The Mass Rapid Transit (MRT) Circle Line, also known as MRT3, is set to transform the Klang Valleyโs transportation network by offering enhanced connectivity to various parts of the city. The 51km route, scheduled for completion in 2032, will integrate with existing MRT, LRT, KTM, and Monorail lines, providing quicker commutes and easier access to areas previously underserved by public transport. This major infrastructure project is already igniting significant interest in property development along the proposed stations.
Property Developments Near MRT3 Stations: Key Highlights
With the revised public display of the MRT3 route scheduled from September 2 to December 2, 2024, interest in real estate projects surrounding the proposed stations has skyrocketed. Many areas along the route are already seeing a surge in new developments, particularly in residential properties supported by commercial and educational projects.
Based on research conducted, there are approximately 84 ongoing property developments within a 1km radius of the MRT3 stations. Here, we explore the top three stations with the most significant property activity and highlight the opportunities for potential buyers and investors.
1. Sri Hartamas Station: A Hotbed for New Projects
Sri Hartamas is one of the standout locations for new property developments surrounding the MRT3 Circle Line. Known for its proximity to Mont’Kiara, an upscale and established neighbourhood, Sri Hartamas is benefiting from the area’s growth momentum. Currently, there are nine major projects underway near the Sri Hartamas station, including affordable housing options as well as upscale properties.
- Affordable housing: The Rumawip project offers units priced between RM300,000 and RM318,000, catering to first-time homebuyers and young professionals.
- Upscale properties: Several high-rise developments by major developers like UEM Sunrise, Kiaramas Development, and TEG Asset offer units priced from RM977,888 to RM1,623,000, making the area attractive to higher-income groups.
Sri Hartamas is poised to be a prime residential and commercial hub, thanks to its excellent connectivity and the quality of ongoing projects.
2. Setapak Station: High Potential for Growth
Sharing the top spot with Sri Hartamas, Setapak has also seen a boom in development activity, with nine projects under construction near the proposed MRT3 station. Setapak is an established area with a wide range of amenities, making it highly attractive for residential and commercial development.
- Affordable to mid-range housing: New projects offer units starting from RM284,830 to RM699,000, providing an affordable entry point for young families and first-time buyers.
- Prominent developers: The area has attracted notable developers like Platinum Victory and Skyworld Development, known for their quality projects and focus on building communities with good infrastructure and amenities.
Setapakโs location and accessibility are key factors driving new property developments, making it a sought-after area for homebuyers looking for affordable yet well-connected living options.
3. Dutamas Station: A Flourishing Mixed-Use Development Hub
Dutamas ranks second with several mixed-use developments under construction, ranging in price from RM487,160 to RM1,025,760. Dutamas has long been an attractive location due to its proximity to MontโKiara and KL city centre, and the addition of MRT3 is further enhancing its appeal.
- KL Midtown: A major development in front of the Dutamas station, this expansive 9-acre mixed-use project includes residences, offices, retail spaces, and even a hotel. With seven towers planned, KL Midtown promises to be a self-sufficient hub, offering residents a comprehensive lifestyle experience.
Dutamas is rapidly becoming a focal point for modern living and working spaces, providing a balanced mix of residential and commercial opportunities.
Limited Growth in Pandan Indah and Taman Midah
Despite the anticipated benefits of MRT3, not all areas along the proposed route have seen significant new development. For instance, Pandan Indah stationโlocated in Ampang Jaya and just 10 minutes from the KL city centreโonly has three projects under construction. Similarly, Taman Midah station in Cheras, another popular residential area, has only one serviced apartment project currently underway.
These limited developments can largely be attributed to land scarcity in these already mature neighbourhoods. Most of these areas have long been developed, leaving little room for large-scale new projects. However, as the MRT3 project progresses, there may still be opportunities for smaller-scale or redeveloped projects in these locations.
Land Constraints Impacting Development
The variation in property development around MRT3 stations is influenced by the availability of vacant land. Areas like Sri Hartamas and Dutamas benefit from more open land parcels, allowing for diverse and large-scale developments. On the other hand, mature areas like Pandan Indah and Cheras face land constraints, limiting the scale and number of new projects.
However, as the MRT3 plan becomes more concrete and the project nears completion, itโs likely that property developments in less active areas will gradually increase, driven by renewed interest in the convenience and accessibility that the MRT3 Line offers.
Conclusion: MRT3 Line’s Impact on Property Developments
The upcoming MRT3 Circle Line is already reshaping the property landscape in Klang Valley. With new residential and commercial developments springing up near key stations like Sri Hartamas, Setapak, and Dutamas, the MRT3 project is enhancing connectivity and creating opportunities for real estate growth.
While some areas may still face constraints in terms of land availability, the broader impact of MRT3 on property values and demand is undeniable. As the project progresses and more details emerge, potential homebuyers and investors should keep a close eye on developments near the MRT3 stations for promising opportunities.
