WANGSA Maju’s commercial precinct will be spruced up with various features to turn the township into a new suburban commercial hub for Kuala Lumpur’s north-eastern corridor.

Under the Kuala Lumpur Structure Plan 2020, Wangsa Maju, as part of the KL Metropolitan Region, has been designated as one of the six strategic growth zones for the city. Since 1995, about 70 acres of the township’s commercial precinct have been developed.

A 7-acre enclave of shop offices, Serviced Shop Office @ Wangsa Link launched two years ago, will add some excitement to the township when completed by the end of next year.

Some 70% of the project, comprising 300 strata-titled shop offices, has been sold since its launch in March last year. There are 90 units of the 4-storey shop offices, priced at RM1.2mil each, still available.

The Wangsa Link commercial project, with gross development value (GDV) of RM110mil, will incorporate a safe city concept for the security of the customers who frequent the many dining, shopping, entertainment and lifestyle outlets. Among the security features are the presence of 200 closed-circuit televisions, spot and sensor lights in back lanes, police beat and patrols, and bollards.

According to Landmarks Land & Properties Sdn Bhd general manager Tan Ching Meng, the company has unveiled a new master plan for Wangsa Maju, comprising a multi-million ringgit development with residential and commercial units and retail outlets to be built over the next three to eight years.

''We are looking for the right joint-venture partners to inject more exciting plans for the township's development. The master plan will herald a new era of modern suburb living for Wangsa Maju folks and create greater opportunities for business operators here,'' he said in an interview.

In July 2003, Landmarks Land sealed a joint-venture agreement with Hedgeford Sdn Bhd to jointly develop 4.87 acres into strata-titled shop houses. At the same time, Hedgeford also acquired 1.65 acres from Landmarks, which developed a total of 180 shop houses.

Among the various components planned for the Wangsa Maju commercial hub are a shopping mall, serviced shop offices, an office building, a street mall, a modern wet market, and two landscaped plazas. The shopping mall on eight acres will be the last precinct to be developed.

The office building, Wangsa Office Towers, will feature two high-rise towers on three acres comprising office suites, retail space and small office/home offices.

There will be net lettable office space of 350,000 sq ft while the retail podium will have 60,000 sq ft. Plans are being finalised for submission to the authorities soon.

A 400-metre-long pedestrian mall of retail kiosks and alfresco dining will be the focal point for outdoor entertainment and performance to enliven the area after office hours.

Big Fresh, a commercial building with modern retail facilities, wet market, food and beverage outlets, will spruce up the shopping landscape.

Tan said the plan’s objective was to introduce something unique and different from what was available at the Kuala Lumpur City Centre and Mid Valley Megamall.

The township’s population of 60,000 and another 400,000 within a 4km-radius will provide a strong ready market for the township’s commercial development. The scheduled completion of the Damansara-Ulu Klang Highway in 2007 will link Wangsa Maju to Mont’Kiara and improve the area’s accessibility further.

The recovery in the commercial property sector, as shown in the stronger occupancy rate and rental for office space in the Klang Valley, augurs well for Landmarks Land’s commercial aspirations.

According to the National Property Information Centre’s property market report, Kuala Lumpur, the largest provider of office space (supplying 52.4% or 5.45 million sq m of the country’s total office space), did not see new supply coming on-stream.

The city’s office space vacancy rate has fallen from 21.4% in the first quarter of 2004 to 21.2% in the second quarter of 2004. Selangor also enjoyed steady demand, with vacancy rate dropping from 23.4% to 22.7% in the second quarter last year.

''There is good demand for purpose-built office space, especially from multinational corporations.

''Many of these companies are looking for cheaper alternatives in the suburban centres and now they have the privilege of moving into a well sought-after address that is just 15 minutes from the Kuala Lumpur city centre,'' Tan said.

Source : The Star 15/08/2005