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Continue Reading ⋅ 30 January 2023
Nestled amongst older residential developments in Section 14 Petaling Jaya lies Millennium Square, a mixed development of commercial, retail, and high-rise residences. It was developed by Luxor Properties Sdn. Bhd., a subsidiary of diversified business portfolio holder, Luxor Holdings, offering convenient and modern living in the city.
Backed by pockets of undeveloped greenery, Millennium Square stands out with its clean and contemporary architecture.
The spacious grounds with good facilities and amenities allow residents to relax and unwind at ease in a strategic yet peaceful corner of bustling Petaling Jaya. Its proximity to many public amenities and easy connectivity to other parts of the Klang Valley is undoubtedly well suited to the lifestyles of working professionals and young families.
Address: 98 Jalan 14/1, Seksyen 14, 46100 Petaling Jaya
Property Type: Commercial & Service Residence
Land Title: Commercial
Total Units: N/A
Tenure: Leasehold
Year of Completion: 2006
Built-up Area: 935 sq ft – 1,132 sq ft
Facilities:
- Swimming pool
- Gymnasium
- Children’s playground
- Barbeque area
- Surau
- Laundrette
- Covered carpark
- 24-hour security with card access
Launch Price: N/A
Launch Price Per Sq Ft: N/A
Maintenance Fee: RM0.20 per sq ft
Project Details
Millennium Square is a mixed commercial and residential development by Luxor Properties Sdn Bhd, sited on a 4-acre leasehold land in Section 14, Petaling Jaya.
Launched in 2003, it was fully completed in 2006, with some delay due to the protest from the residents of Section 14 citing increased traffic woes as a consequence of the development. To address this issue, some proposals and adjustments to the traffic flow were subsequently adopted.
As a mixed development, Millennium Square consists of a commercial annexe and a residential package named Millennium Place @ Millennium Square. However, it is more commonly referred to as Millennium Square.
There are 2 blocks of residential units with retail units on the ground and first level, while the residential units occupy level 2 to level 21. Built-ups are from 935 sq ft to 1,132 sq ft, offering a choice of 2 or 3 bedrooms. On average, there are 11 units to a floor and 3 lifts per block to service the residents.
Each unit comes with a basement car park lot and residents have the option to rent additional lots from the management.
The residential block has a modern façade with lots of glass windows and panels to welcome ambient light in. Facilities include a swimming pool, gymnasium, children’s playground, and barbeque area.
As the complex is home to retail units as well, residents are able to enjoy the ease of having convenience stores, restaurants, and other services in their immediate vicinity.
Summary of residential package
- 2 blocks
- 21 storeys – 2 levels of retail units, 19 levels of residential units
- Built-up – 935 sq ft to 1,132 sq ft
- 2 or 3 bedrooms, 2 bathrooms
Location
Millennium Square is located in a relatively mature and quiet enclave in Section 14 Petaling Jaya, off Jalan Utara and Jalan Professor Khoo Kim Kay. The development enjoys good accessibility and connectivity.
Jaya Shopping Centre (previously known as Jaya Supermarket), Digital Mall, Jaya 33, and the shop lots of Section 14, are all within a short walking distance.
The busy commercial area is also host to many banks, restaurants, cafes, clinics, and convenience shops. Many commercial buildings, small factories, schools, and colleges, are within a small radius too.
The development is a short drive to the surrounding areas of PJ State, PJ Old Town, Taman Paramount, Section 17, and SS2. There’s quick and easy access from the Federal Highway to Kuala Lumpur in one direction, and to Shah Alam and Klang in the opposite direction.
For public transportation, the Asia Jaya LRT station on the Kelana Jaya Line is a mere 600 meters away, while there is a bus stop outside of the nearby Asia Jaya building off the Federal Highway.
It should be noted that while Millennium Square’s location is strategic, it is constructed next to a large monsoon drain off a busy and narrow road with a TNB substation nearby.
There have been complaints by the residents on the unattended and damaged drains that were overgrown with grass, restricting water flow, and hence, pose as potential flooding hazard. The unruly grass was also worrying as it is potentially a breeding ground for rodents and snakes.
Millennium Square is also adjacent to Menara Jaya, a high-rise high-density development. As such, close proximity may raise some privacy issues. Some units also, unfortunately, face the path of high tension wires in the area. On the plus side, units on the higher floors facing the city get to enjoy unobstructed views of Kuala Lumpur and beyond.
Accessibility
- Lebuhraya Persekutuan (Federal Highway)
- Jalan Utara
- Jalan Professor Khoo Kim Kay
- Asia Jaya LRT Station
- Asia Jaya Bus Stop
Education
- Excel International College
- German School Kuala Lumpur
- Brickfields Asia College
- Stamford College
- City University Malaysia
- SMK (P) Sri Aman
- SMK (L) Bukit Bintang
- SK Sri Petaling
Medical Care
- Tun Hussein Onn National Eye Hospital
- Columbia Asia Hospital
- Universiti Malaya Medical Centre
- Beacon Specialist Hospital
- Assunta Hospital Petaling Jaya
Shopping
- Jaya Shopping Centre
- Jaya 33
- Jaya One
- Digital Mall
- Amcorp Mall
Recreation
- PJ Futsal Centre
- Jump Street Asia Indoor Trampoline Park
- The Challenger Sports Centre, Petaling Jaya
- Sports Garage Futsal Court
- Taman Jaya Recreational Park
- Bukit Gasing
Analysis
Millennium Square is a mid-range development with relatively low-density. The complex and facilities are reportedly well maintained albeit its retail units failing to fully provide the retail convenience it was intended to.
Nevertheless, this is compensated by it being within walking distance to very sufficient malls and the commercial district nearby.
Its central location and proximity to other parts of Petaling Jaya and easy connectivity to other parts of the Klang Valley makes it a viable consideration for working professionals. The Asia Jaya LRT station is within a short walk, and that’s an added advantage.
As Millennium Square is at the bustling crossroads of Petaling Jaya, with several high-rise commercial and residential developments sprouting in the surrounding area over the years, traffic congestion, especially during peak hours, is unavoidable.
However, that seems to be a fair and expected trade-off for city dwelling. Residents have also raised discontentment with errant parking by the narrow roadside (mostly by residents of the adjacent high-rise complex) as it adds to the road congestion.
Again, this seems to be a common problem with many residential projects, especially in well-populated areas.
A current concern amongst the residents in the area is the seeming resurgence of the proposed Petaling Jaya Dispersal Link (PJD Link), a 34.3km dual-carriage expressway connecting Damansara and Kinrara Puchong.
The plan is unwelcomed by the residents in the area as part of the proposed highway would likely cut through the Section 14 residential area, disrupting the mature landscape of the area, and contribute to more noise and air pollution during and after construction. The construction would also cause more traffic disruption.
Despite the few hiccups, Millennium Square seems to be a popular choice due to its good location and well-maintained premise. As of February 2021, a fully-furnished 1,089 sq ft unit can expect to garner a gross rental yield of 5.8% per annum.
Here’s a look at residential properties in the nearby Petaling Jaya area.
|
Project |
Land Tenure |
Unit Type |
Completion |
Built-up |
Approximate Launch Price |
|
Millennium Square by Luxor Properties |
Leasehold |
Commercial & Serviced Residence |
2006 |
935 sq ft – 1,132 sq ft |
N/A |
|
PJ8 by IJM Land Bhd |
Leasehold |
Commercial & Serviced Residence |
2008 |
560 sq ft – 5,235 sq ft |
From RM198,000 |
|
The Istara |
Leasehold |
Condominium |
2010 |
1,300 sq ft |
N/A |
|
Centrestage Designer Suite by Cherish Springs Sdn Bhd |
Leasehold |
Commercial & Serviced Residence |
2014 |
302 sq ft – 965 sq ft |
From RM188,000 |
|
Jaya One Residences by Tetap Tiara Sdn Bhd |
Leasehold |
Commercial & Serviced Residence |
2014 |
780 sq ft – 2,327 sq ft |
From RM600 per sq ft |
|
Leasehold |
Serviced Residence |
2021 |
678 sq ft – 990 sq ft |
From RM550,000 |
|
|
Leasehold |
Serviced Residence |
2021 |
670 sq ft – 1422 sq ft
|
From RM500,000 |
Summary
With good connectivity and access whether on foot or via a short drive, Millennium Square’s location is undeniably its best selling point. While conveniently close to public amenities, residents still benefit from the peace and quiet by being adequately distanced from the busy areas.
Since its completion, a few other multi-resident projects have emerged in the neighbouring areas, while there are a few in the midst of construction.
Despite the various options available, the development is still a popular choice as it is deemed as a good investment with its comparatively larger built-up, affordability, and ability to fetch a decent rental.
A check on PropertyGuru.com.my shows listings for a 3-bedroom, 2-bathroom semi-furnished unit at Millennium Square going for RM455,000, while asking rental for a similar unit is approximately RM2,200 per month.
Here are estimated loan figures for a Metropolitan Square residential unit priced at RM455,000.
- LTV / margin of finance: 90%
- Down payment (10%): RM44,500
- Loan amount: RM409,500
- Loan term: 30 years
- Interest rate: 3.2%
- Monthly repayment: RM1,771
- Approximate required gross annual income: RM71,000*
* Assumptions: You have no other monthly debt obligations, and 30% of gross income will be spent on the housing loan. As a rule of thumb, banks usually loan up to 30% of your gross annual income.
Calculations are based on the PropertyGuru Home Loan Calculator, and PropertyGuru’s Home Loan Eligibility and Affordability Calculator. Play around with the calculators!
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