed, as demand for housing has been higher than supply.
“Besides, with a convenient public transportation like roads, highways and the LRT, it gives an added advantage to the public as they will not need to travel a long distance or in heavy traffic to go to work. That is why there is still a strong requirement to develop new residences with shop-offices in the Kelana Jaya area.”
The spokesperson said that residential and commercial developments would continue to mushroom in Kelana Jaya because of high demand.
She said that as land prices have risen, so too have home price trends.
“High demand, especially in urban areas, is the main driver of home price increases. This is due to the limited supply and the competitiveness of obtaining the desired housing that pushed the prices indirectly.
“About 70 per cent of the population are concentrated in the major cities, including SS7 and SS8, which are the focus of economic activities,” said the spokesperson.