| | Property
prices up on Bear Hill
Bukit
Beruang in Melaka has been drawing more than its fair share of interest lately
— thanks to its proximity to the Multimedia <b>University Melaka
campus. G M Goh visits the residential enclave for a first hand report.
G
M Goh
Bukit Beruang. Does the name
ring a bell? If you do not reside in Melaka, the name of this growing
neighbourhood may not quite click. In English, “Bukit Beruang” literally
means “Bear Hill”. But the mention of landmarks like the Jaya Jusco family
store, Multimedia University Melaka (MMU) campus or the MPMBB (Majlis
Perbandaran Melaka Bandaraya Bersejarah) office complex may help jog your
memory.
Although these better-known buildings bear addresses that face the Ayer Keroh
Highway and the old Ayer Keroh Road, it is more apt to include them as part of
the Bukit Beruang neighbourhood simply by virtue of their location.
Diversity a main
characteristic
In Bukit Beruang, diversity is a predominant feature. Terrain-wise, flat land,
hills and valley sites all form part and parcel of its original agricultural
character. Terraced, semi-detached, detached houses of both one and two storeys
form the architectural landscape. Price range diversities appear in the form of
low- and medium-cost housing and middle- to upper-class bungalows.
Values of the various housing properties have appreciated in the last decade.
Beruang Heights, a hillside development comprising solely bungalow lots, is the
upmarket housing area. There, vacant plots from 4,800 sq ft each sold at about
RM9 psf to RM11 psf in 1990. Transactions are sealed at around RM35 psf to RM40
psf, depending on the size and location of the plot.
Given the freehold title status and an increasingly developed environment with
new bungalows sprouting up on previously vacant plots, the jump in capital value
is not unexpected. Surely its location, which is easily accessible via the
North-South Highway, has also lent an extra advantage.
Beruang Heights is now linked to Sentosa Garden, which is an established
upmarket and favoured neighbourhood in the Bukit Baru area. This new link should
be a plus factor.
Towards the interior of Bukit Beruang, detached freehold plots in Taman Megah
and Taman Bukit Melaka fetch about RM23 psf. In comparison, these were priced at
RM6.50 to RM8.50 psf in 1990.
Prices of 1-storey freehold terraced houses renovated with extensions now
command more than RM100,000. Transaction records in the first half of the year
indicated a range of RM105,000 to RM116,500 for units sold in Taman Kerjasama
— or an increase of 7.3 per cent from the second half of last year. In Taman
Bunga Raya, prices of leasehold double-storey terraced houses climbed about 3.6
per cent from 1999 levels of between RM160,000 and RM178,000.
Asking prices for semi-detached houses are above the RM200,000 mark. While
owners of the 1-storey type peg their property at around RM250,000, the
double-storey semi-detached units start from RM330,000.
What it was like
Bukit Beruang has developed from a new village with agricultural livelihood
support to a residential enclave of various house types. In the late 1970s, the
seed of growth was sowed by a natural spillover from the popular and
well-occupied Bukit Baru area.
Its location on the fringe of the Bukit Baru Township has also helped Bukit
Beruang attract eager and genuine buyers.
Today’s prices
Today’s Bukit Beruang property market sentiment is different. With the MMU
campus nearby, demand for student accommodation has attracted interest,
particularly in the terraced houses. A 1-storey unit can be rented to students
for RM450 to RM550 a month while a 2-storey house commands rent of about RM700.
From the capital value perspective, prices of 1-storey terraced houses with
extensions are benchmarked at a minimum of RM100,000. Expectations of good
rental income and increasing neighbourhood popularity have made it difficult to
find terraced houses, especially the 1-storey type, on the market.
Two blocks of walk-up apartments are now under construction in the area across
the road from the MMU campus. It is understood that these units are not for
sale; only for rental. Will these and perhaps other apartment projects in the
pipeline have a major impact on the rental potential of the terraced houses?
This is an important factor for potential investors looking for rental cash flow
to consider, especially since MMU is the only private higher education centre in
the vicinity. It boils down to a simple question of supply and demand.
Meanwhile, bungalow lot owners seem busy building individually-designed homes
for their own occupation.
Overall, the Bukit Beruang residential enclave has developed very well. There is
a diverse group of residents in a varied terrain profile. In a nutshell, there
seems to be a house to suit everyone here. This is so in spite of the fact that
the road to Bukit Beruang is “not so long but a narrow and winding road”.
A registered valuer, G M
Goh was a valuation officer with the Ministry of Finance. She was also a valuer
at a local valuation firm.
http://www.theedgedaily.com/article.cfm?id=684
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