Just down the road from the main commercial centre of SS2 in Petaling Jaya are two rows of shops bounded by Jalan SS2/72 and Jalan 19/29. It is usually not difficult to find a parking spot here, unlike the commercial centre bounded by Jalan SS2/55, Jalan SS2/60, Jalan SS2/75 and Jalan SS2/66.
Comparatively quiet compared with the bustling heart of the town, this area is home to a handful of F&B operators, including Chinese restaurant New Paris, Le Bread Days bakery and the first Ah Tuan Ee’s Place nyonya restaurant (the other one is at The Curve shopping mall), as well as specialty shops, learning centres, offices and service providers.
Developed in the 1970s by the SEA Housing Corp Sdn Bhd, the 4-storey shopoffices along Jalan SS2/72 have a land area and built-up of 1,650 sq ft and 5,640 sq ft respectively, while those along Jalan 19/29 have a smaller land area of 1,540 sq ft and built-up of around 5,200 sq ft.
“To many, the two rows of shops along Jalan 19/29 and Jalan SS2/72 are almost like the forgotten corner of SS2,” says Landserve Sdn Bhd managing director Chen King Hoaw.
Chen notes that these properties have seen less demand than the main commercial centre has over the decades.
“There is a dearth of transactions along these two rows of shops. With the exception of a handful of restaurants and some other businesses, the limited number of shops have been unable to attract retailers, as most of them would prefer to be in the main commercial hub adjacent to this area, which is more vibrant,” he says.
Based on the asking prices of similar properties in SS2 and comparable neighbourhoods in Petaling Jaya, a unit in these two rows is likely to fetch RM2.3 million to RM3 million, depending on the land and floor area, condition of the building, as well as the rent under the existing tenancy, says Chen.
He notes that there have been few transactions recorded at these properties over the last decade. In Jalan SS2/72, a 4-storey shopoffice was transacted at RM1.8 million in 2013 whereas, in 2017, two adjoining shopoffice units on Jalan 19/29 were transacted between related parties for a total of RM6.6 million.
In terms of occupancy, the properties along Jalan SS2/72 are about 90% occupied and those along Jalan 19/29, about 80%.
“Given the state of our economy and the negative impact of the Covid-19 pandemic, the medium- and long-term prospects of these shopoffices remain to be seen. It all depends on factors such as the behavioural pattern of the community and the progress of physical developments in the locality,” says Chen.
In the immediate vicinity of these shops, the prices
of 2-storey terraced houses with a land size of 22ft by 75ft are priced between RM780,000 and RM880,000, depending on the built-up and condition of the house. Those measuring 24ft by 80ft fetch higher prices of RM900,000 to RM1.15 million, notes Chen.
As for older condominiums in the area, units at Jasmine Tower are priced at RM510 to RM530 psf while those in newer developments such as Ameera Residence and Five Stones are transacted at RM660 to RM695 psf and RM815 to RM860 psf respectively, depending on built-up, location and condition of the unit.