The buzz around Bukit Jalil has recently centered on the latest new launch. But what exactly is all the hype about? Is it the fact that a leasehold development is launched below market and is parked beside a wellness township? Or rather, is it the KL Wellness City that will make or break the investment value of the location?
Today, I will answer these questions by breaking them down for you!
What Is So Great About Bukit Jalil?
To put it simply, Bukit Jalil is located in the southern part of Kuala Lumpur and was previously known for being a hub of sporting events and activities. With world-class sporting facilities such as the Bukit Jalil National Stadium, Bukit Jalil Aquatic Centre, and Bukit Jalil Golf & Country Resort, this area is a dream come true for sports enthusiasts.
Did you know Bukit Jalil National Stadium hosted a range of International Sporting events? We are discussing the SEA games, ASEAN Para Games, Commonwealth Games, ASEAN University Games and even hosting our own Malaysia FA Cup.
If you think that’s all, then you should know that the very same Bukit Jalil National Stadium was also used to host some of the world’s most notable music artists. Just to name a few,
- Blackpink (S.Korea): Born Pink World Tour (4 March 2023)
- MayDay (Taiwan): Fly to 2023 World Tour (11 February 2023)
- Jay Chou (Taiwan): Carnival World Tour (15 January 2023)
- Billie Eilish (U.S): Happier Than Ever, The World Tour (18th August 2022)
- Ed Sheeran (U.S): ÷ Tour (13 April 2019)
But that’s not all. Bukit Jalil is also a popular residential and commercial area, offering a diverse range of amenities and attractions. From shopping malls, restaurants, to parks, this place has got it all. Plus, the area is well-connected with major highways and public transportation systems, making it easily accessible from other parts of the city.
Over the years, Bukit Jalil has also witnessed significant development in the technology sector, with the establishment of the Bukit Jalil City technology park and the Malaysian campus of several international universities. So, it’s not just about sports and leisure; this area is also poised to be a major tech hub.
What are the property prices like in Bukit Jalil?
For property investors, it’s essential to know that Pavilion Bukit Jalil is the primary hotspot. The closer you get to Pavilion Bukit Jalil, the higher the price will be. Looking at the sub-sale transaction range, we will notice RM840psf as the median for serviced apartments in the location and any property transacting above it can be considered higher than the market average.
Now, let’s explore why property prices around Pavilion Bukit Jalil are much higher than those that are further away.
- Location and accessibility: Pavilion Bukit Jalil is a prime area that is easily accessible from major highways, such as Bukit Jalil Highway, the Shah Alam Expressway (KESAS), and the Maju Expressway (MEX). Its proximity to other Established townships, such as Bandar Kinrara and Puchong, also adds to its appeal.
- Major development and transformation: The development of Pavilion Bukit Jalil has contributed to the overall transformation of the area. We are talking about new amenities and facilities such as a Tier-1 shopping mall, luxury serviced residences, and increased working opportunities. This naturally increased the demand for property in the area.
- The reputation of the developer: Pavilion Bukit Jalil is part of the Pavilion Group which is known for its high-end developments and luxury properties. The association of Pavilion Bukit Jalil with Pavilion Bukit Bintang cannot be avoided and this has helped to increase the value of properties in the area.
Do we need a “Wellness Township” in Bukit Jalil?
Personally, I feel the Wellness Township is a good compliment to Bukit Jalil. I’m saying this because we have to recognize the main function of Bukit Jalil as a township, being a hub of sports for sporting enthusiasts.
If you are into sports then you know the risk of injuring yourself during a friendly match is almost inevitable. Looking back to Bukit Jalil, we have key sporting facilities for track and field, aquatic sports, and even golf all within a 2km radius.
Besides that, there is also International Medical University Malaysia (IMU), Malaysia’s first and most established private university wholly specializing in medicine, health sciences, and complementary medicine programs.
As an Alumnus of University Malaya with friends in the medical field, I can appreciate the close proximity between Education Hub and Healthcare Institution. In this case, the close proximity between IMU and KL Wellness City can potentially serve to improve the educational quality of IMU.
Having said that, let me help you further understand why it is potentially justifiable to develop 26.49 acres of land into a “wellness” centric township.
The growing medical tourism in Malaysia
If you have not heard, the international tourism industry in Malaysia can be divided into 5 main categories, Business Tourism, Eco-Tourism, Cultural Tourism, Leisure Tourism, and Medical Tourism.
Medical tourism is a growing industry in Malaysia, and the country has become a popular destination for medical tourists from around the world. Here are some really quick facts about medical tourism in Malaysia,
- Revenue: According to the Malaysia Healthcare Travel Council (MHTC), the medical tourism industry in Malaysia generated RM1.5 billion (approximately USD 360 million) in revenue in 2019.
- The number of tourists: In 2019, Malaysia received approximately 1.3 million medical tourists, which was an increase from the previous year. The majority of medical tourists came from neighboring countries such as Indonesia, followed by China, India, and the Middle East.
- Ranking: Malaysia was ranked 2nd alongside India, Thailand, Singapore, and South Korea. High linguistic proficiency in English and Mandarin attracted many medical tourists to Malaysia.
- Procedures: The most common medical procedures that medical tourists seek in Malaysia are cardiology, orthopedics, oncology, fertility treatments, and cosmetic surgery. Interestingly, the cost of these medical procedures in Malaysia is highly competitive globally.
- Quality of care: Malaysia’s healthcare system is highly regarded, and many of its private hospitals are accredited by international organizations such as the Joint Commission International (JCI). This has helped to build a reputation for quality healthcare, which attracts medical tourists to the country.
- Cost: The cost of medical procedures in Malaysia is generally lower compared to other countries such as the United States and Europe. This cost advantage is another factor that makes Malaysia an attractive destination for medical tourism.
Now that we look at the bigger picture of medical tourism, being a concentrated location for healthcare and wellness services, I believe KL Wellness City can find significant success as a township.
Does KL Wellness City make sense?
From a layman’s perspective, I would expect the following from a Wellness Township. It might be simplistic so do feel free to add your own perspective,
- Health-Focused Facilities: This is a definite must! I would imagine the wellness township to have state-of-the-art fitness centers, swimming pools, yoga studios, and other facilities that encourage physical activity and promote overall health and well-being.
- Medical Facilities: A wellness township will only make sense if and only if it has medical facilities such as clinics, hospitals, and wellness centers that offer preventative care, disease management, and other medical services.
- Green Spaces: It should feature ample green spaces such as parks, gardens, and jogging paths that promote outdoor activity, relaxation, and connection with nature.
- Community Engagement: A wellness township should be a space for community engagement programs that promote social connections, education, and support.
- Healthy Dining Options: In a wellness township, there should be restaurants and cafes that serve healthy, organic, and locally sourced food options.
So where does KL Wellness City stand in these matters? Let me try and untangle this based on what I understood from my visit to KL Wellness City’s showroom.
First and foremost, we will have an international tertiary hospital that is approved for 624 beds by the Ministry of Health of Malaysia (KKM) and potentially scalable to 1,000 beds in the future. It will house all the necessary facilities to provide for all the required treatments. If you’re wondering, Sunway Medical Centre in Subang Jaya has 616 licensed beds.
Secondly, the Nobel Healthcare Park will be the medical suite for doctors to conduct their consultations. From what I was told, most of the studio units here are sold only to KKM-licensed doctors and are not open to the public.
Then you have the Healthcare Hub which in reality is a wellness mall. If you have any medical-related needs, it will be your go-to place. We are talking about pharmaceutical needs, assisted living needs, and possibly all the healthy dining options.
Overall, I would say that KL Wellness City can make sense but it will ultimately depend on the final results. Early investors need to be aware that you are purchasing a proposed development in a proposed township.
This means that you bear the risk on both the residential development and the upcoming township. The best way to mitigate your risk is to conduct due diligence on both the master planner and developer, their track record, and their financial stability.
Also, not to mention, I couldn’t find any other similar township around the world to peg as a reference for KL Wellness City. It may perhaps be the first of its kind and we really do not know what risk to expect.
The new launch of D’Velada by Exsim
By the time this writing gets out into the public domain, there should be enough information covering this new project by Exsim. Besides, Exsim is no longer new to the property development game and we’ve seen them soaring to greater heights with their aggressive push for the township and new developments.
When it comes to D’Velada by Exsim, here is what I know about the development,
- Concept: Revolving around the concept of health and wellness
- Phase: First commercial under HDA development within KL Wellness City
- Density: 508 units within 2.29-acres
- Tenure: Leasehold
- Layouts: Type A and B both 3-bedder 2-bath (1,012sqft)
- Facilities: Yes, multiple facilities
What is the prospect of buying D’Velada?
Generally, Bukit Jalil is a good township that has taken more than a decade to mature. The property prices in the area have matured significantly and early investors have at the very least made an 8x return on their investment.
The prospect of KL Wellness City is encouraging but it hinges heavily on the success of the master planner and the fruition of their vision. The economy forward is encouraging and I do see the potential for medical tourism to prosper with the right environment, infrastructure, and resources.
As for onlookers who are considering D’Velada or any other properties nearby KL Wellness City, my recommendation is to enter the below market median of RM840psf and RM840,000.
Unfortunately, I am not at liberty to disclose any pricing details.
If you are looking to expand your property portfolio and require some consultation, do feel free to reach me here. Otherwise, I’ll see you in the next article!
