Streetscapes: Promising prospects for Lorong Syed Putra Kiri

TheEdge Tue, Jan 21, 2020 04:00pm - 4 years View Original


On a recent visit in the late afternoon, Lorong Syed Putra Kiri in Seputeh appears calm and unruffled. Cars are sparse and the road, which stretches from Jalan Syed Putra to Jalan Kerayong, is sheathed in mature greenery and a few parcels of untouched land.

While taking a casual stroll there, I find the area to be slightly remote, although signs of life start appearing moments after passing through some walk-up flats. Muffled sounds from the gerai and restaurants start to fill the air. “Lorong Syed Putra Kiri is still pretty much a neighbourhood-friendly area, with cafés, restaurants and stalls that cater for the community here,” shares Xiu Ying, a friendly local who has lived there for more than 20 years.

“The community in this area is predominantly Chinese, although there has been an influx of foreign workers who occupy the walk-up flats.”

Nonetheless, Lorong Syed Putra Kiri does get busy whenever there is an event at Glasshouse at Seputeh, one of the main landmarks. The popular event space is always fully booked and highly popular for weddings and other types of events. Another popular place is Make Cafe, an unpretentious café serving Melaka-influenced dishes, coffee and delightful bubur cha-cha.

Stanley Toh, executive director of LaurelCap Sdn Bhd, says Glasshouse at Seputeh is one of the major spots in Lorong Syed Putra Kiri. “The area has four walk-up flats, and farther down the road, you will find condominiums called Le Chateau I  and Le Chateau II, SRJK (C) Kuen Cheng and the Kuala Lumpur Chinese Cemetery.”

Across from that, there is a government-owned project that is still under construction and reportedly will be a treatment and rehabilitation centre when completed. Other notable landmarks there are Wisma Belia, Restoran Siu Siu and a popular Nasi Lemak Daun Pisang stall.

“Lorong Syed Putra Kiri forms the southwest part of Taman Seputeh in Seputeh. Seputeh was developed into a housing area in the 1970s. The area is inherently booming, with its strategic location and surrounding business districts [such as Mid Valley City],” says Toh.

Transactions appear to be steady in Lorong Syed Putra Kiri. “Prices at Le Chateau I and Le Chateau II have increased marginally over the last 10 years from an average of RM150 [in 2009] to RM300 psf [in 2019], while the walk-up flats have increased from an average of RM130 to RM200 psf in the same period,” says Toh.

The average price of apartments in Seputeh is RM409 psf, according to EdgeProp.my. Toh says La Chateau I and La Chateau II can fetch RM290 to RM300 psf, whereas the walk-up flats can fetch RM190 to RM200 psf.

Meanwhile, the monthly rents of apartments in Seputeh are RM1,350 to RM3,667, with yields of 2.06% to 4.73%, according to EdgeProp.my. “The current average rental rate for Le Chateau I and Le Chateau II range from RM1.40 to RM1.60 psf per month, while the walk-up flats are going for 90 sen to RM1.10 psf per month,” says Toh.

For the long term, the future of Lorong Syed Putra Kiri appears promising. “There are still pockets of undeveloped vacant land along Lorong Syed Putra Kiri. Compared with other areas in Taman Seputeh, one of the main reasons that high-rise development in the area is slow is the proximity to the cemetery.

“Still, with the success of the Glasshouse at Seputeh, we foresee the area transforming into a hub for showrooms, restaurants and galleries,” says Toh.

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