This article first appeared in City & Country, The Edge Malaysia Weekly on August 15, 2022 - August 21, 2022
The commercial area of Jalan Radin in Bandar Baru Sri Petaling is a busy one that consists of Jalan Radin itself, Jalan Radin Anum, Jalan Radin Tengah, Jalan Radin Indah and Jalan Radin Bagus. Other than these four main roads, there are also Jalan Radin Anum (and the subsequent Jalan Radin Anum 1 to Jalan Radin Anum 5) and Jalan Radin Bagus (and the subsequent Jalan Radin Bagus 1 to Jalan Radin Bagus 8).
These road names were approved in 1981. The word “Radin”, or “Raden”, was an honorific used to address the children of the king, specifically the Java royalty. Jalan Radin Anum, Jalan Radin Bagus and Radin Tengah are named after the sons of Raja Kechil Besar of Melaka, also known as Sultan Megat Iskandar Shah. Radin Tengah succeeded the father, taking the name of Sultan Muhammad Shah.
The area consists of mainly 3- and 4-storey shopoffices. Among the landmarks there are The Store Sri Petaling, Espira Sri Petaling (formerly known as Hotel Sri Petaling), Pasar Sri Petaling and Sri Petaling police station. The Pinnacle Sri Petaling condominium project on Jalan Radin Anum 1 is the latest development.
Unlike other commercial centres in the Klang Valley, the Jalan Radin area has more parking bays available. Apart from the usual street parking, there are also two paid car parks — an open-air car park on Jalan Radin Bagus 8 and an indoor car park within the Pasar Sri Petaling building on Jalan Radin Bagus.
The shopoffices in the Jalan Radin area house various businesses such as food and beverage, car workshops, beauty salons, hotels and entertainment outlets. As Malaysians are known to be some of the world’s most ardent foodies, this area would surely be a haven thanks to the various delectable offerings from Little Bing Cuisine, 103 Coffee Workshop, Warakuya Japanese Restaurant and BananaBro Sri Petaling.
The Jalan Radin area is the main commercial centre in Bandar Baru Sri Petaling. According to industry players, Bandar Baru Seri Petaling was a rubber estate before it was developed and launched by I&P Group’s unit Petaling Garden Sdn Bhd. Located about 15km from Kuala Lumpur, the 620-acre township now has more than 5,900 houses that can easily transact from RM500,000 to more than RM1 million.
The suburb has also attracted other developers such as Soon Teik Development Sdn Bhd, which built the Endah Parade shopping mall as well as residential projects Endah Promenade, Endah Regal, Endah Ria and Endah Puri.
Nawawi Tie Leung Sdn Bhd managing director Eddy Wong notes that businesses in the Jalan Radin area have attracted customers from neighbouring housing estates such as Bukit Jalil and Taman OUG.
“The Jalan Radin area is a neighbourhood commercial hub that serves the surrounding housing estates. The residents are mostly Chinese as reflected in the buyers’ profile of the recent launches of residential developments here. The latest developments include Pinnacle Sri Petaling, a mixed development comprising 832 residences and 50 units of retail shops located on Jalan Radin Anum 1,” he says.
Metro Homes Realty Bhd executive director See Kok Loong notes that like most commercial centres, the main issue that puts off visitors to Jalan Radin is the insufficient parking space, even with two paid car parks — something the writer can personally attest to. Having frequented the area several times during the pre-Covid period, (we found that) the double-parking situation — depending on the time of day — is a serious problem. This happens even when there are empty parking bays at the paid car parks.
Nevertheless, businesses in the area have been badly hit by the Covid-19 pandemic. See reckons that the rental yield will be stagnant for some years due to the overall economy as well as competition from other shopping malls such as Mid Valley Megamall and the newly opened Pavilion Bukit Jalil.
Wong concurs, noting that e-commerce, which helped bolster retail sales during the Covid-19 pandemic, poses an even greater threat.
“The development of shopping malls nearby such as Pavilion Bukit Jalil, with a net lettable area of 1.8 million sq ft, is going to affect retailers in the neighbourhood commercial centres such as those in the Jalan Radin area. This is on the back of an already oversupplied situation in the retail property market,” he explains.
“Retailers have little choice but to pivot to new strategies to adapt to the challenges. As deliveries and takeaway are now the preferred options, restaurants operating from street shops may offer an added convenience over those located inside shopping malls. [Nevertheless], future prospects can be positive if retailers are able to evolve and adapt to the challenges facing the retail sector.”
Wong adds that transaction prices of the shopoffices there have remained fairly stable over the past few years, with yields hovering at 4% to 5%. The 3-storey shopoffices on Jalan Radin Bagus were transacted at their lowest of RM1,563 psf in July 2013 and at their highest of RM2,208 psf in December 2017. In 2020, two transactions there recorded selling prices of RM1,825 and RM1,868 psf respectively.
From 2014 to 2020, 3-storey shopoffices on Jalan Radin Bagus 3 changed hands for RM1,696 to RM2,085 psf.
Depending on location, the ground floor shops fetch rents of RM3.59 to RM7.83 psf. Meanwhile, offices on the first and second floors are rented for between RM1.15 and RM2.52 psf, again subject to location.
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