Residents of PPA Sri Pahang and PPR Sri Pahang will have to move out of their homes after the Deepavali festival, to make way for the area’s redevelopment.
According to Kuala Lumpur mayor Datuk Seri Amin Nordin Abd Aziz, the 3.97ha land has been sold in joint venture agreement to property developer Pro Green Generation for a mixed development project.
The deal will see Pro Green Generation building units to be rented out to residents under a rent-and-own scheme.
Measuring 800 sq ft, the units will have three bedrooms. Eligible applicants to the scheme will pay a rent of RM150 per month for 20 years, for a total amount of RM36,000,
However, it has to be noted that DBKL will rent out the third bedroom to a third party at a higher price.
“It was the only way for DBKL to cover the cost as the units are actually worth more than RM160,000,” said the mayor.
Aside from the subsidised housing for the present tenants, the developer’s plan for the area includes building over 2,000 high-end units.
Phase one of the redevelopment will involve PPA Sri Pahang’s Block C1 and C2, while phase two will involve PPR Sri Pahang.
Built in the late 1960s to house the poor, the housing schemes were officially opened on 10 September 1975 by former prime minister Tun Abdul Razak. A total of 1,017 units were spread across nine blocks, 630 units of which are one-room flats and 387 were two-room flats.
Of the nine blocks, three are 17-storey blocks while six are five-storey blocks.
Industry sources value the land on which Sri Pahang is situated at between RM1,000 and RM1,200 per sq ft.
Meanwhile, nearby similar-sized residential properties are currently selling for RM650,000 to RM750,000 per unit.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org