Klang Valley’s industrial property segment continues to grow
-
Loading... - Bingwen Zhang
- 08 Feb 2023
- 67 Views
- 0 Like
- 0 Comment
The Klang Valley industrial property segment has seen its fortunes blossom, thanks to the pandemic, which pushed the demand for such properties higher than expected. While generally not considered sexy to investors, this important subsector has been part of the Malaysian real estate landscape for decades.
According to VPC Alliance (KL) Sdn Bhd director James Wong, industrial development in the country started in the Klang Valley, referring to Kuala Lumpur and Selangor in general.
“The pioneer developer of industrial estates or parks in the Klang Valley was the public sector and mainly PKNS (Selangor State Development Corporation), which developed the Section 13 and Section 51A industrial areas in Petaling Jaya and Seksyen 15 and 16 industrial estates in Shah Alam in the 1970s and 1980s, which coincided with then prime minister Tun Dr Mahathir Mohamad’s ‘Look East Policy’ and industrialisation programme,” he says.
“Only in the 1990s did private developers come into the picture to develop industrial parks such as Subang Hi-Tech Industrial Park, Bukit Raja Prime Industrial Park and Hicom Industrial Park. Their titles are mainly freehold, and hence command higher land values and have fewer restrictions on transfers, whereas PKNS’ industrial lands are leasehold.”
PPC International Sdn Bhd managing director Datuk Siders Sittampalam also cites the Look East Policy as the impetus for growth in industrial properties. Read More…
