Bus Rapid Transit and property values
After the recent launch of the Sunway BRT line, there will be several more BRT lines coming up - they are cheaper and faster to build as they utilise existing roads.
So far I have only used the BRT in Bangkok - they only have 1 line so far and it has been running for some time now. Wonder why they haven't continued with more though?
I guess there are certain challenges with Bangkok with the road width in the more densely populated areas, there isn't much leeway for a BRT line to take up more road space because the original road is fairly narrow as BKK is a very old city.
Anyway, looking at the BRT plan for KL, it looks interesting - the only areas it doesn't seem to cover are the affluent neighbourhoods of Damansara Heights, Bangsar and Mont'Kiara.
Also, looks like the Government is making the hard decision to take up 2 lanes on the MRR2 from Melawati to Jln Ampang - this stretch is jammed in the morning and will be worse with only 2 lanes for traffic instead of 3. Still, it should "force" people to take the BRT into town instead of driving in.
So will this increase property values? I believe it will for some areas - I think some of the older areas along Jln Pahang (where 1 line is due to be ready in 2017) would benefit. They are currently languishing due to congestion and whatnot... perhaps there might be a renewal and gentrification as these neighbourhoods are still relatively "cheap" in relation to their proximity to the town centre.
I also think the BRT will be a rationalising factor in the rebalancing of property prices - at the moment, I believe the value of KL properties - especially those in the ring between Jln Tun Razak (the Inner Ring Road) and the MRR2 (the Middle Ring Road) - is undervalued in comparison to the properties in the outer suburbs. Granted that the outer suburbs are better planned but ultimately, if one is a white collar professional / executive, your workplace is going to be in KL. You might as well live in town for a shorter commute and with the extensive BRT (no jam, people! dedicated bus lane!), it might just get easier.
There is much value in a shorter commute - there is less stress, less time taken to travel, more productive, able to reach home faster and earlier - everyone benefits. And with that value, comes the willingness to pay for a place on that line.
The LRT and MRT benefits those in the outer suburbs, the BRT is a long-overdue solution to the original KL dwellers - so glad that it is finally happening!
So far I have only used the BRT in Bangkok - they only have 1 line so far and it has been running for some time now. Wonder why they haven't continued with more though?
I guess there are certain challenges with Bangkok with the road width in the more densely populated areas, there isn't much leeway for a BRT line to take up more road space because the original road is fairly narrow as BKK is a very old city.
Anyway, looking at the BRT plan for KL, it looks interesting - the only areas it doesn't seem to cover are the affluent neighbourhoods of Damansara Heights, Bangsar and Mont'Kiara.
Also, looks like the Government is making the hard decision to take up 2 lanes on the MRR2 from Melawati to Jln Ampang - this stretch is jammed in the morning and will be worse with only 2 lanes for traffic instead of 3. Still, it should "force" people to take the BRT into town instead of driving in.
So will this increase property values? I believe it will for some areas - I think some of the older areas along Jln Pahang (where 1 line is due to be ready in 2017) would benefit. They are currently languishing due to congestion and whatnot... perhaps there might be a renewal and gentrification as these neighbourhoods are still relatively "cheap" in relation to their proximity to the town centre.
I also think the BRT will be a rationalising factor in the rebalancing of property prices - at the moment, I believe the value of KL properties - especially those in the ring between Jln Tun Razak (the Inner Ring Road) and the MRR2 (the Middle Ring Road) - is undervalued in comparison to the properties in the outer suburbs. Granted that the outer suburbs are better planned but ultimately, if one is a white collar professional / executive, your workplace is going to be in KL. You might as well live in town for a shorter commute and with the extensive BRT (no jam, people! dedicated bus lane!), it might just get easier.
There is much value in a shorter commute - there is less stress, less time taken to travel, more productive, able to reach home faster and earlier - everyone benefits. And with that value, comes the willingness to pay for a place on that line.
The LRT and MRT benefits those in the outer suburbs, the BRT is a long-overdue solution to the original KL dwellers - so glad that it is finally happening!
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