Streetscapes: Property values holding steady in Ampang’s Jalan Mamanda

This article first appeared in City & Country, The Edge Malaysia Weekly, on May 25, 2020 - May 31, 2020.

Photo by Shahrin Yahya/The Edge

Jalan Mamanda is a 15-minute drive from Kuala Lumpur City Centre via Jalan Ampang

Photo by Shahrin Yahya/The Edge

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Jalan Mamanda in Ampang — an established commercial hub on the fringe of Kuala Lumpur and a 15-minute drive from Kuala Lumpur City Centre via Jalan Ampang — is most well known as home to Ampang Point Shopping Centre.

Built in the 1990s, the six-storey family-­oriented shopping complex has a net lettable area of 300,000 sq ft, and is a popular destination for residents from the surrounding areas as well as local tourists. Its tenants include Giant ­Supermarket, McDonald’s, Starbucks, Délifrance, Baskin-Robbins, Mr DIY, Popular Bookstore, Guardian, Harvey Norman and Spotlight.

Jalan Mamanda caters to the population of Taman Dato Ahmad Razali and the larger neighbourhood of Ampang and Ulu Kelang. The area is close to De Palma Hotel, Flamingo Hotel, Plaza Ampang City, KPJ Ampang Puteri Specialist Hospital and Ampang LRT station, all of which are located within a 2km radius.

The area is well connected to two major highways — the Ampang-Kuala Lumpur ­Elevated Highway (AKLEH) and the Duta-Ulu Kelang Expressway (DUKE) — and is only 16 minutes’ drive from Kuala Lumpur City Centre.

Jalan Mamanda comprises a mixture of 4½- and 5-storey shopoffices, the ground floors of which are occupied by food and beverage outlets, jewellery shops, banks and pharmacies. The outlets include The Coffee Bean & Tea Leaf, Secret Recipe, Sushi King, Kenny Rogers Roasters, Restoran Nasi Kandar Grand Palace, Pandora, RHB Bank Bhd, Malayan Banking Bhd (Maybank) and Sunway Pharmacy.

A place not to miss for lunch is Restoran Home Town Yong Tow Foo, which serves halal Chinese yong tau foo — a Hakka Chinese dish that consists of tofu and vegetables stuffed with fish paste — either deep-fried or with soup. Its popular items include deep-fried dumplings, tofu and bean curd skin. The restaurant also serves steamed fish, chilli fish, ginger chicken and fried vegetables.

According to PPC International Sdn Bhd managing director Datuk Siders Sittampalam, a 4½-storey shopoffice in Jalan Mamanda 9 with a built-up of 7,267 sq ft was sold at RM3.2 million in 2012 and a similar unit was sold at RM4.1 million in 2019, an appreciation of 28% in value. Meanwhile, a 5-storey shopoffice in Jalan Mamanda 7/1 with a built-up of 6,671 sq ft was sold at RM3.3 million in 2015 and another unit transacted at RM4.1 million in 2019.

“The current asking price for the 4½-storey shopoffices [in Jalan Mamanda 9] is RM4.5 million and the monthly rent is RM16,000, giving a yield of 4.2% per annum. Due to the lack of rental data, it is hard to work out the yield for the 5-storey shopoffices,” says Siders.

“As for the shoplots in Ampang Point Shopping Centre, a 516 sq ft unit was sold at RM1.07 million in 2011 and a 904 sq ft unit was sold at RM1.42 million in 2017. Rents average RM4,500 per month, giving a yield of 3.6% per annum,” he adds.

Residential properties in the surrounding area with built-ups of 614 to 1,421 sq ft were transacted in the region of RM275,100 to RM610,300 last year. “In terms of monthly rent, it ranges from RM1,200 to RM2,600, which translates into a yield of 3.8% to 6% per annum,” Siders says.

Upcoming residential projects in the area include Residensi Ampang Tengah 6 by Boulevard Realty Sdn Bhd, due to be completed by 2021, and One Stonor by Malaysia Land Properties Sdn Bhd (Mayland), which will be completed in 2024.

Siders says the outlook for Jalan Mamanda appears positive. “Property values and yields in the area will appreciate in the long term as nearby residential developments are giving reasonable returns.”