KUALA LUMPUR: Setapak's growing student population and expanding residential catchment have helped sustain demand for affordable homes and rental properties, positioning the area as an attractive market for property developers and investors seeking recurring income.
The area's transformation, reinforced by the development of Wangsa Maju from the 1990s and the growth of higher education institutions, has created a steady pool of potential tenants, particularly students seeking accommodation close to their campuses.
Demand for rooms and apartments within easy reach of educational institutions, public transport and daily amenities has supported the rental market, while the presence of young professionals and working households has broadened the area's residential appeal.
Mah Sing Group Bhd has established a presence in Setapak through several developments, most of which have sold out. Its projects in the area include M Adora, M Astra, M Azura and StarParc Point.
Building on the response to these developments, the property developer has launched M Mira, its fifth project in Setapak, with nearly 25 per cent of its 633 units taken up during its launch over the weekend.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the group was optimistic that the remaining units would be taken up by next year, supported by the project's accessibility, proximity to educational institutions and connectivity to major roads and highways.
These include the Setiawangsa-Pantai Expressway, Duta-Ulu Kelang Expressway, Middle Ring Road 2, Ampang-Kuala Lumpur Elevated Highway and Sungai Besi-Ulu Kelang Elevated Expressway.
The 40-storey M Mira comprises 633 partially furnished units, with indicative prices ranging from RM474,000 to slightly above RM600,000.
Built-up areas range from 800 to 1,050 sq ft, with the development targeting first-time homebuyers, young professionals and growing families, Leong said.
While Setapak's student population provides a potential source of rental demand, the development's range of unit sizes and facilities is also intended to appeal to owner-occupiers looking for homes in an established urban neighbourhood.
Mah Sing stated that M Mira's butterfly-style layouts maximise space efficiency, natural lighting, and cross-ventilation.
The development will also feature five garden-yard units on Level 8, offering direct access from private outdoor patios to the podium facilities deck.
Residents will have access to more than 45 facilities across the podium and ground levels, including a 50m infinity pool, Jacuzzi, indoor gymnasium, yoga and Pilates studio, games room, karaoke lounge and a multipurpose hall designed for badminton and pickleball.
Other facilities include children's play areas, a pool slide, a mini wall-climbing installation and landscaped recreational spaces.
The developer said the project would incorporate several sustainability features, including electric vehicle charging bays, solar panels, a centralised water filtration system and an on-site composting area.
M Mira has also obtained provisional GreenRE Silver certification, it said.
In terms of public transport connectivity, the development is approximately 650 m from the Sri Rampai LRT station and 820 m from the Wangsa Maju LRT station.
Mah Sing also cited the planned Setapak and Rejang stations under the proposed MRT3 Circle Line as potential future public transport connections, which could further improve accessibility if delivered as planned.
© New Straits Times Press (M) Bhd